What would you do with £1 million?

[Disneyblueeyes]

If you were made a millionaire tomorrow, what would you do with the money?

Anyone ever thought about it? 😁

I’ve always said in cases like this that I’d buy a farm, grow biological produce and have a small herd of Jersey cows to make cheeses etc.
Then I’d have fun setting up a few rooms as B&B, have a swish professional kitchen and invite a young chef to start a restaurant from it using my products.

But realistically I’d probably need a couple of million to do that and employ people who know what they’re doing. The business might make a profit, might not. My kids aren’t interested in ventures like that and I’m now on the downhill stretch to 60…

So today with a million I’d buy a seaside house for the extended family to use, invest the rest and spend it to ensure everybody is healthy and fulfilled.

Pay off my loan (9K)
Pay off my credit card (4K)
Put a deposit down on a nice little house for me and the kids so we don't have to worry about renting any more.
Put some in each of the kids savings so they can go to Uni/have a start later on in life.
The rest Id put in savings as a buffer for life in general

Pay off the mortgage and finish renovating house (I'm living with previous occupant's 1990's decor and it's vile.)

Buy a couple of investment properties for rental income.

Have a bloody good holiday.

Make a few gifts to immediate family.

It's all pretty selfish. I'd want to invest as much as possible to maximise future income. My DS has SEND and I'm not sure he'll be able to hold down a full-time job as an adult so I'd want to give him some financial security for the future.

Pay off the mortgage. Buy an electric car. Savings.

Through bereavement I have this. I have no mortgage and the rest is invested. I haven’t bought anything with it and have used about £50k to pay some school fees and supplement my income by about &1k a month. It’s invested for long term capital growth so I have it for j defintely.

@springhas that must be bittersweet. I am sorry for your loss.

Coffeeandbourbons

”Seriously? A million quid just turns up, no effort required, and hardly anyone thinks to even make a small donation?”

I think lots of people would. As you say, a small donation. I’d sponsor a child but didn’t think to mention that in my first post because it’s a very small amount.
These days, £1 million spread amongst a family doesn’t go that far and it’s human nature to put your loved ones first.

Thank you. It’s very bittersweet but it’s a great comfort that despite the circumstances my children don’t suffer materially.

Something similar happened to us ( not a win but a share option buyout)
It went something like

£300,000 invested for old age
£350,000 buying and furnishing a holiday/investment flat
£150,000 to D.C. for house deposits
£150, 000 various short term savings accounts/ISAs etc
£30,000 DH posh new car
£20, 000 nice earrings for me and a couple of holidays.

Then life went on as normal but the absolute best thing about it is knowing we will never wake up at night worrying about money again.

Pay the mortgage off, do some decorating/home improvements, pay off car loans, nice holiday with family. After that I’d save the rest.

I spend lots of time thinking about it. I've done the lottery every week since it started and never won more than £90. I'd pay the mortgage off. I wouldn't have to work any more. Give my children a bit. Live off what's left. I don't even need a million. £500k would do. I'm not greedy

Get someone to paint my entire house from top to bottom. ( we always paint ourselves but I just can’t be arsed)
A landscaper .
A new car ( I’ve never had a new car ).
A beautiful wooden greenhouse.
Savings

My husband would probably buy land. There’s 75 acres for sale near us for £1.5 million.

Pay off mortgage, buy 2 flats, resign.

Buy a house. Top up my pension. Travel.

Pay off our mortgage ( 100K )
New wardrobe of clothes, not designer, just high street stuff.
Decent holiday.
Get my roots done.

I'd do up my house. About 30-40k.

I'd buy a tiny flat/house in a city about an hour from mine so I could get a better social life/improve mental health. I'd keep my current house for the lovely location and would go between both properties. I'd let someone have my spare room for free though as I wouldn't want my second home to mean someone not being able to find a home. About £200k

I'd have 2 holidays of a lifetime across America and Canada and then across Europe.
About 30k.

I'd buy a new car. About 20k.

I'd give a friend who struggles financially a leg up. About 10k.

I'd give a school 50k to do with as they see fit.

I'd give 10k to a few charities I feel strongly about.

I'd tell a close friend that if she ever decides to leave her arsehole of a husband that she doesn't have to worry about money.

I'd save the rest for an annual holiday, home repairs, new cars when needed and a comfortable retirement.

Piss it up the wall probably

It might just about to allow us to move directly into the catchment of the school we like locally. And that would eat it all up 🤷🏻‍♀️

What income could you get from a million quid?

Mmm I live in Scotland and I don't think 1 million is a lot of money.

Pay off the mortgage. Buy a little steading/croft. Go part time, visit both sets of parents. Who stay on opposite sides of the world than us, and opposite sides of the world to each other.

I’d put it in my retirement fund. Compounding interest!!!

I am disappointed doing the lottery and winning nothing. I have never had 4 numbers in 20 years plus

Animal sanctuary