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Thread: £1million or £100k

  1. #1
    ScottD3's Avatar
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    £1million or £100k

    A friend asked me last night which I would prefer if he ever won the lottery.
    £1million cash or £100k every year for life.

    I've asked this to a couple of mates and the responses and reasons for their choice is always different and interesting.

    I'm still working mine out, so what would yours be if you had to chose between £1million cash or £100k every year.
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    £100k for year for life, without a doubt. £1million doesn't get you THAT much these days, and i'd be back on student finance after i wasted it all on hookers.

    The choice of £1million is much like the buy now pay later attitude everyone has.


  4. #3
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    £100k every year for life for me please

    Although in the long run what £100k will buy you now....won't buy you the same in say 10 years time.

    Assuming inflation and the value of the £ stays okayish then I'd go with the yearly payment.


    Could you imagine IF this really did happen...you agreed to £100k a year- then say when the next parliament comes in they decide we join the Euro and your 'contract' of £100k falls apart because the £ is no longer recognised! lol
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    £100k every year... I anticipate living longer than 10 years, on the eleventh year I will have received more than £1million.

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    Id go for the mill, wise investments would allow you to live on the interest and profit comfortably for life. Also iirc to become your own insurance company is only takes 1mill in the bank, that's a massive saving with today's greedy insurance companies :D
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  7. #6
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    I'd take the £1m thanks, I can make £100k a year with my £1m easy, and in 10 years time, I would be worth a few million easy!
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  8. #7
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    Quote Originally Posted by jojo View Post
    I'd take the £1m thanks, I can make £100k a year with my £1m easy, and in 10 years time, I would be worth a few million easy!
    My thoughts exactly. As you mentioned £100k in the first year would be the bear minimum I'd expect to earn from having a million in the bank.

    What bugs me, if you ask this same question to a woman (namely my woman) it would be: 730 pairs of shoes (daytime and evening wear) at £1,000 a pop, 365 handbags at £5,000 a pop, etc etc etc.

    This is I why buy the lottery tickets and not her
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  9. #8
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    £1m for me thanks....you'll get at least 10% interest on that amount per year so in theory you could live off the interest and not touch the £1m that sitting nicely in the bank.
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    You think you'd really get 10% interest? I haven't looked, but 10% seems rather high!

    I might need to get my hands on a million quid!


  11. #10
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    Well that's what they reckoned last year when I was watching a program about it. They reckoned if you haggled enough you would get the 10% rate as the banks would be desperate to get your business. I will let you know when I make my 1st million.
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  12. #11
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    Quote Originally Posted by crazy88 View Post
    You think you'd really get 10% interest? I haven't looked, but 10% seems rather high!

    I might need to get my hands on a million quid!
    Yep I have to agree.....

    I think you'd stuggle to get above 5% interest and I expect there to be loads of T&Cs to that...like giving x amount of days notice before you can withdraw. etc

    I'll let you know what £140million does later tonight though ;-) lol
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  13. #12
    MBK
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    We often have these hypothetical discussion about the lottery, this is a good one though!

    Sorry to burst the bubble but all the research shows that winning the lottery doesn't make you happier, a year after a lottery win you return to your current level of happiness. It's not a bad thing of course but your current problems will be replaced with new ones and you'd soon adapt to your new lifestyle and want 'more'!

    If you really can make 10% on £1m then you'd have to take it so long as you have the self control not to blow it all!

    Right, got to go, I'm just off out to get some euromillions tickets...

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    could you imagine walking into the halifax local branch asking them to deposit a million in your account, i wonder how long they would stay in business paying you that interest.

  15. #14
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    Quote Originally Posted by azman View Post
    could you imagine walking into the halifax local branch asking them to deposit a million in your account, i wonder how long they would stay in business paying you that interest.
    You would soon realise that banks outside of the UK and possibly Europe could/will give you better interest rates.

    At this level the difference between 0.01% could be tens of thousands of pounds! lol

    I'd need a very trust worthy and clever accountant by my side because I honestly would not have the patience or banking intelligence to invest successfully...
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  16. #15
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    I know a guy who won a million, decided to invest it to make a decent income, but didn't invest it wisely and lost the lot.

    If it were guaranteed I would take the £100k a year for life as I am 40 years away from my life expectancy. Let the giver of the money work out how to make my £1 million into £4 million while I enjoy my life.

    And any Bank that says they will give you 10% interest a year is dodgier than a dodgy bank that has got something to be dodgy about.

    Oh, and I forgot to say, you have a really nice friend
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  17. #16
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    I doubt it very much you can get 10% interest, 6% maybe, which is 60k a year? To be honest, 100k a year is like £2k a week, if you can blow that much a week, then good luck to you! I'd invest my million thanks. I've tried sitting at home doing jack for 2 weeks, it doesn't make me happy being a bum, I was still getting paid at the time, it was just sooo boring!
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  18. #17
    MBK
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    Spot on jojo, that's the point you get most satisfaction in life from doing work that has some meaning for you (having a purpose), being allowed to get on with it (autonomy) and getting better at it each day (mastery). Once you have a household income of £40k in the UK money doesn't buy you any more happiness/satisfaction or whatever you want to call it.

    The danger of all that money is Anomie (no not the cartoons lol) - or lack of purpose - as you say most people would soon be bored no matter how much you cash you had. Even if I did win I'd still do what I do now but be a bit more choosy about the clients!

  19. #18
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    I'd take the £1 million and enjoy the idea of being a millionaire for a month, then I'd invest half, take a few luxury holidays a year and find something to be getting on with! I have trouble sleeping if I'm not doing anything with my time, so I couldn't be a layabout, it's not in my genes.
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  20. #19
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    1 million cash please. Would buy a car/house and then invest the rest
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  21. #20
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    Don't get me wrong, if I got 100k a year (which was my choice) i'd live a nice life and probably learn how to restore classic cars for a living or open a bike shop. By no means could I become a couch potato, I hate being idle too. I just think a one-time million quid isn't as good as millions over the years I have left...hopefully.


  22. #21
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    Take the million and donate it all to charity..........<----------asif!

    I'd take the million and start a small business up (keep me occupied), live off the business and see what the rest of the money adds up to after interest and buy something nice out of said interest

    If I won the euro (£140 odd million) 1st million spent on the A3 (it can be done lol).
    Ill try stuff out! If you never try and never fail, you will never know and never learn.

  23. #22
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    Am I the only one that would carry on doing what I'm doing? I'd be happy with continuing my business, it would just mean I could expand faster and give me some breathing space to implement all the ideas I have for the future.

    With that said; it seems I am the best candidate for a lottery win, please PM me for my bank details
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  24. #23
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    Quote Originally Posted by cjsuk View Post
    If I won the euro (£140 odd million) 1st million spent on the A3 (it can be done lol).
    Oh Please, spending a million on your A3? If I won £141m, the 1st mil will buy me an R8 V10, RS6, RS5, RS4, RS3, A1 quattro Sport and a Q7 S-Line, just so I can have a different Audi each day of the week, and I'd still have some change left! lol

    Quote Originally Posted by JudderMan View Post
    Am I the only one that would carry on doing what I'm doing? I'd be happy with continuing my business, it would just mean I could expand faster and give me some breathing space to implement all the ideas I have for the future.

    With that said; it seems I am the best candidate for a lottery win, please PM me for my bank details
    I'd give my business away if I won £1m! I'm sick of it after running it 13 years, and being in the trade for over 20! lol
    I'm in the process of doing something about it though, but a lump sum will speed things up!
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  25. #24
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    I'd give my business away if I won £1m! I'm sick of it after running it 13 years, and being in the trade for over 20! lol
    I'm in the process of doing something about it though, but a lump sum will speed things up!
    LOL, sounds like you need to diversify or something to keep yourself buzzing about your business. Get a chippy van or start doing different food/meals? Open a new one, open a restaurant, sell to businesses, rebrand or something. Sounds like you're already onto something which is cool, most people that are sick of their work tend to let it die a death.
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  26. #25
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    It would have to be the 100k option for me.
    I would just blow the million and have nothing left to show except the house and the 10 cars I now can't afford to run. Lol
    plus a 100k is still a lot off money, it would give you a nice rosie feeling knowing you didnt have to get up for work everyday.
    Thats worth a million in my books.
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    take the mill, say 4% interest, thats 40k in interest. now compouding it for 10 years we get 1.48M which works out to be 148k per year
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    Quote Originally Posted by sliced View Post
    take the mill, say 4% interest, thats 40k in interest. now compouding it for 10 years we get 1.48M which works out to be 148k per year
    thats if you're not tempting to get yourself an RS3 or the sort or a house for that matter... with the way markets are at the moment investing in futures or options is quite a risky business and more or less the market seems to be controlled buy what the ECB IMF bundesbank or the Federal reserve bank of the US.. OR if chinese economy is booming.... so for the people saying they will invest the money to turn it into 4 million or more then 100k a year i tell you this " there is no such thing as a risk free investment" ... your only way of investing is in Debentures, and bonds which seem to give a a lower yield therefore more profit however that with a term of 10 years.. so kiss that 1 million good bye for 10 years... and that is with the possibility of the government defaulting... especially with the latest labour move of the idea/thought of privatising the justice system so the economic outlook doesn't seem to be just at this point in time
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  29. #28
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    Quote Originally Posted by jojo View Post
    Oh Please, spending a million on your A3? If I won £141m, the 1st mil will buy me an R8 V10, RS6, RS5, RS4, RS3, A1 quattro Sport and a Q7 S-Line, just so I can have a different Audi each day of the week, and I'd still have some change left! lol



    I'd give my business away if I won £1m! I'm sick of it after running it 13 years, and being in the trade for over 20! lol
    I'm in the process of doing something about it though, but a lump sum will speed things up!
    I've always said if I win a super silly amount the car I have at the time would get a million £ makeover, I wouldn't just have the A3 lol don't be daft, that would be my toy (expensive one) like your idea lol don't forget the four rings tattoo on your arm haha.
    ScottD3 likes this.
    Ill try stuff out! If you never try and never fail, you will never know and never learn.

  30. #29
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    Quote Originally Posted by Sevv View Post
    thats if you're not tempting to get yourself an RS3 or the sort or a house for that matter... with the way markets are at the moment investing in futures or options is quite a risky business and more or less the market seems to be controlled buy what the ECB IMF bundesbank or the Federal reserve bank of the US.. OR if chinese economy is booming.... so for the people saying they will invest the money to turn it into 4 million or more then 100k a year i tell you this " there is no such thing as a risk free investment" ... your only way of investing is in Debentures, and bonds which seem to give a a lower yield therefore more profit however that with a term of 10 years.. so kiss that 1 million good bye for 10 years... and that is with the possibility of the government defaulting... especially with the latest labour move of the idea/thought of privatising the justice system so the economic outlook doesn't seem to be just at this point in time
    Having read "the economics of money, banking and finance" its safe to say,You sir, are correct. There is no such thing as risk free investment, and the tradeoff between risk and return proves this.
    To conclude



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  31. #30
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    I will take the £1million thanks..

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