If you won £10m what would you do with it?

Ah but 10 million is an incredible amount of money- money that many people won’t see in their lifetimes. At a wage of 25000 pounds a year- above average- and working from 21 to 68, you would earn 1.2 million in your lifetime.

Then when you bear in mind that at least 50% is going to go to living- gas, electric, rent/mortgage, food- that’s 600000 of spending money in your entire life!

So 10 million is a lot of spending money, certainly enough to comfortably quit your job.

If you quit your job and moved up to the lifestyle of someone earning 50k a year (assuming you got the 10 million at 21), you would spend 2.4 million a year to live and have fun.

That gives you 7.6 million of extra for everything that people have been mentioning- charity, family and friends, travelling.

10 million is enough to support 9 people on a lifestyle of 25k for their entire lives, with none of them working a day. That’s an immense amount of money.

It's more than the average person will ever see, but it's not a spectacular amount that'll let you jetset all your life. You'd be able to live a pretty luxurious life, but you'll be no mogul or have that sort of life. Get it at say 21 and expect to live to 80 - that's 167k per year; a very good salary but not one where you just have a fleet of mansions and flash cars.

Also, 10m is definitely not enough for 9 people to live a 25k a year lifestyle for their whole lives, you'd run out of money within 44 years at that rate.

Anyway: buy a 4 bed house in a small village somewhere (preferably West Yorkshire)
Pay off what's left of parents mortgage
Set my sister up with enough to buy a house
Woodworking setup in a shed so I can make a load of guitars

(edited 6 years ago)

Reply 61

Dysf(x)al

20

Original post by stimtothesky

Ah but 10 million is an incredible amount of money- money that many people won’t see in their lifetimes. At a wage of 25000 pounds a year- above average- and working from 21 to 68, you would earn 1.2 million in your lifetime.

Then when you bear in mind that at least 50% is going to go to living- gas, electric, rent/mortgage, food- that’s 600000 of spending money in your entire life!

So 10 million is a lot of spending money, certainly enough to comfortably quit your job.

If you quit your job and moved up to the lifestyle of someone earning 50k a year (assuming you got the 10 million at 21), you would spend 2.4 million a year to live and have fun.

That gives you 7.6 million of extra for everything that people have been mentioning- charity, family and friends, travelling.

10 million is enough to support 9 people on a lifestyle of 25k for their entire lives, with none of them working a day. That’s an immense amount of money.

Inflation will eat into that £10 million. I'm not saying it's a small amount of money - as I calculated, it will give you £90k per year in real terms (assuming 2% inflation) for 60 years. That's enough to live very comfortably without working. But it's not a "millionaire's lifestyle".

Of course if people wanted to use the entire sum for fun stuff and afterwards continue with their normal life, that's fine. Although expensive houses and cars can be liabilities...

Reply 62

Dysf(x)al

20

Original post by JasmineWills

Either you're thick or rich enough to say 10mil isn't a lot, it is to most people dummy.

It is a lot. But not as much as people think it is. It doesn't mean someone can live the "millionaire's lifestyle", at least not for long.

Reply 63

the bear

20

build a sanctuary for cavies :h:

Reply 64

AvrgLondoner

2

Original post by Doonesbury

Ok, but how much do you think a house is in London? The sort you'd like to buy for your mum.

I think we need about 30-40k to fully pay off everything. Which is looking to be another 10-15 years.

Reply 65

Doones

21

Original post by AvrgLondoner

I think we need about 30-40k to fully pay off everything. Which is looking to be another 10-15 years.

Pay off her mortgage? Ok, anyway I'll leave it as this is getting a bit too personal :smile:

But just be aware a 3 bed house in central London could cost from about £1 million (or a lot more depending on size and location, etc). A smallish flat is about £500k (or a lot more...)

If you won £10m what would you do with it?

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