Poll: Poll: The £1000 a week for life or 1million lump sump....

Would you take £1,000/week for life or a lump sum of £1,000,000?

  • £1,000/week for life

    Votes: 287 61.3%

  • £1,000,000 lump sum

    Votes: 181 38.7%
  • Total voters
    468
Is this money underwritten by the government? Whats to say that this company doesn't go out of business in 10 years?
 
TheOracle said:
Definately 1,000 a week. Damn, 1,000 A WEEK for doing bugger all

ok, so not instant gratification like most gen-z's but definately the smarter choice

I would have said most gen-zs would have taken the million upfront, bought a big house, sports car, holidays, gadgets, clothes.....then in a couple of years started posting on social media "i'm skint, money ruined me, it's not my fault, blah, blah, blah"
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It would give you the freedom to get a really nice house and car, holidays etc. You would still be able to work but even a minimum wage job would be all that is required to keep things ticking over.

Personally I like my job. I like being an electrician, I just don't like aspects of the job like difficult contract managers and working in winter. The kind of security that $1k a week would bring would allow me to work on my own terms, just take casual work and pick and choose the jobs as and when I felt like it. I could just hibernate through the winter and then pick work up in spring or just do some Uber driving in my Mercedes, whatever.
 
Indeed, you could a lead a very nice life on that,

A £1500 mortgage would get you a very nice house, live with MOM for a year for a nice deposit, part time job for a social aspect till the house is paid for and retire fully at 40 :)
 
sanaxe1 said:
Is this money underwritten by the government? Whats to say that this company doesn't go out of business in 10 years?
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Yea that's my question. What happens if she leaves Canada? Who is holding on to the money in the meantime? The weekly pay makes sense for a youngster but I'm an untrusting sod and would want it all now
 
wnb said:
I would go for the 1million at my age but at 19 I would go for 1k a week. At 19 you may be tempted to burn through 1 million in no time at all, choosing 1k a week gives you security for life.
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Not necessarily, there is that pesky thing called inflation. It is a decent income now, might well not be the case when she's in her 50s
 
TallPaul1878 said:
It would give you the freedom to get a really nice house and car, holidays etc. You would still be able to work but even a minimum wage job would be all that is required to keep things ticking over.

Personally I like my job. I like being an electrician, I just don't like aspects of the job like difficult contract managers and working in winter. The kind of security that $1k a week would bring would allow me to work on my own terms, just take casual work and pick and choose the jobs as and when I felt like it. I could just hibernate through the winter and then pick work up in spring or just do some Uber driving in my Mercedes, whatever.
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thus keeping ones feet firmly on the ground...which is the most important thing when winning any sizeable amount of money
 
I saw a youtube video with this q, the guy went through and said yes a $1000 a week looks good if your going to spend it but depending on tax if you took the $1m and bought an apartment complex your return would be the same but you'd own the apartment complex. and you can increase the rents with inflation where as the £1000 will decrease in buying power over your lifetime.

After seeing that I'd take the million and invest it.
 
Mattyjw said:
I saw a youtube video with this q, the guy went through and said yes a $1000 a week looks good if your going to spend it but depending on tax if you took the $1m and bought an apartment complex your return would be the same but you'd own the apartment complex. and you can increase the rents with inflation where as the £1000 will decrease in buying power over your lifetime.

After seeing that I'd take the million and invest it.
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Have you seen the prices of real estate in Canada? It's all been gobbled up by dirty Chinese money.
 
I'd rather put a mil into index funds than get a grand a week.

S&P500 is 10% per year on average (50 years of data) so you could take £50,000 a year out and still in 14 years double your mil to 2 mil.

Even if averages are not in your favour, you will still eventually double that mil.
 
You are all doing it wrong. This is OCUK for Christ's sake.

The correct answer is to blow the lot on GTX 1080Ti graphics cards and spend the rest of your life mining crypto currency. You'd be a trillionaire in no time. Honest!!!
 
morguk said:
I'd rather put a mil into index funds than get a grand a week.

S&P500 is 10% per year on average (50 years of data) so you could take £50,000 a year out and still in 14 years double your mil to 2 mil.

Even if averages are not in your favour, you will still eventually double that mil.
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But the million is taxable so how much of that would she actually come out with?

Factor in, even being frugal, you would probably still want to buy a respectable home. What would be left to invest with? Probably about a quarter of what you would expect.
 
TallPaul1878 said:
But the million is taxable so how much of that would she actually come out with?

Factor in, even being frugal, you would probably still want to buy a respectable home. What would be left to invest with? Probably about a quarter of what you would expect.
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Well you'd have just invested in property vs renting with a big chunk of your grand a week.

Point is, to use the MayBot's phrase, there is no magic money tree. The prize funds don't get added to, if you want a fixed income from it then instead of paying you the lump sum the money is conservatively invested in govt bonds and an income is derived from that. You can do that yourself with lower overheads/costs. And indeed you can very likely get a better return.
 
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