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Could YOU Live Off £1,000,000? Watch

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    Could YOU live off £1m?

    Discuss.
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    For the rest of my life? Yeah, I think so.
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    Not with my style of luxury travel.
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    If you can get a savings account that earns 3% interest then you have 30k per year for as long as it lasts. That's more than I make now.
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    Probably not. I'd spend it all on fast cars, drink, plastic surgery & black prostitutes.
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    (Original post by slickrick666999)
    Probably not. I'd spend it all on fast cars, drink, plastic surgery & black prostitutes.
    Are you Hugh Grant? :colonhash:
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    In London? You'd probably last a day. Maybe two if you cut back on essentials.

    [Edit] why the negs? It's sarcasm you muppets - but London is damn expensive and I'm sure £1,000,000 won't get you far. Maybe 40-50 years?
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    Although you could probably cope at first by dumping it in the bank and relying on interest, if you kept spending all the interest and the sum didn't grow then inflation would gradually reduce the amount you were getting until you'd be getting almost nothing. £30,000 will probably be next to nothing when you're older (assuming you're young now, and will live to 80ish). In 1960, for example, the equivalent of £1m in today's money was about £50,000. (Any economists, feel free to correct my reasoning)

    So you'd need to invest it into something with growth potential to stand any chance. Not being particularly financially-minded, and knowing enough tradesmen to do the work, I think I'd buy as many cheap houses as I could afford for £600,000, renovate them and see how renting went.

    If all went well, and I was allowed to do what I wanted, I could live off that initial £1m. But if I wasn't allowed to use it for anything other than saving and spending, it wouldn't last very long.
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    Hell yeah. I would be so happy if I had that amount of money to live off for the rest of my life.
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    For a long time, yes. Hopefully, it would last a lifetime. I guess I'd have to invest.
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    (Original post by HumanSupremacist)
    Could YOU live off £1m?

    Discuss.
    Very easily. Use around £300,000 to buy house. around £50,000 for car and other expenses.

    The rest £650,000 will be invested in the market. Will return £100,000+ every year and that will be enough for one person to live off.
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    For the rest of my life?

    I am sure it would be doable, buy house + essentials, stick it all in a high interest savings account or similar and live off the interest?

    Or stick it all on red
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    Probably. It wouldn't be a very luxurious life but it would be pretty adequate by most standards. If you were to invest wisely you should be able to beat inflation while making enough to survive without working. If you're feeling really daring you could bet all of it on a 50/50 outcome and considerably increase your wealth!
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    Id work as well and live a very comfortable life
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    as is mentioned about inflation would be an issue, so I suppose this depends if this scenario allows it to be invested and used to make more money
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    It's possible but it would be very difficult! Lets say I lived to 100, that would only be £10,000 per year. That's okay when you are young but when you are older and have bills, rent and children to fork out for, you would probably struggle on £10,000 a year.
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    (Original post by Jodie_668)
    It's possible but it would be very difficult! Lets say I lived to 100, that would only be £10,000 per year. That's okay when you are young but when you are older and have bills, rent and children to fork out for, you would probably struggle on £10,000 a year.
    Stick that into investment market and you're sorted
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    Most definitely - I'd put £900k of the total in a fixed-term high interest (9%) savings account and just live off the interest :cool:
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    Without investment, interest or extra income? No, I doubt it, it certainly wouldn't be comfortable.


    This was posted from The Student Room's iPhone/iPad
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    Without investing it, not a chance.
 
 
 
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