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Original poster

What would be your 'life changing' amount of money?

131 replies

Weddingpuzzle · 14/12/2023 12:00

What would be your life changing amount of money? I always read about and hear about people receiving a 'life changing' amount of money through inheritance, a lottery win or some kind of insurance payout and wonder how people measure it?

I have worked mine out and I have two figures - a life changing one off lump sum would be £11,912 - I would have £518 extra a month to play with and it would make a massive difference to my wellbeing (this is unsecured debt for my car and a loan leftover from divorce related destitution and it really stresses me out) I earn well though and our household income is good and I have a plan, so this will be paid off before I am fifty in 6 years.

To be debt free I'd need my mortgage paying off so £168,356 - this would be lifechanging because I could work less. Currently work FT, as well as freelancing and studying. You don't need to give approx circs/figures if you aren't comfortable - happy for you to say you'd need less or more than me. I am just interested to see if I am average?

OP posts:
Ohmylovejune · 14/12/2023 12:23

I won £25k and it bought a few choices for us.

We could afford to do some work on our property, plan a decent experience holiday and give some money away.

It was absolutely lovely but hasn't changed our lives as such.

I think £100k would change our lives as then we would be in realms of big house improvements or a move.

ObliviousCoalmine · 14/12/2023 12:23

Several million to be "life changing", another 30k year to be "life softening". Somewhere in the middle for "comfortable".

CrotchetyQuaver · 14/12/2023 12:24

Probably £5-10m, we could buy a fabulous (but not vast) house with land in my (very expensive) area for that, keep my horses at home, buy the tractor and other machinery necessary for upkeep, pay for help and the necessary maintenance needed with that type of place. Oh and a Steinway grand piano because I could afford it and would have the space for one!

No I've never thought about this honestly

MrsWimpy · 14/12/2023 12:25

£152k to pay off the mortgage

Newsenmum · 14/12/2023 12:25

Ooh! Long term life changing would be around 1mil. Pay off mortgage, get the house done up. Then have money for holidays or maybe schooling.

Newsenmum · 14/12/2023 12:27

Horrace · 14/12/2023 12:07

£147mil

Why that exact amount?

Original poster
Weddingpuzzle · 14/12/2023 12:28

So far the main jist I am getting is there are two things that people see as life changing - paying off the mortgage. I agree that for many (including me) that would be 'life softening). Love that phrase @ObliviousCoalmine

Life changing we are talking millions. Apart from the outliers which are a tenner and £148m. That's both comforting and depressing to me in a way! Not sure why I feel depressed about it though? Maybe because it'll be unachievable - must be craving a bit of contentment over here Grin

OP posts:
PossumintheHouse · 14/12/2023 12:28

£350k would be amazing for us. Would fully pay off the mortgage, allow us to do house renovations/a small extension, and there’d be a few quid left over for a much-needed holiday. I wish.

Caspianberg · 14/12/2023 12:29

£250k would pay off mortgage and pay for remaining expensive renovations (think cellar damp proofing and new bathrooms)

£500k would do the above and allow us to relax with travel to family far away, working a bit less day to day, and a decent lump towards pension

£1million+ would be much bigger opportunities

ZekeZeke · 14/12/2023 12:30

DH is inheriting €230K in January.
We are mortgage free and I woek 4 days (him 5).
This will allow him/us to retire early

Thelnebriati · 14/12/2023 12:30

Half a million would let me buy my HA home, adapt it, and pay for some help around the place.

Original poster
Weddingpuzzle · 14/12/2023 12:30

@Ohmylovejune fascinating that you won £25k and didn't see that much change.

OP posts:
Iateallllllthepies · 14/12/2023 12:33

152k would pay off the mortgage and make such a massive difference.

Ohmylovejune · 14/12/2023 12:38

Whilst we didn't see much change it was an amazing feeling, don't get me wrong.

The work on the house we need doing is boring stuff and costing 10k, so it's a relief to be able to afford to get it done but not life changing. Repairs now are eye wateringly expensive.

The holiday will be amazing and the memories it leaves - but we are going in 2025 due to commitments before.

Obviously giving the money away that we did (two disabled close relatives unable to work) affected them in a way we won't know but it was lovely to be able to do it.

We are mid 50s and lucky enough to have no mortgage now. If we had we would have used it towards that.

HelpMebeok · 14/12/2023 12:38

I think 1 million. Enough to buy a lovely house here and then work less and not have to work about money going forward

ShinyAppleDreamingOfTheSea · 14/12/2023 12:40

I guess it depends on individual situations - what your current expenditure/expectations are and how old you are . I have recently received an inheritance which has enabled me to take early retirement - however I have less than 10 years to my state pension and will also be able to claim a workplace pension. It has been enough to pad out my work place pension until age 67. Very much appreciated as my work situation was becoming quite toxic .

Somebody in their 30s would need a lot, lot more before being able to give up work .

AuContraire · 14/12/2023 12:42

I wonder about this often.

I'd love to pay off the mortgage, but DH keeps saying to me "why? What are you going to do with that extra money each month? You're just going to save it for some unknown future event, you wouldn't spend it, so being mortgage free will not make a difference to our lives."

I suppose he has a point.

That said, £100k would be great to do some immediate nice-to-haves (house projects, new cars, a nice big family holiday).

£500k would be life-changing in that 'normal life' would have no money worries.

I don't think I'd enjoy a millionaire lifestyle Blush

Somatosensational · 14/12/2023 12:43

10k would substantially change my life for the better right now.

BloodyAdultDC · 14/12/2023 12:45

I inherited £100k this year which was always my life changing ideal.

In reality I've put a huge chunk away for the dc (the deceased's wishes but not written into the will) which will set them up when they decide to move out, paid a chunk off my mortgage and done some home improvements which have seen it dwindle. It has changed my life though, as I know the kids will have a good start, the mortgage is within sight of an affordable, timely end, and my house shouldn't need any more work for the foreseeable.

To be really life changing (give up work, not worry EVER about money again kinda money) I reckon at least £800k. I'm nearly 50 though, with a small mortgage, so that would mostly just be for living expenses for the next 40 (hopefully) years. That's only £20k a year though, so actually maybe more to see me comfortably through retirement and elderly care?

Vasilevich · 14/12/2023 12:46

£500K and we would both probably retire early (already early fifties with no mortgage and decent pensions) and another £500K to justify a house move. We would still have the same kind of lifestyle we have now but it would still be life-changing.

IvorTheEngineDriver · 14/12/2023 12:47

In my case it was £127,000 which paid off the mortgage, cleared all the debts and allowed me to retire early.

Theredfoxfliesatmidnight · 14/12/2023 12:48

Anything at all!

TheSingingDefective · 14/12/2023 12:49

£81,234.52 would pay off my mortgage

evtheria · 14/12/2023 12:49

Anything above £50K - that would be enough for a (modest terraced/semi) house deposit in the very general area with a mortgage we could handle, meaning DP could do less hours and we could get out of renting. We would not suddenly have lots of disposable income, but this would be a drastic step up in our lives.

100k, 150k... even better, obv. but the 50k would already be life changing.

HeraSyndulla · 14/12/2023 12:51

To be life changing from what I have at the moment , £1m at least. Maybe more.

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