If you won a million, what would you do with it?

[Trekkerbabe]

Not that I have or anything!

Just interested in what folks would do with that amount of money!

Buy a flat for myself and give up looking for a job! (I'm 62, so not far off retirement age).

Buy a house and a new car. Where I live you could buy a 4 bed in a nice area for 4/500k.

Pay off mortgage, put external insulation on house, put solar panels on house, re-do downstairs flooring ready for air souce heat pump in future. Switch cars to electric cars.

Then the rest i would use towards my disabled childs future living costs

Maybe Retire or plan how to retire asap.
Just about to pay off current mortgage so wldnt need to do that.
Possibly move house but maybe a small upgrade.
Buy a few properties to rent out and live off the income.
Go on some amazing holidays and longer ones in the winter!
Get private healthcare.

Already got the house we want, two rentals and mortgage free so we'd retire now,
Trade in our campervan and buy a top of the range one,
Money to DC (although one is loaded from inheritance) and dsil, dsis.
Help the local dog rescue centre more,
Lots more holidays.

Pay off the mortgage, invest in my Childrens futures, see if I can afford to leave my job and do something less stressful and only part time hours instead.

Pay off mortgage. Buy a second property as future investment for ds (to be let out until he needs to live in/sell it). Get all work needed done on house, including fitting a new kitchen and bathroom. Invest whatever is left. Reduce work down to 4 or even 3 days a week for better work/life balance.

Retire as it would be enough on top of our other pensions and savings to go even earlier than planned. With that we wouldn't be doing any large purchases as it would need to be invested for income.

With no mortgage and with the savings and investments we already have, DH and I would retire, travel for a bit and do some volunteer work when we come back.

We would need to buy a new car for DH and no doubt I would find something extravagant to treat the cat and the in-laws and my BF.

@JustJustWhy

Stop working immediately and be happy.

I've just come back to the thread and there's over 100 replies!!! Really lovely to read everyone's thoughts and dreams.

The question was absolutely prompted by my not winning anything on prem bonds!!

I think i would also stop working but I wouldn't resign - I'd take a year of unpaid leave to reassess and have some time out to decide longer term options just in case i got bored 😴

I don't think I would move but I'd do my house up big time.

Would anyone buy or even move overseas or is it just too much hassle?

Buy 3 houses to rent out. @ £250k each

Wouldn't even pay off our mortgage as those houses would rent out for about £1k a month each (mortgage is £600)

Extend current house and enjoy the rest.

Don't have a pension so the buy to let's would sort that out.

Give my brother a house deposit and the rest I'd use as a deposit on a flat each for my kids, rent it out till they're ready pay a mortgage.

@namechanging202020

Buy 3 houses to rent out. @ £250k each

Wouldn't even pay off our mortgage as those houses would rent out for about £1k a month each (mortgage is £600)

Extend current house and enjoy the rest.

Don't have a pension so the buy to let's would sort that out.

What area is this in then? Because I rent out a couple of houses for 1000k a month or just slightly more, and they are worth 350k each.

Gosh why on earth do you bother for such a low yield! I can only hope you purchased them for significantly less than their current value.

The prices and rents @namechanging202020 has quoted are perfectly plausible in lots of places in the UK.

For example I purchased a flat in a Northern city in 2019 for £170k, current rental value is around £1150pcm. It’s value it’s probably around £200k now.

You just need to look into different areas. The south of England has pathetic yields on the current climate.

I could pay my mortgage, buy houses for my kids and brothers and still have £100 - £200k left. It would be awesome.

Pay off mortgage, buy a sensible sized house on a cliff top somewhere remote in Cornwall, in the St Just area. Open a jewellery studio in said cliff top houses garden. Work part time doing something gentle with no worries being taken home.

Also - rebuild my cars engine to achieve 700bhp, slap a chavvy as fuck wide body kit on and install air suspension. New wrap. Enjoy track days in the knowledge I can afford to fix it if I crash

Pay off mortgage, buy a small townhouse in Scotland somewhere., Save the rest.

For those asking which area.
Just outside glasgow in an area with very good schooling.

Can get a 3 bed semi for between £200-£250k and they rent for between £950 and £1100 a month.

A 1bed flat rents for £600 pcm and would cost about £90k to buy so that may be the better option.

Gosh why on earth do you bother for such a low yield! I can only hope you purchased them for significantly less than their current value.

Yes, much much less! They are due some internal upgrading, fixtures looking dated and a bit tired now so I keep the rent low to make allowances for this.

Wow. I'd love to have income from a (mortgage free) house. I'd get the same as I get working by .. not working. Some of you are living the dream already!

I would pay off the mortgage, and replace my kitchen and bathroom and completely gut my bedroom which is a disaster zone.
Put some aside for the kids, house deposit amounts would do
Pay for my Dad's nursing home fees
Pensions
Invest some
A nice holiday someone sunny!
Give some to charity, and the lovely lady who does the bunny boarding near us.

I often think how lovely it must be to have that real, financial security. We're ok, but neither of us have good pensions so compared to a lot of our friends our retirement is going to be a basic one.

I’d pay my small house off, put the rest in high interest and live of it at about 35k a year and never work again

Buy a little investment property in London, beef up the cash reserves, replace our old diesel with an electric family car, have a nice holiday, chuck the rest into premium bonds and S&S ISA savings for kids.

It would be gone in a flash, sadly.

Pension, house renovations, visit family abroad.