(August 26, 2013 at 6:21 pm)pocaracas Wrote: $1m.... put it in a savings account at ~5% yearly interest rate.
5% of $1m = $50k, minus taxes.... hmmm, around here, that'll be 28% of earnings... 72% of $50k = $36k
It's a nice income for the rest of your life and it's one that keeps on giving!
Get a job you like on the side and you can have a very good life.
And you can leave it for the kids! after you die!
It just keeps on giving!
Boring and sensible, sounds just like me! Where do I sign up for this plan?
(August 27, 2013 at 4:36 pm)StuW Wrote: I'm lucky enough to know someone who won £2.3m ($3.1m) on the UK lottery a few years back, which got me thinking about this fairly seriously at the time and here's conclusion I came up with.
The interest he receives is approx £32,000pcm so more than enough to live very nicely on. I would buy everything of medium/high value on credit and pay this off with the interest accrued every month, thereby getting what I want without dipping into the main sum of money. Boring I know, but financially sensible.
Way to work the system!
*making mental note of this for possible future use...*
**Slapping self upside the head for thinking I'd ever be handed $1M**
(August 27, 2013 at 4:29 pm)NoraBrimstone Wrote: Put a deposit on a nice flat.
EDIT: Possibly this flat.
http://www.rightmove.co.uk/s6p/42165593
I. Want. That. Flat.
Seriously, though, I'd probably invest it and use the interest as income while I design and build a dream home and work at a hobby-job or volunteer. I might "splurge" and invest in some real estate while the dream house gets built, and maybe buy a new car; I've been so focused for the past few years on saving a down payment that I don't even know what I would spend money on anymore...
Well, that's not true. I'd do some traveling and maybe buy some good photography gear since I can't currently afford good stuff.
Teenaged X-Files obsession + Bermuda Triangle episode + Self-led school research project = Atheist.
