£1,000,000 now or £10,000/month for 10 years?

SexyGreyFox

SexyGreyFox

SexyGreyFox

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I'm clueless about money but this last two weeks Andi Peter's on GMB has been going on about a massive prize and you have a choice.

So OCUK, we have some money experts on here, £1,000,000 now or £10,000/month for 10 years and why?
 
The extra £200k over 10 years isn't a large enough amount to most people to wait for vs the £1M right now - plus £1M now allows you to do things immediately vs over 10 years when anything could happen so, for me at least, I'd take the £1M now.
 
This question only makes sense in the US where lottery winnings of this kind are taxed if taken in a one-off rather than drawn-down upon over a long period of time.
 
10k per month, Easier to budget, less likely to slash out on some useless splurge.

Just look at the many people who come into large sums and lack the common sense or finacial know how to spend wisely and plan ahead.

That 10 bedroom home = ongoing and high council tax and maintenance.
That nice sports car = needs a new clutch rather soon and very costly.

But that's my 2p worth and to be fair that's all I got LOL
 
£1mil now, I could easily invest it and make far more than the £1.2mil you would receive after 10 years, also you have to factor inflation, £1.2mil in ten years time is not worth the same as £1.2mil in today's money.
 
robfosters said:
If you had really poor credit history but was guaranteed £10k a month, would any lenders give you a mortgage at a decent rate?
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Maybe if you were only getting a 10 year mortgage. Anything more than that they would still be looking at your real income beyond that.
 
Jokester said:
Maybe if you were only getting a 10 year mortgage. Anything more than that they would still be looking at your real income beyond that.
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You obviously earn enough to cover your mortgage, but that doesn’t necessarily mean you’ll pay it regularly, especially with a poor credit record.
 
I'd take the million, assuming they are taxed at the same amount total.

Seems like a million isn't that much these days. When I was a kid it seemed like dream figure, now... it's bizarrely obtainable (if you actually focused on just that goal I think it's possible, especially given my income).
 
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