1 million quid!

James PattersonJames Patterson Trusted RegularRegistered Posts: 281
Hi Guys,

If you won a million pounds in the lottery, i want to know what you would do with it.

Me and my older work colleague, always tried to budget everything and see what we'd do with it for a bit of fun if that day ever came.

Curious which one of us you are most like :D

Comments

  • coojeecoojee Experienced Mentor Registered Posts: 794
    Difficult one cos a million doesn't go very far. I'd buy a house and a couple of cars and then I think it would be pretty much gone. On the other hand I might decide to not spend it on luxuries but instead use it so that me and DH could give up work.

    Now £148 million that's a whole different ball game :001_smile:
  • James PattersonJames Patterson Trusted Regular Registered Posts: 281
    I am jealous of that, but didn't they say they would pay for a Guns N Roses reunion? I saw that somewhere!

    I'm sure you could get a mortgage free house, a decent car and invest whats left, better than a kick in the teeth :L
  • aaron0121aaron0121 Trusted Regular BirminghamRegistered Posts: 422
    Hi Guys,

    If you won a million pounds in the lottery, i want to know what you would do with it.

    Me and my older work colleague, always tried to budget everything and see what we'd do with it for a bit of fun if that day ever came.

    Curious which one of us you are most like :D

    LMAO really, you think that's fun!!!!! Do you try and make sure that when apportioning the costs - the figures
    accurately balance with 1 million pounds?
    I can't get this picture out of my head - a couple of blokes dressed in suits sat around an office table discussing
    how to budget 1 million pounds :lol: Over there lunch break one of the guys say "so today should we start
    looking at some cars," whilst drinking his tea with a biscuit in the other hand. The other guy replies
    "ah splendid idea let's have a look at some of the bentleys," opens up his bag to get out the pen and paper lol
    They start discussing the colours and price by browsing on the internet, I can't stop laughing.
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  • blobbyhblobbyh Font Of All Knowledge Registered Posts: 2,415
    ...didn't they say they would pay for a Guns N Roses reunion?

    Sounds like a good investment if the rest of the world can finally get to see Axl Rose getting his long overdue just desserts...
  • SashaDellaSashaDella Trusted Regular Registered Posts: 362
    House, Car, couple holidays, clothes... get my mum so botox haha
  • James PattersonJames Patterson Trusted Regular Registered Posts: 281
    aaron0121 wrote: »
    LMAO really, you think that's fun!!!!! Do you try and make sure that when apportioning the costs - the figures
    accurately balance with 1 million pounds?
    I can't get this picture out of my head - a couple of blokes dressed in suits sat around an office table discussing
    how to budget 1 million pounds :lol: Over there lunch break one of the guys say "so today should we start
    looking at some cars," whilst drinking his tea with a biscuit in the other hand. The other guy replies
    "ah splendid idea let's have a look at some of the bentleys," opens up his bag to get out the pen and paper lol
    They start discussing the colours and price by browsing on the internet, I can't stop laughing.

    It is sorta like that but not as stiff haha And were more into aston martins rather than bentleys :D

    Designer house 800K, 60K car, premium bonds (great investment) :P
  • SashaDellaSashaDella Trusted Regular Registered Posts: 362
    Thing is would you be able to keep a 800k house? If you spend all the money what about bills? haha
  • mrb82mrb82 Well-Known Registered Posts: 147
    Clear my debt first and foremost! Then buy a decent sized house in Cornwall and a new family car (New Galaxy Titanium X or something like that).

    Nothing flashy as £1m doesn't go too far when you buy property. I won't be able to stop working, but at least my wages would go further without having debt and mortgage to pay off!
  • James PattersonJames Patterson Trusted Regular Registered Posts: 281
    Mortgage free house; but i'd still be working, and i'd have an extra 140K to keep me going; its realistic in my eyes :P
  • JanJan Experienced Mentor Registered Posts: 654
    Been thinking about this all morning - its a slack day!

    £1m doesn't go that far and I've just moved into a village which I love so wouldn't want to move, although would pay off mortgage. In process of doing house up so probably spend money on it , although it might be easier to knock it down and start again. Would make it as energy efficient as possible to guard against fuel bills in old age and furnish with top of the range everything. Have the garden made over?

    New car definitely, but nothing too flash. Son says our Golf is wasted on me anyway - then again I don't have any points for speeding.

    Would have to give son & daughter a lump sum - as tax efficiently as possible of course.

    Try and make hubby work less with lots of nice holidays? Invest the rest to give enough income to live well.

    Never going to happen though - don't do the lottery! :lol:
  • SashaDellaSashaDella Trusted Regular Registered Posts: 362
    I always think about money... the other day driving home from work I was wondering why rich people don't randomly just give their money to me... they are so selfish :lol:
  • James PattersonJames Patterson Trusted Regular Registered Posts: 281
    SashaDella wrote: »
    I always think about money... the other day driving home from work I was wondering why rich people don't randomly just give their money to me... they are so selfish :lol:

    Some people ey? I would do what they do on a blink 182 video and find some mega poor person and buy them the best suit etc.

    Or a smile for a tenner in Manchester haha Fun ways to spend money once my luxuries are taken care of.
  • SashaDellaSashaDella Trusted Regular Registered Posts: 362
    Or... you would have a massive party! Haha I think I would disappear with all my friends and family for at least a month :) go to America and the Caribbean!
  • James PattersonJames Patterson Trusted Regular Registered Posts: 281
    Yeah, i could throw a party for the whole of Macclesfield! It would be amazing! Why don't rich people do this?! All genius ideas
  • SashaDellaSashaDella Trusted Regular Registered Posts: 362
    I think we should go knock on their doors and pitch our ideas haha
  • James PattersonJames Patterson Trusted Regular Registered Posts: 281
    SashaDella wrote: »
    I think we should go knock on their doors and pitch our ideas haha

    You have a deal. :cool2:
  • SashaDellaSashaDella Trusted Regular Registered Posts: 362
    take pitch forks and signs as well :D
  • BluewednesdayBluewednesday Font Of All Knowledge Registered Posts: 1,624
    I'd pay my brothers mortgage off, then my aunt's then mine, would get my Audi A3 convertible too. It would all be my decision too because my husband is always boasting that he doesn't do the lottery so he wins every week!!
  • Louise89Louise89 Trusted Regular England, UKMAAT Posts: 296
    I would buy a house and do it up and treat my mum to an around the world holiday.
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,069
    Pay off my mortgage. And my brother's. And my sister's. And my sister-in-law's.

    Buy another business.

    Give a decent wedge to various charities, and give some gifts to friends and families.

    Buy an investment property.

    Bank the rest.
  • blobbyhblobbyh Font Of All Knowledge Registered Posts: 2,415
    Monsoon wrote: »
    Give a decent wedge to various charities...

    I know next to f*ck all about tax now -not touched it since PTC in 2006 - but would there be any implications to this? Could they reclaim gift aid despite you arguably not paying income tax on say a £50k donation (seeing as you didn't 'earn' it via PAYE) or does your already taxed earnings used to buy the £1 ticket qualify it for gift aid? Just curious.
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,069
    I believe the gift aid rules state you must be paying tax at least equal to the amount of gift aid the charity would reclaim. I think this would still apply. Thus if you have an income of ~40k and make 30k of donations from your winnings then I expect gift aid would be fine. If you donated £500k then clearly there isn't gift aid to be claimed by the charity.
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