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

Discussion in 'General Discussion' started by SexyGreyFox, 14 Sep 2021.

  1. SexyGreyFox

    Man of Honour

    Joined: 29 Mar 2003

    Posts: 53,038

    Location: Stoke on Trent

    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?
  2. Jokester


    Joined: 7 Aug 2003

    Posts: 42,303

    Location: Aberdeenshire

    £1m now.

    Can take £10k a month out if it whilst investing the rest.
  3. omnomnom


    Joined: 9 Mar 2012

    Posts: 11,246

    1 mil now now 100%. Buy a nice house and be mortgage free and pay my kids through private school.
  4. Firestar_3x


    Joined: 11 Mar 2005

    Posts: 30,646

    Location: Leafy Cheshire

    1m worth of DOGE Coin.
  5. Dis86


    Joined: 23 Dec 2011

    Posts: 28,178

    Location: Northern England

    Correct answer.
  6. ianh


    Joined: 12 Jul 2007

    Posts: 6,107

    Location: Saudi and occasionally Stoke.

    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.


    Joined: 3 May 2012

    Posts: 3,911

    £1m now, you might be dead tomorrow.
  8. dLockers


    Joined: 21 Jan 2010

    Posts: 7,637

    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.
  9. Dwarfy


    Joined: 10 Feb 2021

    Posts: 105

    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
  10. Stumble Bum


    Joined: 2 Apr 2009

    Posts: 3,431

    Location: Location, Location!

    £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.
  11. Josh


    Joined: 23 Oct 2013

    Posts: 10,488

    Location: Surrey

    £1m now for sure.
  12. robfosters


    Joined: 1 Dec 2010

    Posts: 40,423

    Location: Welling, London

    If you had really poor credit history but was guaranteed £10k a month, would any lenders give you a mortgage at a decent rate?
  13. Jokester


    Joined: 7 Aug 2003

    Posts: 42,303

    Location: Aberdeenshire

    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.
  14. robfosters


    Joined: 1 Dec 2010

    Posts: 40,423

    Location: Welling, London

    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.
  15. Uther


    Joined: 16 Jun 2005

    Posts: 16,633

    1. Take the million
    2. Coke and hookers
    3. ?
    4. Profit
  16. SpeedFreak


    Joined: 14 Nov 2002

    Posts: 7,141

    Location: Bristol

    £1m now is a complete no brainer.
  17. Scougar


    Joined: 30 Jan 2007

    Posts: 13,408

    Location: PA, USA

    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).
  18. Quinnaay


    Joined: 10 Mar 2013

    Posts: 7,473

    Location: Rotherham

    1m easy
  19. Terminal_Boy


    Joined: 13 Apr 2013

    Posts: 9,710

    Location: La France

    1M now and tell no-one.
  20. im4gine3


    Joined: 7 Oct 2015

    Posts: 683

    1mil now - only if you are good at budgeting.. as its actually really easy to blow 1mil without thinking (plenty of news articles about).