What would you do?

[reflex]

Let me guess, thats what you call your bank account?

If not, kudos to the big man

lol, i am a charity! No ermm i wouldn't have a clue what i'd do with all that money iv never had much money..Co-Op and EMA 4tw!

 

[Sequoia]

1.3m isn't a massive amount? Assuming you live another 60 years thats over 20k a year - tax free. Add to that you won't be burdened by interest, what you pay for your house will be the askuing price, not the asking price plus the same again in interest over 25 years.

Plus you'll have some return from the capital - even if it's just 5-10% from bonds and such like.

No you wouldn't be able to live a jetset lifestyle, but by freeing yourself from the need to earn you can pursue hobbies and take up volunteer work that makes you feel good about yourself.

The idea of dishing it all out on a posh house and flash car and having nothing left turns my stomach.

I completely agree .... especially about being free.

That is the great thing about money .... it does enable you. It takes the pressure off, eases the stress (if you allow it to), and allows you options that otherwise might not be available. This is why I said I would advise against too many lifestyle changes before thinking it out carefully. I'd advise thinking long-term, not instant indulgence.

 

[Dave M]

20k a year is less then our household income and we can't afford to get less than we do now. On top of that I would expect my leisure expenditure increase significantly if I wasn't spending 9 hours a day at work. On that basis whilst 1.3m would certainly improve my lifestyle I'd still need to earn.

Okay - one it's 20k tax free, two you wouldn't have a mortgage or loans to repay, three it would be more than 20k because of returns from investments / bonds.

As regards spending extra on leisure activities - I enjoy walking, the only thing you need for that is a good pair of boots and lots of spare time. I'd quite like a workshop to play at carpentry.

If you need something else to spend you time on I did say volunteer work, you would most likely find it more satisfying that most 9-5 jobs.

You can have a few months living the high life, a big house and a fast car - but memories fade and you wouldn't be able to enjoy that big house and fast car working all the time.

 

[Hawk Tuah]

Hmmm.

Half a million would go on

a house (£300k),
an Audi RS(£50k),
an ariel atom (£25k),
a nice bike(£10k),
a jetski (£10k),
a moderate sized boat. (£100k)

I'd take some time off work to finish my PPL (~£5k)

Then the rest would be invested in property developing which would become my full time career.

 

[Le_Petit_Lapin]

First things first, if I won £1.3 Milllion I wouldnt tell anyone. Its my cash and I dont want people beginning to think I'm some sort of endless money pit.

First things first, I'd stop working, and go back to Uni for a few years and get some real qualifications, Can't really currently do that due to other financial constraints. Put, I dunno, 50k or so into a seperate account for Uni use.

Secondly, I'd pay off my mortgage, and then probably buy up a few more properties (buy them outright, not mortgage them) suited to young professional workers. Fix em up, make them look [presentable, and start renting those out. give a nice bit of cash each month.

Third, I guess I'd probably ask a decent finiancial advisor about what to do with the rest. I'm not exactly the best when it comes to investing. See what the available options are.

Forth, I'd take more holidays. not necessarily expensive ones, just ones where I get to see the world, backpacking accross Europe, stuff like that. Hotels and holiday resorts make me feel claustrophobic, just their general atmosphere of "we're here to help you" grates me the wrong way. I also dont like lying on my arse by a pool or on some beach, I couldnt care if I have a tan or look great, I'd rather experience the world before I die.

Finally, if it all goes wrong, remember those houses I bought? I can always sell or mortgage them for cash if I get myself into a mess.

Very dull really, but at least the money wont dissappear over a couple of years.

 

[Stringy]

Buy a nice car and put the rest away earning some nice interest. I'd continue with my career as planned, only using the money to make it more comfortable.

 

[Phog]

Actually, I would donate it all to the Labour Party and get a place on the honours list. :/

 

[Siliconslave]

Actually, I would donate it all to the Labour Party and get a place on the honours list. :/

hehe, thats Sir Phog, knight of the relm to you mr! and you proberbly won't need that much would you, couple of k

 

[calnen]

I'd start by giving at least 10% to charity. That would be the absolute minimum I could live with myself for giving, so after a conversation with my other half it would probably be closer to a third or half the money.

Then I'd pay off my and my closest friends student loans (say another 100K) and buy a house for my girlfriend and I. (Another 200 or 250K). A new car for parents and a present for my sister, and I'm left with about half a million that can sit and accumulate interest. I'd definately still get a job, but having no rent would be a huge boost to disposable income. I'd probably work out how much I could take out each year to keep the money at the same 'real' value, and use the extra as spending money


*sigh*... dreams are nice. Off to my night job washing dishes in a couple of hours!

 

[G-MAN2004]

With £1.3m?

Dream on.

I wonder how much