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SVM 286

Member

Registered: 13th Feb 05
Location: pain
User status: Offline

28th Jul 13 at 21:32

quote:
Originally posted by K2 GTi
From the lottery talk in the office, we're discussing £1,000,000.

There's a few in the office that say it won't be life changing, but i'd spend £250k on a house, £100k on two cars, then i'd still have £650k to live off!

How can people say it won't be life changing?

It'd certainly be life changing for me K2.

I'd buy a couple of one or two bedroom flats as near to local mainline railway stations as possible and rent them out indefinitely through an agent and live off of that and the interest on the remainder of the million.

I'd never have to work again.

Hammer

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Registered: 11th Feb 04
User status: Offline

28th Jul 13 at 21:38

Interesting that no one would really be interested in going back to study, think that's something I would definitely do although second time round I would be picking something that interests me rather than something you are conventionally supposed to because you can make money by doing it.

Dave

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Registered: 26th Feb 01
Location: Lancs
User status: Offline

28th Jul 13 at 21:58

quote:
Originally posted by Ian
You'd probably be able to cut your outgoings though.

To an extent yes, assuming we are talking mortgage, finance payments etc. Although that's going to take a fair chunk off your £1m which is then obviously going to reduce how much you get in interest. That's why I think buying some cheapish property is a good idea, you live off the rental income and can still sell them should you get low on cash. 3x£100k houses should earn you around £1200-1500 pm.

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

29th Jul 13 at 06:30

Even if you could gross £1200-1500, you won't take that home. Running costs, constant repairs remembering tenants in £100k houses tend not to look after them particularly well, tax on the income and any bills that you pay (for example, I pay the water rates and broadband as an incentive to get tenants) and all in all, you'll be lucky to be getting 35% of the above

mwg

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Registered: 19th Feb 04
Location: South Lakes
User status: Offline

29th Jul 13 at 08:11

As well as what I said earlier I'd buy a large wood/small forest & a few fields preferably next to the house I bought so I could have a few cows, sheep, pigs etc. but more of a hobby/rare breeds small holding rather than anything serious that's going to take all my time up. And could still do a bit of logging too.

M2RTY

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Registered: 25th May 01
User status: Offline

29th Jul 13 at 09:05

Buying BTL properties outright is daft due to tax

Rather buy 10 places with 25% in each rather than 4 outright

JordyCarter

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Registered: 14th Mar 10
User status: Offline

29th Jul 13 at 09:13

I dont know the ins and outs but id probably get into property and speak to some sort of financial advisor. Fuck working after winning a mil lol

Gary

Premium Member

Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline

29th Jul 13 at 09:18

If you could afford to live as you currently are doing you could stick it in a high interest account and take a lump sum every 5 years or so

LeeM

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Registered: 26th Sep 05
Location: Liverpool
User status: Offline

29th Jul 13 at 09:57

quote:
Originally posted by Hammer
Interesting that no one would really be interested in going back to study, think that's something I would definitely do although second time round I would be picking something that interests me rather than something you are conventionally supposed to because you can make money by doing it.

i'd stay at uni, definitely wouldnt quit.

Hammer

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Registered: 11th Feb 04
User status: Offline

29th Jul 13 at 10:22

You would be the Don of the Student Halls, dripping with vagina.

3CorsaMeal

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Registered: 11th Apr 02
User status: Offline

29th Jul 13 at 10:46

You are already a dripping vagina imo

Hammer

Member

Registered: 11th Feb 04
User status: Offline

29th Jul 13 at 10:47

Interesting, I was just thinking you reminded me of a moist gusset.

LeeM

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Registered: 26th Sep 05
Location: Liverpool
User status: Offline

29th Jul 13 at 11:29

quote:
Originally posted by Hammer
You would be the Don of the Student Halls, dripping with vagina.

not in halls anymore, i live in a luxury apartment now

Robbo_Corsa

Member

Registered: 5th Jul 06
Location: North Lincolnshire
User status: Offline

29th Jul 13 at 11:55

Blow it all.

Tomnova16

Premium Member

Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline

29th Jul 13 at 11:57

quote:
Originally posted by Hammer
Interesting that no one would really be interested in going back to study, think that's something I would definitely do although second time round I would be picking something that interests me rather than something you are conventionally supposed to because you can make money by doing it.

on the job learning/ training is the best way for most things, sure you wouldnt be too arsed about being a doctor/lawyer or vet.

http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter

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