could/would you retire on £1,000,000

gohan

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down the pub with my mates and the conversation turned to winning the lottery would you quit ect, two of us (me and 1 other) said even with £1,000,000 we would quit work

other 3 said that would be impossible ud have to go back to work after like 2-3 years


my arguement was we all earn around 20k a year so it would take 50 years to earn 1 million

and when u take into accout that you could outright buy a house and car so no interest on mortgages loans ect you could easily maintain your lifestyle and then some without work , could either buy house car ect for about 400k put 500k in investments so get like 25k a year income and have 100k spare for luxiries + not having to pay rent so like 2k per month thats purley yours



thier arguments is that they would spunk 1mill on like an 800k house 100k car and a few holidays then have to work to pay the bills




what would you do
 

Lethul

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Though question, most likely I would not retire tho. I have been without anything to do once i my life (between the army and UNI) for 3 months. It was the most boring time I have ever experienced. Of course that could be different if I would have had money but I think you need something to engage your brain a bit. Even if work is boring at times (depend on what work ofc) you really need it to appreciate the spare time :p
 

GReaper

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Keep on working to make sure you'll be able to continue living comfortably.

If you were in a dead end job then maybe quit that and look for something which keeps you interested, without the stress of immediately having to take a new job. That sum of money may seem like a lot, but could easily disappear quite quickly.
 

nath

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If you didn't touch the capital you could pull home roughly 4 grand a month. It's no millionaire lifestyle but I'd definitely retire on that.
 

Marc

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If you didn't touch the capital you could pull home roughly 4 grand a month. It's no millionaire lifestyle but I'd definitely retire on that.

This is what I would try and do although its tempting to eat into the capital with so much of it lying around.

However, in the North of england at least, £4k a month would give you a great lifestyle anyway.
 

Ch3tan

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I'd spend 300k on holidays, a car and maybe paying off my parents mortgage. The rest I would invest (or at least 500k) and live off the returns.
 

adoNix

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I would quit working, buy myself a decent house and a decent car.. nothing fancy then i would invest a good portion of the money to maintain the economy for the rest of my life.
 

TdC

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I was told a couple of years ago that you can't make it on 1m alone for complete financial independence. some bright spark came up with something in the area of 4.6 or 5.6 I forget.

Ideally -or at least, MY ideally) I would be able to pay off any and all taxes that I would ever get in my entire life and pay them all at once, leaving the rest to live comfortably on :)

with one mil retirement? nah, I would spend some to send my mum on holiday and sneakilly have her appartment redone while she was away. then I'd go on holiday with some mates, because we have a pact that if any of us ever came in to some dosh, the lucky one would take the others on an awesome hols :) the rest I would invest, in some nice low risk thing, to make sure I had a nice buffer on top of my job. Not loads, but enough :)
 

Calaen

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Buy some housing in rentable areas and rent it out.

But mostly as Marc said, 4k a month would be more than enough to have a very good lifestyle in Newcastle!!!
 

Jeros

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This is what I would try and do although its tempting to eat into the capital with so much of it lying around.

However, in the North of england at least, £4k a month would give you a great lifestyle anyway.

This

4k a month, thats pretty dam sweet!
 

yaruar

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This

4k a month, thats pretty dam sweet!

4k a month before tax though, and that's not garanteed.

Also inflation would eat into that. If you are 50 or 60 i'd say it was worth retiring, but if you are 20 or 30 or even 40, you would be potentially looking at that 4k a month dropping.

For example that 4000 in 20 years time with a (low estimate) average inflation rate of 2.8% would be worth 2300 a month.

To live you need enough money invested so that after living expenses the capital sum increases with inflation which wouldn't be possible on 1 million.

TBH what i'd do with a million is spend half on a property, invest the rest and find a different career where i wan't working purely for a large salary.
 

liloe

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Without work your life would become boring soon enough.

I'm still studying, but I know that I WANT to work in that area and while it would be fun to do nothing at first, I'd be terribly sorry after some time.
 

DaGaffer

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Its not enough even if you don't touch the capital. It would certainly give you more options work-wise because you could be mortgage and debt free, but it wouldn't be enough to live on and keep a family in comfort; I earn a fair bit more than 4K net a month (and family income is considerably more between me and the missus) and its pretty easy to see that money disappear every month. A half decent car and a typical mortgage in the South East could relieve you of 2.5K easily.

Give me 4M (please!!!) and I'll retire.
 

Lamp

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a paltry million ? I suppose you could retire on it if you were careful with it. Not me. Depends how old you are. Guy next to me at work got a £4m bonus about 5 years ago, and he's still working. Greed prob has something to do with it. Bankers.
 

Ctuchik

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down the pub with my mates and the conversation turned to winning the lottery would you quit ect, two of us (me and 1 other) said even with £1,000,000 we would quit work

other 3 said that would be impossible ud have to go back to work after like 2-3 years


my arguement was we all earn around 20k a year so it would take 50 years to earn 1 million

sure but now you would have that million up front and available. you really think you could only use 20 - 30k a month out of that million? :)

i know i wouldn't. i'd buy me all those things i'd always wanted, like a house, great car and all that stuff, probably take a few trips around the world and get me a summer place on maui or something aswell.

that million might sound like retirement worthy cash but once you start to spend it it goes REALLY fast.
 

soze

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I would stay in work or maybe do some charity work as i would need something to keep me busy or i could spend a mil on useless crap in under a year. So i would buy a house and a new car give the parents and sister a wedge and try to leave the rest in a bank. Then find a job i enjoy for something to do.
 

cHodAX

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Yes I could and would. The interest off £1 million goes an awful lot further if you aren't living in an overly expensive shithole like the U.K.
 

Jeros

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Somone i know used to work under a guy earning 16 million a year US, you kinda have to ask yourself, why the hell was the guy he was working for STILL WORKING?
 

Raven

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Yes, easy. I don't need pointless shit to be happy.
 

old.Tohtori

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Yes, easy. I don't need pointless shit to be happy.

You just need an internet connection to make others as miserable as you :p

To make yourself happy...which...is kind of a mindf*ck :eek7:

Anyway, million, yes, you could live with nicely.

I'd most likely produce a game or set up a game company. Invest majority in my own crap anyway.
 

Raven

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Meh, I would buy myself a bit of land somewhere and build a house on it. For a decent enough outlay you can build a house that actually pays you money by providing power to the national grid. That's the upkeep sorted. Food can be provided by your land.

1 mil isn't enough to sit on your arse for the rest of your life but it is enough to become self sufficient, easy.
 

cHodAX

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Meh, I would buy myself a bit of land somewhere and build a house on it. For a decent enough outlay you can build a house that actually pays you money by providing power to the national grid. That's the upkeep sorted. Food can be provided by your land.

1 mil isn't enough to sit on your arse for the rest of your life but it is enough to become self sufficient, easy.

Major respect for that post, it is a very clued up way to look at this whole scenario.
 

Shagrat

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on your boss and his desk?

I think I'd keep working, the mill would just clear debt, get me a house and car etc sorted and maybe pay off some rellies houses as well to give me a bit of a property portfolio :)
 

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