What would you do with £1 million?

[tinkersfig]

DH and I have just been discussing what we will do with the £1mil that we’re going to win on the lotto tonight.

We will pay both our sisters mortgages off £300k
Buy a bigger house for us £450k
Massive family holiday £15k
New car £35k
Pension and investments £100k each

Just knowing that the roof over ours and family’s heads are paid for would bring me so much happiness.

Pay off my mortgage
Pay off my brothers mortgage
Revel in NOT paying off BIL’s mortgage

Wow, so many of us going to win the premium bonds next month! 😂
I would pay off the 200k mortgage, stick as much as possible into ISAs over the next few years and give some to my wonderful sister who truly deserves a break.

I'd carry on working but the win would give me the confidence (and safety net) to apply for a different job.

I wouldn't tell anyone but DH is a bit of a blabbermouth so might let the cat out of the bag.

Some home improvements like cavity wall insulation and an upstairs toilet. Save some. Pay for a heated kennel for local greyhound rescue.

Leave Australia and move back to Europe. We’d buy a little place in Italy and spend the rest of our lives surrounded by the dogs eating pasta and cheese!!

Pay off mortgage
cut back on work
new kitchen/bathroom
new drive and kitchen extension

bloody good holiday and go to Rome as well

put some in savings for the kids £50k each

I wouldn't, but they'd all know if I suddenly own a home tbh

Retire and live off it.

Top of the list would be move to a detached house in a nice area (currently in a terraced house in a bad area).

Put money aside for pensions.

Put money aside for my children’s futures.

Have a holiday abroad for the first time in 14 years!

Tell nobody - £1 million wouldn’t be enough to widely share and everyone in the extended family that we never see, plus their cousins would want a slice as they are all grasping by nature. The sob stories would be worse than the old X-factor VTs!

I’d put it towards a car.

What car do you want to buy?!

It opens the door to quite a few!

Pay off the mortgage (only £40k), don’t have other debts. After that, keep quiet and go on holiday.

Put it all into investments/savings.

Quit my job and be a SAHM using the interest gained. Even on 5% interest rate that's a £50k 'salary' a year.

£1 million isn't actually very much, if it has to last decades.

I might book a couple of good holidays but the remaining 90% would be invested so that it provides me with a really increased income for the rest of my retirement. Then I can just enjoy a nice life for as long as possible (and then pay for a trip to Switzerland when the moment arrives).
Boring, but realistic.....

1. Buy DM a house closer to me (as she wants to live closer.) - £250,000 (ish)
2. Pay off my mortgage - £165,000
3. Buy maximum holdings in Premium Bonds (I already have some) - £47,000
4. Dream holidays - £25,000 (ish)
5. Use up my S&S ISA allowance - £20,000
6. Finish home improvements - £20,000 (ish)
7. Top up Emergency Fund - £10,000
8. Top-up my SIPP - £2,880 (since I’m not working.)
9. Have a shopping spree to buy my most coveted LEGO sets and some clothes. - Amount unknown.
10. Donate some to my favourite local charity- Amount unknown.
11. I’d keep the rest aside to max aside to be able to max out my S&S ISA allowance and pension allowance etc. for subsequent years.

I haven’t got DC. My list would look different if I did!

£1M is not enough to get me excited. Tonight's euromillions jackpot on the other hand...

I’d invest it in a moderately risky fund, get 5% return and have an extra £50k a year income off it for the rest of my life, without spending a penny of it.

Pay off mortgage (less than £50 K) buy a second hand electric car. Finish garage conversion we’ve started.
Book a safari for the whole family.

Buy two bed room house each locally and gift one to each child. And after today I would just simply email work and resign.

Buy a small house for myself and deposits for kids.
Leave current role, go travelling for a month and then set up some kind of CIC to support young people and use my skills/experience in that.
Invest the rest.

Buy a new house - 4 bed detached ideally probably around £600k where we are.

Pay off debts.

Invest about £300k.

Couple of nice holidays.

Yes, future
-proofing ours just so they have somewhere secure to live when the time comes. It’s tough out there for young people.

Based on people we know who have 1-2+ million net worth, it would be:

• invest in the stock market (rather than pay off mortgage unless they have a really high interest rate)
• go on nicer holidays regularly (not business/first class though)
• regular cleaner
• buy better food, eat out more often
• don't worry so much about losing job or becoming ill as they have a buffer

No one is really living an outrageous lifestyle with large cars, country homes etc. People usually need to have more than 1 mil to put children into private school comfortably if you're in London (even a very modest house in a nice location in Zone 3 is 1-1.5+mil)

I would keep 100k and give 300k each to my kids. Would then encourage them to invest it and let compound interest do its magic while they live better as they don’t need to save in the same way. I would invest my pot too and live more generously knowing it was there so would be able to splash on hols and treating friends and having fun!

Pay off the mortgage
Possibly move or decorate
Go on an awesome holiday
Top up kids uni/ deposit fund
invest any left for retirement

oooh i might buy a beautiful camper van too!