Mum who couldn't afford Christmas gifts for her kids wins £1million on a scratchcard

Tefal · 31 Dec 2008 at 17:29

Killa_ken said:
It's not a stupid comment. It depends on lifestyle and when people like that see 1 million pounds in their bank account their lifestyle adjusts accordingly and they all of a sudden believe they've got a never ending amount of money.

Now lets say your 25 and you live to 85. Given current interest rates you will need to live on 16,700 pounds per year until you die. Thats crap.

Thats not even taking into account any money needed to pay off a mortgage or buy a car/house etc.

but that's not including interest/dividends/investment returns at the moment you could probbably buy a lot of good stock very cheap which would rise later in your life.

If you didn;t want to live in a massive house etc. 1 million would mean you could live comfortably on that using part time work or something you enjoyed to supplement your income.

Killa_ken · 31 Dec 2008 at 17:37

Tefal said:
but that's not including interest/dividends/investment returns at the moment you could probbably buy a lot of good stock very cheap which would rise later in your life.

If you didn;t want to live in a massive house etc. 1 million would mean you could live comfortably on that using part time work or something you enjoyed to supplement your income.

Is this woman likely to buy stock?

And that's not retiring, that's working part time

Either way, like I said it all depends on lifestyle. Personally I would work until 35 then retire.

Fothsn · 31 Dec 2008 at 17:37

Killa_ken said:
Is this woman likely to buy stock?

And that's not retiring, that's working part time

Either way, like I said it all depends on lifestyle. Personally I would work until 35 then retire.

She is nearly 50!

Killa_ken · 31 Dec 2008 at 17:39

Fothsn said:
She is nearly 50!

Evidently with no savings.

Fothsn · 31 Dec 2008 at 17:41

Killa_ken said:
Evidently with no savings.

Yeah that’s true, what would the interest be like on £1m?

^TANK^ · 31 Dec 2008 at 17:42

Energize said:
After all it's only £50k a year in interest....

Fothsn said:
Yeah that’s true, what would the interest be like on £1m?

Killa_ken · 31 Dec 2008 at 17:42

Fothsn said:
Yeah that’s true, what would the interest be like on £1m?

In England it would be 30,000 based a 5% interest rate. However thats on the whole hog. Chances are she's already laid out 500k on some new 'ouses 'ars and some booze.

sanaxe1 · 31 Dec 2008 at 17:43

You could retire on 1million.

5% interest = £50k a year which i'm guessing is more then 90% of the people on this forum make a year.

Fothsn · 31 Dec 2008 at 17:44

I can’t see it being that much per year? £50k in interest, if so :eek:

^TANK^ · 31 Dec 2008 at 17:46

sanaxe1 said:
You could retire on 1million.

5% interest = £50k a year which i'm guessing is more then 90% of the people on this forum make a year.

I could happily live on 25k a year tbh, also I could safely say I would be investing in property!

Killa_ken · 31 Dec 2008 at 17:48

Fothsn said:
I can’t see it being that much per year? £50k in interest, if so

sanaxe1 said:
You could retire on 1million.

5% interest = £50k a year which i'm guessing is more then 90% of the people on this forum make a year.

Your all forgetting Gordon Brown. You'll be providing him with 20k of your hard earned money. oh wait wut lulz!

Lord-Jaffa · 31 Dec 2008 at 17:54

So she has a partner and FOUR kids of a working age, yet she cant afford to live?

Are they all on the dole?

platypus · 31 Dec 2008 at 17:56

Gackt said:
"A world without hope is a world without a future."

A world without hope is realistic.

Azagoth · 31 Dec 2008 at 17:58

Three cheers for the forum's holier than thou inherent snobbery.

Marky · 31 Dec 2008 at 18:05

Wow she probably couldn't buy gifts because she was busy buying scratchcards?

Still... pretty darn lucky! I think the most I've won from them is a quid... Which I suppose is completely useless

SexyGreyFox · 31 Dec 2008 at 18:18

Earlier today I thought good luck on her but I now see where the OP is coming from.
What kind of mother is down to her last £5 and decides to spend it on scratch cards and not food for her kids?

CliffyBiro · 31 Dec 2008 at 18:19

dmpoole said:
Earlier today I thought good luck on her but I now see where the OP is coming from.
What kind of mother is down to her last £5 and decides to spend it on scratch cards and not food for her kids?

Who said she couldn't afford food? :confused:

Strife212 · 31 Dec 2008 at 18:21

Don't buy any scratch cards in the next month, the good one is gone.

Energize · 31 Dec 2008 at 18:29

Killa_ken said:
Your all forgetting Gordon Brown. You'll be providing him with 20k of your hard earned money. oh wait wut lulz!

Don't know how you are getting £20k.

£50,000 minus personal allowance = £41,805.

10% tax and 11% NI on the first £2,440 = £512.40

20% tax and 11% NI on the next £37,400 = £11,594.

40% tax and 1% NI on the next £3,685 = £1510.85

£512.40 + £11,594 + £1,510.85 = £13,617.25

However ISA's and NSI savings/investments aren't taxed and you have £10k of capital gains allowance as well, which is only taxed at 18% anyway. Manage the money correctly and you would be paying very little tax.

Sawell · 31 Dec 2008 at 18:42

They've just updated the article with pictures... lol. I rest my case. (Yes I'm an assuming b******, sue me).