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.

They could wonder all they liked, it would be amusing listening to the gossip! I still wouldn’t tell them.

I understand a like so much of your list
BUT
How / Why / Where are you paying £28 to go for a swim ???

@tinkersfig and @RecordBreakers £28 for swimming IS very spendy... but it's a private, heated indoor pool we have completely to ourselves for an hour. I don't swim in public....

I’d sell the house and buy one that suits us (not that much bigger but a better layout)

I’d buy a second car (we went down to one voluntarily but it’s proving difficult to navigate and although we can afford to buy one DH is resisting)

I’d give both dc a significant chunk. Nobody else in the family needs help but I might pay for a holiday for them all!

You sound so bougie. I love it! “ I do not swim in public”. Do you wear fur and enormous sunglasses? I hope so.

Anyway, I’m going to work.

Fuck off, I don’t want to talk about it.

@tinkersfig - no fur coat and huge sunglasses unfortunately.... just a very decrepit and fat body I don't want to display!

Ahhh, keeping a low profile I see, very smart.

(Congratulations on the big win 🤫)

First thing, a meal out the next day!

I'd keep it for a while and wait for the right property to come up (if we move there there's a particular requirements we'd have). DH would want a holiday abroad and I guess we'd buy some nice quality clothes. At this point, DD unlikely to buy a house for 2-3 years, but then give her some money to help with that. By that time we'd know how much we had left from money/sale of our property, so some to charity, nieces and nephews.

Repairs to our home, sell and buy the bigger home we desperately need (but less than 500k)
pay off debts so couple k
family holiday
savings/invest
reduce my working hours slightly
give a couple k to family if we can

If its only one million I wouldn't be giving it away to other peopl!

£150K to each of my 3 children.
£100k to pay off my mortgage
£ 30k to do up the kitchen and other house renovations
£10k to have the garden properly sorted
As much as I can into my pension and ISA
A good chunk on a stylist, nutritionist and PT to try and get fit again.
Good quality bed for the dog

Exit stage left

We’d pay of BILs mortgage £100k
pop some in a trust for niece and nephew. £100k
renovate our house £200k
£100k for fun
£250k invested and £250k to air ambulance

Sorry to be a bad news messenger but those of you wanting to live off the interest on investments and you like in the UK unfortunately there’d be tax to pay first.

Interesting the difference of age & stage of life makes to responses - well actually I suppose it’s obvious really. We’re late 40s with teens.

My ideas: invest an amount equivalent to the idea of an endowment but low ish risk to pay off our mortgage at term and switch to interest only on our mortgage.

Back load our pensions to the max tax allowance for last three years.

Life/family coach for ASD son if such a thing exists to help us all.

Splurges would be:

• long haul holidays, not luxury but one a year. Japan, SE Asia, South America, African safari etc. Save touring round Europe for full retirement.
• wardrobe overhaul (I never spend on myself)
• PT to get me more consistent with weights

Invest the rest until we do the sums for what we want our retirement to look like, and support the kids along the way without any gifts until they’re at the house deposit stage.

Help out a friend going through a divorce £50k.
Invest for my retirement £500k.
Get two cars- we only have one banger currently, but two would make life much easier £40k.
Bung some money aside for DCs degrees/house deposits £200k each.
Holiday £10k.

This Is the plan with my winnings, can’t confirm exact amounts….

stay in the same house but change windows, redecorate throughout, change flooring, improve the exterior, solar panels, so massive uplift.

Create a holiday fund for the next 5 years, one incredible holiday for all the family each year.

Invest in a business that supports people with learning difficulties to be productive in supported work

Find an interesting training course for me

Invest the rest

Easy. Buy a house outright for 400k, spend about 25k-30k or maybe a little more on bucket list holidays and split the rest three ways between my kids.

£1million is not that impressive nowadays at least not around here anyway. It would about pay the difference on slightly a nicer house, and perhaps a new car, with a bit left over to boost investment portfolios and our pensions.

You’re a better person than me. I wouldn’t be paying off other peoples mortgages with just £1 million win. I mean, I’d probably get them a REALLY nice Christmas present but that’s about it.

I’d buy a house worth ~ £1m (inc stamp duty) more than my own. I’d keep the mortgaged amount as it’s manageable.

Where I live in London this means a five bed terraced house in a decent area.

Very frivolous really but that’s what I want and achieving through earnings is probably insane.

Pay off mortgage
pay off debt
finish renovations
couple of nice holidays
rest in pension/savings

If I had a million to fritter, I’d put down a deposit for a house for my lovely friend who is stuck in a rental cycle and has had to move far too many times.

Turns out it’s tonight I’ll be winning the £1mil! Sorry for the confusion, I had my dates mixed up.

I’ll go to work today just to tie up some loose ends, I’m nice like that.

I am also winning tonight OP!

I would put it in a high interest account and live off the interest for a while.

I wouldnt make any immediate decisions. I would also seek out excellent financial advice from a wealth management company to make it grow if I could. That way I could turn it into more than 1 million and help more people (including myself)

You're doing this wrong. I am not going to win £1 million. That's no fun. I will be getting £100 million. As s responsible lottery winner, I have already selected houses, bank accounts, holidays.

I will be keeping my old house, so nobody suspects, btw.

That’s too much for me. I don’t want anyone suspicious that I’ve come in to some money and if I hade £100mil, I’d be giving off very rich indeed vibes!

A million is more than enough for me and my family (if you’re listening Jesus and/or farther Christmas).