Not for normal people, no...
£1,000,000 now or £10,000/month for 10 years?
- Thread starter SexyGreyFox
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Not for normal people, no...
Yup, I mean if you want to buy a supercar + spend a bit living the lifestyle then... well this is what the remaining 500k or so gets you in a nice-ish area of the Midlands:
https://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=REGION%5E1220&insId=1&radius=0.0&minPrice=&maxPrice=500000
This doesn't look too bad, nice enough £500k house:
Not exactly what people would associate with being a "millionaire".
This is why so many NFL players in the US end up bankrupt... they often have rather short careers and typically take away low 7 figures.... that ostensibly ought to set them up for life in their 20s however they often spend as though they're in a career where they'll be earning such sums of money for the next couple of decades or so... which only really applies to the few star players or those who can transition into coaching or management etc...
Sure, if you earn £200k per year... otherwise no, not for most people.
For some of us, yes.
I'd take the 1Mill.
Then do the following:
1. Buy a 450k house, simple 4 bed, large double garage, decent garden.
2. Sell my house to reclaim 230k.
3. Buy a nice car for under 60k.
4. Invest 25k in a cryptocurrency for the lols. YOLO
5. Invest 300k in some sort of stocks & shares. Possibly Amazon & Google..
6. Work less days per week doing something I enjoy.
Then do the following:
1. Buy a 450k house, simple 4 bed, large double garage, decent garden.
2. Sell my house to reclaim 230k.
3. Buy a nice car for under 60k.
4. Invest 25k in a cryptocurrency for the lols. YOLO
5. Invest 300k in some sort of stocks & shares. Possibly Amazon & Google..
6. Work less days per week doing something I enjoy.
I would do number 2 as rental
What would you do with the ~£400k you would have left?
Not sure really.
Invest in a start up. Or just invest 300k more and keep 100k in the bank
Soldato
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1mill now , coke and hookers .
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I earn less than £1000/month so I'd feel like a millionaire.
So I'd have a £1000, my wife a £1000, my two kids a £1000 each and I'd bank the £6000.
Caporegime
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Putting £6K in the bank every month is like setting fire to several hundreds of pounds monthly
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It will only be there to pay for the next holiday or new toys because that would be continuous.
Caporegime
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So you aren't banking it at all but spending £7k a month with £1K each to wife and kids per month also.
Why not just take the million. Invest it and it will make you £5K+ per month for life and you can still have the million in property appreciating and therefore that £5K per month rent increases with time alongside property prices.
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The issue with that is you would need to re-invest 2-3% of that 5% just to keep ahead of inflation otherwise your £1m is worth less and less each year.
While you could live of £2-3k a month, it isn’t exactly the lifestyle of luxury associated with a ‘millionaire’. It’s certainly not enough to retire if you need to put some of that money into paying off your own mortgage or buy a bigger house etc.
While you could live of £2-3k a month, it isn’t exactly the lifestyle of luxury associated with a ‘millionaire’. It’s certainly not enough to retire if you need to put some of that money into paying off your own mortgage or buy a bigger house etc.
Cash sum, sell up where i am now spend no more than 400k on a new house by the coast somewhere,
I could quite easily live off 2.5K a month and put the rest into my pension pot and still have a very nice comfy lifestyle that includes an initial splurge on a camper van, Cycles, Road, Mountain, Surfing, Kites for 15 years still my pension is ready to be drawn.
I guess some idiots would blow it all on cars, woman etc but its still a lot of money at the end of the day.
I could quite easily live off 2.5K a month and put the rest into my pension pot and still have a very nice comfy lifestyle that includes an initial splurge on a camper van, Cycles, Road, Mountain, Surfing, Kites for 15 years still my pension is ready to be drawn.
I guess some idiots would blow it all on cars, woman etc but its still a lot of money at the end of the day.
Caporegime
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Not really. Property will generally outpace inflation in terms of its value and subsequent rent increases.
So after that initial investment you don't need to do anything unless the property market crashes which is why you should also invest across several markets to hedge your bets.
Also 5K was a conservative amount. You should be able to beat that easily if you have a million cash.
With £5k on top of what I have currently I could definitely live a millionaire lifestyle. Bare in mind to actually own a Lamborghini you should be able to afford to buy 3 outright because of how expensive maintenance and ongoing costs are.
Having a single million doesn't necessarily mean you have the capacity for a millionaire lifestyle. It just means that you should be financially comfortable.
Not sure what I posted has anything to do with property. If anything property is a poor investment vehicle if you want to supplement your income with the return on your investment. The biggest returns from property are generally locked up in capital gains which you can’t do anything with until you sell it.
The point I was making is that if you are making a % return (from what ever vehicle you choose, it really doesn’t matter), you need to re-invest at least what ever inflation is running at to enable the returns to keep pace in ‘real terms’.
So if you are getting a 5% return, the real return is really only 2.5% if inflation is running at 2.5% because you need to reinvest 2.5% to ensure your return isn’t deflating in ‘real terms’. That’s also before considering if you want to grow the amount you have. If your objective if you grow that £1m in real terms, you’ll have even less to take from it. You’ll not notice the effects of inflation initially, but over 10-20 years it will become a big issue.
£5k on top of what currently have may buy you a ‘millionaires lifestyle’ but the point is you’ll still be working in a non-millionaires job requiring most of your time and you’ll not really be able to take advantage other than a few toys.
