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

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    (Original post by AvrgLondoner)
    What would I do with the other 100,000?

    With that kind of money, I could pay for my mum to have her own house and I'd have money left over to pay for my degree and my cousins degree and so forth.
    You don't have a good sense of how much things cost
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    (Original post by TheMindGarage)
    People on here don't seem to get that £10 million isn't all that much. Assuming inflation runs to 2% per year, you can afford to spend £90k per year (in real terms - by 2073 you'll be spending £250k to maintain the same standard of living) for 60 years. That's comfortably well-off, but not uber-rich. The stuff most people are suggesting they'd do would probably bankrupt themselves in under 10 years. Many lottery winners end up no better off in the long-term because they spend just as quickly as they win.

    I'll stick with the "boring" option and invest most of it. Of course I could splash out a little (new laptop, new phone, a car when the time comes), but I have no use for a mansion or fancy car right now. Unless it's a 911 GT3 or something that'll rocket up in value.
    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.
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    (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.
    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
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    (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...
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    (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.
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    build a sanctuary for cavies
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    (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.
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    (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

    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...)
 
 
 

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