How much money would you need to win for significant change in your life?

[AgualusasL0ver]

Was buying a random lottery ticket and thinking about how much I would need to win to feel it had had a real impact. Within each of these there would be a few treats, but commensurate to the prize, plus saving some.

I expect answers will differ based on stage of life etc.

• We are mid 40s
• We rent, I don't expect to buy but to help our DC make better decisions
• DC are 20, 18 and 15 (so a house with a big garden, whilst lovely is no longer a big priority for me)
• We live in a very expensive area, but my elderly parents are now settled nearby and need my help and we have a really wonderful community that I wouldn't be keen to leave
• I prefer experience to things so my only reason for buying a property below would be security of tenure, but I would rather have something that is just enough and have regular breaks by the sea/or whereever than have a big house

£25k pretty much clears some debt and starts me back at zero
£75k probably allows one of us to rethink our job for a few months
£150k would allow us both to rethink out jobs for maybe 6 months
£250k would get us on the modest property ladder where we live, but with our nice new jobs that we have taken time to find and suit us
£500k gets us property ladder with a smaller mortgage - this is where earlier retirement might start to become an option
£1m either outright buys a quirky/decent sq ft flat or a very small house. I would buy somewhere smaller outright and use some to take 6m-1y off work to travel (I have a largely land based Europe to Mongolia plan), this includes paid time to find a new job. This is my sweet spot - managing it carefully and investing well, I think we could live well, but not totally give up working forever, just change direction, help our kids and parents over time and enjoy our lives but still have to give some thought to things.

Anything more than this and I feel a bit dizzy - I hope I could give to charities etc in the above, but more than £1m is where I would start a charity and almost give away most of it and help out slightly beyond immediate family.

£10m would replace both our incomes in perpetuity, and also upgrade to the next rung up in lifestyle. Also charitable giving could move from being a portion of income to a foundation.

I think those are the things that would feel like a “significant” change. Even then, lots of life is habits and thoughts though, and we are probably too old for those to change much.

All I want is 30 thousand pounds to go private for an operation that’s keeping me disabled to the point I need carers twice a day. I’d be able to go back to full time work, have a wash or use the toilet without needing help, play with my grandchildren and enjoy my life with my poor husband who’s being very loving a patient with me.

as it is I’m going to be waiting around two years by which time my other medical condition could well make the operation impossible and I’ll have lost my job that I love and have worked all my life towards. I doubt I’d find another at nearing 60 with a disability.

lottery has been going on for the last few months and we never used to play it lol

we are considering downsizing to a flat to free the money up but we still have an adult dc at home who’s trying to earn enough to support themselves too.

And we would actually have had the money in savings but our dd hit a serious mental health crisis during Covid times and we had to pay private to get her help as there was no option at the time. Then dh was made redundant. Still trying to claw our way out of that pit

Oh and a stairlift please, so I don’t have to shit in a commode during the day when I’m alone 😫

Ah @bloomchamp wishing you a lovely win for you and your family. That is such a HUGE difference that (a lot, but also not a huge amount) that money could make.

We have this chat every week whilst fantasizing about the lottery win!

£5k would pay off our short term debts freeing up spare money and allow us to save

£10k would allow us to pay off debts and do IVF and get off the NHS waiting list

£150k would pay off our mortgage

£500k would give us an amazing lifestyle

Any more would make ours and those around us really comfortable for life.

You have convinced me to do a lucky dip!

300k would mean we could buy a house, rather than rent. Proper life changing, as in being able to give up work. That would be about 3 million. Love dreaming about these scenarios....

Half a million would set us, including DS, up nicely.
I genuinely wouldn't want enormous wealth.

1m would give each dc £200k for flat deposits. We’re giving much less than that as dh wants a bolthole in another country.

£100k would pay off my mortgage with a little bit left over. £150k would comfortably see my children through university and driving lessons, first cars. £200k would allow me to do all the house renovations I've been delaying. Anything over that is absolutely life changing - for some people it wouldn't even make a dent.

If love to work less and travel more. But I don't need to give up work entirely.

I'm mid 30s with a pre-teen and a teenager. We're not high earners we live a very modest but nice life.

500k would probably allow me to buy a smallholding and start my family’s new and sustainable life.

I’m not that greedy and don’t need that much… and the royal family wouldn’t even notice that amount was gone. I wish.

I have thought about this a lot! £250k would allow us to pay off the mortgage, get some work done on the house and clear some debt, and allow me to semi-retire at 55 in two years time (DH is a lot younger). Currently my pension lump sum is vaguely earmarked for clearing the mortgage, but if I didn't have to do that then it would give me more choices around retirement.

£1m would mean we could both give up work, I could retire and DH could go self employed as there'd be less pressure for him to earn a regular salary.

I've thought about this a lot.

about 10M
2M spread between siblings - would ease their lives and give a start to their kids.
2M spread between kids - uni paid for, deposit on house and long term investment towards pension.
2M into pension/investments - probably don't need this much but it would make life fun. Plus one DC my need help in the future.
2M house investment - there is a woodland at the back of our house I would buy so that it can never be built on. Maybe extend my 4 bed to a 5 bed so that we have a spare room for visitors.
2M Charity.

I think my wish list is an indicator that your Wants go up as your starting point improves. I am mortgage free already in a high paying job with some savings. Food shopping is a buy what I like situation and I could afford a new coat today if I needed one. To really make a difference I would need a lot compared to someone who had less to start.

£10K would clear debts.
£25K debts plus some outstanding home improvements
£100K would allow me to rethink my job and retrain for a few years. I wouldn't ever completely stop working I don't think.
£200K would clear the mortgage (this would be life changing for us not to have that payment every month)
£500K would get us a bigger home to fit all our needs without a mortgage.

I enter Capitals Cash Call when it is over £400K as who knows. Someone has to win it

Some relatively small sums can be life changing. It’s a shame the lottery don’t divide the large pots really. No-one needs £10 million but 20 people would love half a million and could put it to very good use.

500k and I could retire. I can only wish

Agree! (If £10m was a reference to me). That’s in no way a “need”, it’s just the amount that would significantly change our lives.

It certainly would do a lot more good spread between others who have lower “life-changing” numbers. That logic works all the way down, too, to the hundreds of the very poorest people whose lives would be transformed with a 1/100th share of £500k.

I absolutely agree. I would love to see more people benefit and less pressure than appears to come with such a huge windfall.

OP, why do you need to take time off to rethink your jobs? That bit doesn't make sense to me.

Probably about £2million. I would buy a small property (currently rent), put some aside for repairs and maintenance, unchain myself from the DWP (too ill to work).

100 grand would be good.
We desperatly need a loft room and extra bathroom that would change our lives !

@Gillthepill that's a really good idea more like premium bonds
.
I guess the admin would be harder to sort.

Around about £750k would allow us to pay off our mortgage and pay for our children to be privately educated through to a-level—DD1s disability wasn’t being fully accommodated at state.

At that point we’d have the freedom to either continue in our high stress jobs and enjoy big holidays, new-ish cars, etc. Or step back a bit and continue to live to our current standard but with more time and less stress.

If we wanted to give up work completely, and live a good but not extravagant life, plus pay school fees, I reckon we’d need nearer to £2 million plus to then downsize early in retirement. Which seems like a lot, but if we live until our late 80s we’ve got 50 odd-years to pay for.

Probably bad phrasing from me.

I can look for another job anytime, and might do so as not loving my current role. However, since there isn't anything actually wrong with it and there are some decent perks (flexible etc) that I might be better focussed on a non-work goal, for me that is a big 'gap year' type travel experience.

For example, I have a corporate role that exists in most places, some places and people are just better/or a better fit. I have had this and would like this again.

Or, with decent money I could consider taking a massive pay decrease to retrain or work in a book shop and write in my spare time.

Anyway, last night I worked out a budget to clear my debt by EOY next year possibly sooner and then start a fund that includes:

• my big travel plans
• 50% salary for 6m in case I have to look for a new role (no idea if a sabbatical will be granted)
• My pension contributions for the year I am not working (potentially)
• Buffer savings

I need about £45k in savings by May 2031. I know I am very fortunate that all being well, and no unexpected redundancies or other calamities that this (today) looks achieveable.

Sorry totally derailed - short answer is probably just a reset and fresh start in a meaningful way.