Would A Million Pound Gor Far?

[Tipstaff]

11 hours ago, bassett one said:

i always said i was a mixture ,iam not out of allsorts though i do like a wine gum, could a million last a teenager to retirement,if banked ?

I think they’d have to be very wise and careful to make it work for them, however, as we know global and home markets can dictate how wealthy we are literally overnight! 

[cgksheff]

11 hours ago, bassett one said:

i always said i was a mixture ,iam not out of allsorts though i do like a wine gum, could a million last a teenager to retirement,if banked ?

Not banked, but invested ... 'Yes' depending upon what standard of living that you expect.

[Rockers rule]

1 hour ago, cgksheff said:

Not banked, but invested ... 'Yes' depending upon what standard of living that you expect.

this guy had the right idea.

Enjoy .

 

🎵 All together now ---- I want a house with a pool 🎵

 

Eddie Cochran - Teenage Heaven (1959) - HD - YouTube

[andysm]

With £1 million you could buy a one-bedroom flat in London :

https://www.galliardhomes.com/1-bedroom/available/the-stage/501

 

[ECCOnoob]

42 minutes ago, andysm said:

With £1 million you could buy a one-bedroom flat in London :

https://www.galliardhomes.com/1-bedroom/available/the-stage/501

 

Or it could buy you a 6 bedroom 4 bathroom house in London:

https://www.rightmove.co.uk/properties/121743302#/?channel=RES_BUY

 

Like with all these things, if someone chooses to live right in the centre in one of the hottest and trendiest districts they expect to pay a premium and get less for the money.  It's always same in any other city.   A studio apartment in the heart of town attracts a price tag equivalent to a 3 or 4 bedroom home  in the suburbs.

 

Like I said earlier, it's all about how frivolous someone wants to be.  A £ million used wisely could enable someone to live modestly but comfortably without working for the rest of their lives.  It could enable someone to make those big purchases such as property or cars without impacting their salary or getting into long term debts.   It could be life-changing for those already in financial arrangements and pay off all of their balances at a stroke.  

 

People could go the Michael Carroll or Viv Nicholson route but they are generally the ones who lead to going back to having nothing.

 

Edited April 19, 2022 by ECCOnoob

[bassett one]

if i won a million,would it be best in property or shares?

[Tipstaff]

On 19/04/2022 at 18:33, bassett one said:

if i won a million,would it be best in property or shares?

I’d say property, but choosing the right type and area of course.

I know there are some lovely properties in the leafy suburbs of Sheffield valued at £1m.  However, I wouldn’t want to spend £1m and have my garden and conservatory overlooked by the neighbours.
I’d prefer to spend almost half of it on a villa with a pool and a bit of land and live in the sunny Mediterranean. 👍☀️😁

[bassett one]

well at least i would be warm in say spain,but what age could i start to know i would have enough to my death ?,could a say 20 year old make it if he invested right?

[amazon123]

If invested wisely, you could draw down 3% of the total each year without affecting the initial amount - some would say 4% but I'm trying to be realistic. So you could take an income of £30,000 a year while maintaining the million pounds (and, if lucky, it could grow). So a 20 year-old might struggle as they would have to consider rent/working towards buying a home and any associated mortgage. Someone who has all their ducks in a row (small/no mortgage and all the possessions they could want) could make it work if they lived sensibly. 

[Baron99]

1 hour ago, amazon123 said:

If invested wisely, you could draw down 3% of the total each year without affecting the initial amount - some would say 4% but I'm trying to be realistic. So you could take an income of £30,000 a year while maintaining the million pounds (and, if lucky, it could grow). So a 20 year-old might struggle as they would have to consider rent/working towards buying a home and any associated mortgage. Someone who has all their ducks in a row (small/no mortgage and all the possessions they could want) could make it work if they lived sensibly. 

Also if you're at the older end of the scale with, as you say, all your ducks in a row, you've also got works' & State pensions to further bolster the money. 

 

If I won a million tomorrow, I reckon it would see me through to around 127 years of age.