I don't think a million would last too long, too much temptation everywhere. You'd have to be very shrewd. I'd take the 50k a year and keep working, pay off the mortgage, nice car, and live comfortably.
I couldn't trust myself to leave it in the bank! I'd turbo charge the v6, buy a b7 RS4 for my daily, and buy a house with a nice size garage. Oh and a range rover for the mrs, and we'd get married. Then back to work cos I'm skint again!Take the million, stick it in the bank and you would make more than 50k a year in interest!
Spot on.Take the million, stick it in the bank and you would make more than 50k a year in interest!
Take the million, stick it in the bank and you would make more than 50k a year in interest!
Take the million and invest it wisely in property or a business of some sport. Should see a lot more than 50 grand a year. Sorted.
Not so sure about that either, bringing in a LOT more. Investing in property is a long term game, the bulk of your gains are to be had in future values.
£1,000,000 would get you maybe 6-7 x 2-bedroom flats in university city centres (to ensure full time occupation). You could expect to get back maybe £600-700 per month for each flat, so if we take the medium, your looking at 7 x £650 = £4550 per month, so £54600 per month. Except your then liable for each flats upkeep, which will not be unsubstantial. Then as their are likely to be rented by students, they would likely be empty for a couple months of the year. Plus students are notorious for ruining flats.
A lot less hassle just aiming for about 5%, get a steady income, with only yourself to look after, not a bunch of flats. Okay, the long game you would be better off with the flats, possibly, but then again, that's supposing you look after them yourself, if its the easy life your wanting expect to pay a chink of all income to a property management company too.
You'd need to find a 5% return on your million to make that, hard in this climate, but wont be so hard when the economy recovers. But yeah, its a no brainer.
£1,000,000 at 5.2% gives you a grand a week, so £52k. You find 5% and you already get 50k per year for the rest of your life. Screw all this not trusting yourself stuff, show some restraint, and lock the money up tight. I'd rather have the £50k a year and STILL have the million thank you very much.
Couldn't retire on a million quid though. Would still have to work as while you could live on that interest, in 30-40 years time that grand a week aint gonna buy you so much as it buys you now.
I wasn't really forgetting the tax, but as you brought it up, if you were to do the rental thing, that would be classed as earnings, not interest, and as such would be subject to income tax, which would mean you would then be paying up to 40% on returns. Which would be even less coin in the pocket.
No buy-to-let allowed
Right, I'm off to get my Monopoply scratchcard, wish me luck
LOL! You can't put that type of restriction on money 'given' to you!!
Take the million and make the money work for you!
id be happy with any of the 2!!!
50k a year please. atm im on 20.5 and our lass is on just over 10 doing 4 days a week.
disposable cash is round here is scarce!