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How much money would change your life?

Discussion in 'General Discussion' started by iamdjdz, May 13, 2019.

  1. Psycho Sonny


    Joined: Jun 21, 2006

    Posts: 29,663

    It baffles me the amount of people who think running a business is all gravy. It's nothing but stress and the majority of them fail.

    Plough the money into flats near a well respected university in a posh area and just hand them to an agent to manage on your behalf.

    You would otherwise odds on be throwing £3 million away.
  2. Psycho Sonny


    Joined: Jun 21, 2006

    Posts: 29,663

    £5m to both give up work?

    £5m could easily bring a return of £200k+ a year even if poorly invested into property. Yet your mortgage is only £250k. Are you currently both driving lambos?
  3. suenstar


    Joined: May 14, 2011

    Posts: 641

    Location: Cornwall, England

    Just £5k to pay off debts and £35k to put towards a deposit on a decent house in my area would be enough to make a fairly big difference for me.
    I reckon £1m would be enough for me to pay off debts for my whole family and then stop working a 9-5 job to focus on my writing for the rest of my life.
  4. Rossi~


    Joined: Nov 5, 2010

    Posts: 18,387

    A fiver would help.
  5. J.T


    Joined: Jan 12, 2006

    Posts: 3,219

    Location: Earth

    300K, I could pay off my mortgage and have enough left over to do an extension and a big family holiday to Florida and have change left over for other things.
  6. Rifte


    Joined: Sep 17, 2010

    Posts: 2,700

    Location: Somewhere in Asia

    Very subjective. However the biggest change in my life would to be completely mortgage free on our properties.

    Around 700k would do that, I don't carry any other debt apart form mortgage debt.

    This wouldn't leave me with any change though.
  7. bayo000


    Joined: Jan 28, 2008

    Posts: 3,808

    Location: Manchester

    Right now £40k would be enough to pay off the mortgage. In a few months/ next year when we upsize probably about £200k to cover the difference between the value of current place and new one.

    To not have to work again or at least cut my hours to 2-3 days a week £1mil should just about be enough.
  8. GSXRMovistar


    Joined: Nov 6, 2002

    Posts: 9,177

    Location: London UK

    That's pretty decent summary although this would be with the assumption that the 1m and 3m would be used as investment capital and not just a fund to draw down on.
  9. randomshenans


    Joined: Sep 11, 2009

    Posts: 10,597

    Location: France, Alsace

    About 5m would cover me. Would mean I can pay off house and invest across a number of things and have the same standard of living and retirement plans for the wife and I without having to work.
  10. McstylisT

    Wise Guy

    Joined: Oct 8, 2008

    Posts: 1,705

    Location: ENGLAND !!

    Thinking about it logically probably 50-100k would change my life. Put me in a different position indeed.

    But I wouldn’t be perfect. I suspect the 500k - 1m then I’d be happy for my entire life. Could retire early etc.

    But a change would be noticed in excess of 50k
  11. pinkpound

    Wise Guy

    Joined: May 31, 2005

    Posts: 1,237

    The new Lotto game "Set for Life" at £10k a month for 30 years would do me nicely ..think you can take it as a lump sum too
  12. 413x


    Joined: Jan 13, 2010

    Posts: 15,848

    Location: Stamford


    Could buy a house in happy with and no longer have a mortgage.

    Next tier up would be much much more and require me to only work a couple of days a week
  13. keri-206


    Joined: Apr 28, 2008

    Posts: 52

    Location: Staffs

    clear my mortgage would do me, any more would be nice,
  14. GhostWKD

    Wise Guy

    Joined: Jan 21, 2013

    Posts: 1,474

    Location: Banbury, Oxfordshire

    I was going to say anything to enable a lump sum payment off my mortgage to be fair. Keep working but can take a job paying a little less which I would be happier in.

    But on balance I'm pretty fortunate really, no loans/debt to speak of and although I'm getting myself into a large mortgage I'm fortunate enough to have the deposit to be able to get my own place.

    Yes multiple millions would be wonderful, but even a 50-100k lump payment off the mortgage would change my life significantly for the better with monthly payments and/or mortgage term reductions :)

    Edit: Really it's a little like the old video of someone in a lambo looking with envy at someone in a helicopter, whilst someone in a 'normal' car looks at the lambo with envy, whilst someone on a bike looks at the car with envy etc... There's always someone with more money and/or better things than you if you.
  15. montymint


    Joined: Jul 29, 2006

    Posts: 2,626

    Location: Newcastle, UK

    100k would clear all my debt, including mortgage and car.

    That would be nice.
  16. Fluffybob


    Joined: Aug 3, 2011

    Posts: 339

    Location: Lancashire

    Around a Million would do I think, pay off Mine, Parents & Siblings mortgages sort my house out (about 100k) then I think we earn enough for life to be good tbh :)
  17. Jasoncmor


    Joined: Feb 13, 2010

    Posts: 303

    Other than the 20k I originally said, dreaming on I reckon 500k would do me perfectly as it would enable me to buy a house, buy my dream car and then because of the freedom from rent / mortgages I'd happily work part time and start enjoying my life.
  18. Ayahuasca


    Joined: Apr 23, 2014

    Posts: 18,633

    Location: County Durham

    I know myself enough to know a large sum would have a negative impact on my life so just enough to cover the mortgage payment and major bills would do me. Taking away the financial stress of the necessities would put me in a happy place.

    Don't get me wrong I have savings to cover me losing my job for 6-12 months but that isn't exactly security in the current climate.

    Interesting article just appeared on the BBC about wealth inequality actually: https://www.bbc.co.uk/news/education-48229037
  19. Kreeeee

    Man of Honour

    Joined: Jul 13, 2004

    Posts: 41,198

    Location: /* */

    What makes you think that property is a better idea? Where did this idea that buy-to-let is extremely profitable come from? There are way easier ways to get higher returns from your money than property, such as investment funds that give you 15-20% per year.

    Property isn't just a case of getting a management company to deal with it and make loads of money. Sure you can get them to do everything, but then you'd be lucky to make 7-8% back on your money and that's without considering that the property market is in a bad place right now.

    The exception to this is buying near the bottom of a growing property market, in which case you would sell the assets at the end before the next bust. In this case the profit comes from the sale and not the rent, which represents a wasted opportunity as more money can be made elsewhere.
  20. memyselfandi


    Joined: Oct 10, 2005

    Posts: 8,396

    Location: Nottingham

    Call it £10M .... then I could retire, get a new house and do it out like I wanted. Rent out my current house for a bit of pocket money and travel a lot more. Would probably do a bit of IT consultancy still but nothing much.