How Much Money Do You Need?

[Pretty Boy]

Last nights Euromillions jackpot was £170M.

A guy in my work stated that if he won it he would invest a chunk in buy to let property to provide a steady income.

Seriously? Ypu have £170M. Firstly why do you need the hassle? Secondly, and imo more importantly, you have £170M. Why do you need a 'steady income'? How much money do you need?

It's reflective of societys skewed view of what property actually is. There's so much good you could do and so much fun you could have with that kind of money and someones first thought is to buy property to make even more money. Crazy.

[Glory Lurker]

If I won that, I reckon I'd maybe keep about 10 or 20 to myself to live a life of luxury, but the rest would be away for charitable purposes.

[Scouse Hibee]

Family and close friends would be looked after and then would take great delight in being able to help some very worthy causes/funds.

[Pete]

Last nights Euromillions jackpot was £170M.

A guy in my work stated that if he won it he would invest a chunk in buy to let property to provide a steady income.

Seriously? Ypu have £170M. Firstly why do you need the hassle? Secondly, and imo more importantly, you have £170M. Why do you need a 'steady income'? How much money do you need?

It's reflective of societys skewed view of what property actually is. There's so much good you could do and so much fun you could have with that kind of money and someones first thought is to buy property to make even more money. Crazy.

I have no idea what it would be like to have that type of money and I suspect your mate has no concept either. Who actually has?

I suppose if you won you’d be advised regarding the way it can make money by the experts and I think you’d go along with it unless there’s a point of principle there.

One thing I wouldn’t do is invest in property and it’s telling that your mate automatically equated investment with property. To me, it should be a house first and foremost and it has indeed become skewed.

I’ve seen and heard about the misery the housing situation has caused for years and as a young man with a partner and child, I’m sure you know all about it.

I’m glad the guy at your work didn’t win it...I didn’t win it either :-(

[NAE NOOKIE]

If I still had more than 10 million left after 12 months I would be very disappointed in myself. The vast majority of it would be given away to family and friends, filling in the corners at ER :greengrin and setting up a charitable foundation for distressed gentlefolk. I would set aside a few million to use tracking down people who have been kind to me over the years and rewarding them accordingly, or their surviving family if they are no longer around .... I never forget a kindness :aok:

Like Pretty Boy I just don't understand people who are already wealthy getting involved in the hassle of business and stuff to make even more money. You read quite often about wealthy sportsmen and TV starts who lose everything through dodgy investments ... but if your personal wealth is already something like 10 million quid from your sport or TV career, why the hell take the sort of risks folk take in order to be worth 10 million when you already have that sort of money? ..... greed is a terrible thing and Gods gift to the sort of folk who cant wait to part a fool from his money.

[Peevemor]

Last nights Euromillions jackpot was £170M.

A guy in my work stated that if he won it he would invest a chunk in buy to let property to provide a steady income.

Seriously? Ypu have £170M. Firstly why do you need the hassle? Secondly, and imo more importantly, you have £170M. Why do you need a 'steady income'? How much money do you need?

It's reflective of societys skewed view of what property actually is. There's so much good you could do and so much fun you could have with that kind of money and someones first thought is to buy property to make even more money. Crazy.
I'm not sure it would be much hassle. You could buy 100 decent properties (£20-30m?) and after paying somebody their cut to manage them for you the income would be substantial while the initial investment/asset is guaranteed to grow in the long term.

That would leave £140m+ to do as you like.

When I started at my current job we were effectively 2 businesses sharing an office and a secretary - a developer and an architect. We as architects did all the developers projects (as well as other stuff). 11 years ago there were 5 of us, now we're up to 40. I've seen (mostly from afar) the money that can be made when things are done properly.

[NAE NOOKIE]

I'm not sure it would be much hassle. You could buy 100 decent properties (£20-30m?) and after paying somebody their cut to manage them for you the income would be substantial while the initial investment/asset is guaranteed to grow in the long term.

That would leave £140m+ to do as you like.

When I started at my current job we were effectively 2 businesses sharing an office and a secretary - a developer and an architect. We as architects did all the developers projects (as well as other stuff). 11 years ago there were 5 of us, now we're up to 40. I've seen (mostly from afar) the money that can be made when things are done properly.

I suppose the upside of folk who are already vastly wealthy ( I don't mean you :greengrin ) investing in businesses is that it can lead to employment for other folk ..... If that's the way of their thinking then that's quite philanthropic ... but as I said in my own post its just a bit barmy that folk who have already attained vast wealth should risk it in order to make even more money :dunno:

[Hibernia&Alba]

Was it one Spanish winner last night - £170 million?

I don't play Euromillions, only the national lottery, but that's an insane amount of money. If I had enough to ensure I could do what I wanted, as opposed to doing what I need to, that would be fine. Ensure family and closest friends were secure, and the rest to charity and community projects e.g. a business for unemployed youngsters which they would own and run collectively.

[lord bunberry]

If I won that amount of money I'd be deid within five years. What a five years it would be though.

[NAE NOOKIE]

If I won that amount of money I'd be deid within five years. What a five years it would be though.

Five years !!! ..... bloody amateur :greengrin

[lord bunberry]

Five years !!! ..... bloody amateur :greengrin

:greengrin my head is hanging in shame.

[Colr]

Last nights Euromillions jackpot was £170M.

A guy in my work stated that if he won it he would invest a chunk in buy to let property to provide a steady income.

Seriously? Ypu have £170M. Firstly why do you need the hassle? Secondly, and imo more importantly, you have £170M. Why do you need a 'steady income'? How much money do you need?

It's reflective of societys skewed view of what property actually is. There's so much good you could do and so much fun you could have with that kind of money and someones first thought is to buy property to make even more money. Crazy.
I’d develop my own property. You’ve got to do something with your life and it would be great to have you own capital to invest.

[NAE NOOKIE]

:greengrin my head is hanging in shame.

:party: :cheers: :partyhibb ............ :ill:

[One Day Soon]

I think you could get through £170 million really quite quickly.

[calumhibee1]

Last nights Euromillions jackpot was £170M.

A guy in my work stated that if he won it he would invest a chunk in buy to let property to provide a steady income.

Seriously? Ypu have £170M. Firstly why do you need the hassle? Secondly, and imo more importantly, you have £170M. Why do you need a 'steady income'? How much money do you need?

It's reflective of societys skewed view of what property actually is. There's so much good you could do and so much fun you could have with that kind of money and someones first thought is to buy property to make even more money. Crazy.

I’d do exactly what your colleague said and as Peevemore said, you could invest 30m into property and hardly notice it disappear, but it would probably bring you in about £125k a month or so? I wouldn’t be doing it so much as a means of increasing my wealth, although it would do that, more as something to be involved in while not properly working and also as a bit of a safety net if I managed to somehow blow all the actual cash. The £170m is an astronomical amount of money, but if you invest it in something safe like property then you’ll be guaranteeing a massive fortune for generation after generation of your family (presuming none of them mess it up once you die of course!)

Unfortunately I don’t have to worry about it as somehow I didn’t win!

[danhibees1875]

Silly amounts of money really. I don't think I'd do too much differently from what's being said above.

Travel for a few years after making sure my family and friends were secure. Then buy a huge bit of a land and start planning/building the dream home. Help charitable causes/start my own - would be able to use the travel time before that to come up with some sort of initiative I'm sure.

As has been said, there is so so so much good that amount of money can do - it would be a shame not to.

[Billy Whizz]

What’s the tax situation if you were to give away that sort of money to friends and family.

[Peevemor]

What’s the tax situation if you were to give away that sort of money to friends and family.

I don't think gifts between individuals are subject to tax (but I've really no idea). You could say they were loans.

[Andy Bee]

I think you could get through £170 million really quite quickly.

Yup..................Project-Infinity/ (https://www.fraseryachts.com/en/yacht-for-sale/project-infinity/) :greengrin

[Smartie]

Obviously I'd rather have the money than not have it.

But you would be at the mercy of all sorts of unscrupulous cretins.

Even doing the right thing and investing the money is fraught with potential difficulties. How safe is money in the bank? How safe is "property"? How likely is a johnny-come-lately who knows zip about property investment and speculation going to be to make money at something he knows nowt about? How good is the advice that someone fitting this description ever going to be?

People open restaurants and think they know more than people who own and run restaurants and make a pig's ear of it.

Everyone these days seems to think that it is someone else making the big money and everyone is enviously glancing elsewhere, thinking that if only they had the opportunity then they'd be equally if not more successful.

Although with £170m you could afford to make a few mistakes.

[Smartie]

I think you could get through £170 million really quite quickly.

I haven't seen Richard Pryor in Brewster's Millions for a good few years now.

Quality film.

[danhibees1875]

What’s the tax situation if you were to give away that sort of money to friends and family.

Give as much as you want to your kids so long as you don't die for another 7 years.

Give 3k a year to friends.

Edit: actually, maybe that's just IHT perspective and not what you've asked.

[CropleyWasGod]

I've always said that these wins should be capped...say at 10m. Most people would struggle to get through any more than that. The remainder would sit in a bank, doing very little for them and nothing for the wider economy. It would be a waste.

Far better that 17 families have the problem...[emoji16]....than just 1.

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[CropleyWasGod]

What’s the tax situation if you were to give away that sort of money to friends and family.If you survive 7 years, the gifts are tax free. If you die within that time, Inheritance Tax is payable on a sliding scale, up to 40%.

https://www.gov.uk/inheritance-tax/gifts

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[Peevemor]

If always thought that if I came into silly money I'd open a sort of "music base" - a complex with practice and studio space together with cheap and cheerful accommodation. Part of it would be a bar/venue where bands/acts would play in return (or partly) for the use of the other facilities, but with a view to creating a place where musicians and punters alike, with different musical tastes and backgrounds could meet and exchange ideas, maybe even leading to different collaborations.

Money wouldn't be the motiviation (break even would be good), the idea being to make the place as accessible as possible.

[Hibernia&Alba]

I think you could get through £170 million really quite quickly.

Daen whit? Unless you do something crazy like buying a £100 million house in central London, it wouldn't be easy to spend £170 million.

[snooky]

Personally, I wouldn't thank you for all that money. It draws the wrong kind of attention and also can alienate your friends & rellies.
I've never been a money chaser. As long as I have enough to be reasonably comfortable, I'll be quite content.
Each to his own, though. :coffee:

[Peevemor]

Personally, I wouldn't thank you for all that money. It draws the wrong kind of attention and also can alienate your friends & rellies.
I've never been a money chaser. As long as I have enough to be reasonably comfortable, I'll be quite content.
Each to his own, though. :coffee:


In that case, if ever by accident it does happen to you, I'd be willing to help you out.

[One Day Soon]

Daen whit? Unless you do something crazy like buying a £100 million house in central London, it wouldn't be easy to spend £170 million.

Ok, let's try this.

I'm starting by:

1. Seeing my family and friends alright for life - Whats the cost if that? We need to clear all debts and we need an investment that lasts me and my kids and their kids.

2. Then I'm filling in all four corners at Easter Road. How much does that cost?

3. Then I want a place abroad.

4. Finally I want a charitable foundation that invests in Africa - mainly children's education but also village/community development based.

5. I'll also need an emergency fund for lobbing money at things like referendums, deserving cases, funding legal challenges to barking govt policies etc

Who wants to start pricing that?

[One Day Soon]

In that case, if ever by accident it does happen to you, I'd be willing to help you out.

I'm second...

[snooky]

In that case, if ever by accident it does happen to you, I'd be willing to help you out.

Okay, join the queue ...


19471

[patch1875]

Big boat in the Med will do me.

[Billy Whizz]

One thing I wouldn’t do though, is try to buy Hibs
Imagine haggling with Petrie, when he knew you had all this miney😄

[Saturday Boy]

setting up a charitable foundation for distressed gentlefolk.
.

On behalf of distressed gentlefolk everywhere , I thank you. 😉

The only over time I've seen that phrase, was when I worked for a large Government Department with offices all over Edinburgh, and one in Market Street in Gala. Were you in that line of work?

[ancient hibee]

No great desire from anyone to buy Hibs.

Essential to get half the money into the USA before Europe and the UK go bust.

[bobbyhibs1983]

hi

I think the amount was silly really, as a poster above has said it should be capped !

Like some people have said i d help family and friends out and of course help alot of charaties out ( i think if i won 170 million they d get alot)
.I recall my dad saying he read about some guy winning the lottery and saying to his kids i ll pay off your debts, buy you a house, buy you a car and bang thats your lot.

Im a bit of a money tight kinda guy ( not related to petrie i assure you :na na:)
and would go as follows
1. pay off any debt any of my family memebers have.
2, buy everyone in the family a house.
3 buy myself a house
4 i d put money aside for when im older (do this for family as well)
5 have a travel pot- money set aside for travelling.
6, give money to charity
I think all in all i think anything over £20million would do me and i think that ll be my answer to the O.P s question

[Mr White]

No great desire from anyone to buy Hibs.

Essential to get half the money into the USA before Europe and the UK go bust.

I'd buy hearts. I reckon I could run them into the ground for a fraction of what Romanov spent :greengrin

[GreenNWhiteArmy]

Buy Leigh Griffiths/Liam Henderson and give SJM a contract for life :-)

I'd hope if I won serious money I'd be able to make a difference to people's life's both those close to me and those not.

Free sports for kids across the city, accessible to every background.

A place for homeless people to come for a meal and hot shower with optional support.

The truth is I'll probably never know. I could turn in to an ever bigger **** than l am now. Go on a self destruction and be dead within a few years.

[Haymaker]

A lot

[DH1875]

£170 million????? I'd genuinely give all my friends and family between £500K and £1million each which would then leave me about £100 million to buy a house here, a house in Spain and a house in the USA. Reason I'd give them all the money isn't because I'm a decent guy but because that amount of money would change everything and as much as I'd want to, you can't keep the same relationships when that much money is involved. Simple things like my kids having to change schools and have bodyguards and stuff day to day and having to move into a gated secured community would eat into it. You couldn't win that sort of money and still live in the local community and drink in the local pub. You'd need to move away and have people like Messi and Ronaldo as your neighbours and have 24 hour security, drivers, etc...

Don't think I'd buy hibs but like to think I'd give them a good few million as well though.

[Pretty Boy]

I'd sort out family and friends mortgages and other debts then give them a decent wedge to set themselves up.

I'd quite like to set up a business along similar lines to social bite but offering walking tours and guided trips of Scotland as a product. Give a few people who need a second (or 3rd or 4th...) chance a job and then plough any profits into community projects.

I'd buy a couple of racehorses. Send one to a Scottish trainer and have a bit fun around the likes of Kelso and Musselburgh then send another to a top trainer down south and look to win something prestigous.

Following on from that there's a wonderful chairty in England called Greatwood. They use retired racehorses to offer equine activities to children with special educational needs. I'd like to do something similar in Scotland. I like donkeys as well so I'd probably tag a donkey sanctuary of some kind on as well.

Buy a nice house for myself. Nothing too OTT with '6 reception rooms and 18 bedrooms'. Nice quiet place within easy commuting distance of Edinburgh and a holiday villa in the south of France.

I'd attend as many major sporting events as I could and take friends with me. Again I'd also try and find a way to get as many kids and adults who might not otherwise get the opportunity along with me.

There's much more but my imagination is running a bit dry at the moment.

Bearing in mind even at the base interest rate my money could be making over £400 000 a year for me (before tax) I reckon I could have a lifestyle I can currently only dream of without buying property for even more personal gain and further exacberating the housing crisis.

[overdrive]

I've always said that these wins should be capped...say at 10m. Most people would struggle to get through any more than that. The remainder would sit in a bank, doing very little for them and nothing for the wider economy. It would be a waste.

Far better that 17 families have the problem...[emoji16]....than just 1.

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On your first point about capping and how much you actually need, it depends how old you are. I remember reading an article a number of years ago about what you’d need to win in order to give up work and live on an amount equal to the take home pay of the national average salary. For someone in their 20s/30s the experts, I think, said you’d have to win £8m-£10m. That figure will have gone up since then no doubt.

Channel 5 News had Jane Park on the other night and the presenter asked an interesting question of her. ‘Surely this has had a negative impact on your ambition in life?’ If I won a large sum, I’d definitely use some of it to do something, set up a small business or something along those lines.

[Hibrandenburg]

I need enough to put a roof over the family's head, feed them and enjoy a wee luxury now and then. Not sure that winning millions would improve our quality of life.

[snooky]

Would anybody be willing to blow the lot in a oner and buy Messi for Hibs?

The big problem would be, who do we drop?

[Hibrandenburg]

Would anybody be willing to blow the lot in a oner and buy Messi for Hibs?

The big problem would be, who do we drop?

£170 million wouldn't be enough.

[heretoday]

Think how much good you could do in the world with that kind of money.

[SouthsideHarp_Bhoy]

Id ceetainly try and bankroll a title charge for Hibs. The sad thing is, it would probably be nowhere near enough.

People talk about it changing life, would you habe to tell people? Id like to think i could keep it very quiet, and only tell people you won a wee bit of cash.

Then id set up a business and use that as cover for doing extravagant things with my mates (company expenses etc).

[overdrive]

On your first point about capping and how much you actually need, it depends how old you are. I remember reading an article a number of years ago about what you’d need to win in order to give up work and live on an amount equal to the take home pay of the national average salary. For someone in their 20s/30s the experts, I think, said you’d have to win £8m-£10m. That figure will have gone up since then no doubt.

Channel 5 News had Jane Park on the other night and the presenter asked an interesting question of her. ‘Surely this has had a negative impact on your ambition in life?’ If I won a large sum, I’d definitely use some of it to do something, set up a small business or something along those lines.

I found the article. I was talking rubbish. It was £2m for someone in their early twenties.

[Colr]

Was the prize won, then?

[danhibees1875]

I found the article. I was talking rubbish. It was £2m for someone in their early twenties.

When I read your first post I was going to say it seemed rather high. £2m is what I'd considered as enough to retire and live an exceptional life.

[Danderhall Hibs]

When I read your first post I was going to say it seemed rather high. £2m is what I'd considered as enough to retire and live an exceptional life.

Depends how old you are - that's only £50k pa for 40 years.

[blackpoolhibs]

First thing i'd do would be getting a tv licence, and then the full sky package with BT Sports thrown in too.

[danhibees1875]

Depends how old you are - that's only £50k pa for 40 years.

Which is plenty. :agree:

Capital to buy a place outright and have no rent/mortgage to pay and the rest would allow for a very comfortable life after that.

[snooky]

£170 million wouldn't be enough.

Okay. What if we throw in a couple of our reserves with the £170m - that might clinch it.

[Hibrandenburg]

Okay. What if we throw in a couple of our reserves with the £170m - that might clinch it.

A straight swap with SJM might clinch the deal but that would upset a few on here.

[lapsedhibee]

£2m is what I'd considered as enough to retire and live an exceptional life.


Depends how old you are - that's only £50k pa for 40 years.

Would be more than that, because the capital's earning interest. You'd need to be pretty foolish (say, buy a helluva lot of plastic owls in the early years) to take less than £70k pa for 40 years out of a £2m windfall.

[Danderhall Hibs]

Which is plenty. :agree:

Capital to buy a place outright and have no rent/mortgage to pay and the rest would allow for a very comfortable life after that.

It wouldn't be an exceptional life you'd lead on £50k pa. It'd be a bit less if the plan is to buy the property outright as well.

You'd have a nice house and car plus an all inclusive holiday every year. It'd be comfortable but not exceptional.

[Danderhall Hibs]

Would be more than that, because the capital's earning interest. You'd need to be pretty foolish (say, buy a helluva lot of plastic owls in the early years) to take less than £70k pa for 40 years out of a £2m windfall.

True - although interest rates are so low it would need to be invested at a decent risk level to make a decent return. And in the scenario we're reducing the capital to buy property as well.

Comfortable on £70k but not exceptional.

[danhibees1875]

It wouldn't be an exceptional life you'd lead on £50k pa. It'd be a bit less if the plan is to buy the property outright as well.

You'd have a nice house and car plus an all inclusive holiday every year. It'd be comfortable but not exceptional.

I see where you're coming from, and I guess it comes down to how we each perceive comfortable and exceptional.

If I send £250k on either a decent flat or a very nice house and have £1.75m left which (foregoing the additional interest or investment gains I could make) would net me £35k per year (for 50 years) with no tax or rent to pay.

That would be enough of a jump on my disposable income/standard of living - which I already consider to be comfortable - for me to call exceptional.

[Danderhall Hibs]

I see where you're coming from, and I guess it comes down to how we each perceive comfortable and exceptional.

If I send £250k on either a decent flat or a very nice house and have £1.75m left which (foregoing the additional interest or investment gains I could make) would net me £35k per year (for 50 years) with no tax or rent to pay.

That would be enough of a jump on my disposable income/standard of living - which I already consider to be comfortable - for me to call exceptional.

Sounds decent - I didn't factor in continuing to work...

[Beefster]

Was the prize won, then?

Yup. Single winner in Spain.

[danhibees1875]

Sounds decent - I didn't factor in continuing to work...

Neither was I. Perhaps I worded it wrong, I think getting 35k a year after tax with no rent to pay and without doing any work would be exceptional.

[Danderhall Hibs]

Neither was I. Perhaps I worded it wrong, I think getting 35k a year after tax with no rent to pay and without doing any work would be exceptional.

You said £35k tax free on top of your disposable income so I thought you meant your current earnings? £35k without working for it would be lovely and make a real difference, I'm just not convinced it'd make me have an exceptional life. But I've got 3 kids and a wife.


You're also not factoring in any giveaways to family and friends like most folk on here have said and any extravagant initial purchases. Any of that immediately dwindles your £35k downwards.

[Speedy]

You said £35k tax free on top of your disposable income so I thought you meant your current earnings? £35k without working for it would be lovely and make a real difference, I'm just not convinced it'd make me have an exceptional life. But I've got 3 kids and a wife.


You're also not factoring in any giveaways to family and friends like most folk on here have said and any extravagant initial purchases. Any of that immediately dwindles your £35k downwards.

I read it as more than current disposable income

[Danderhall Hibs]

I read it as more than current disposable income

Aye I've read it again and can see that. £35k isn't enough.

[Speedy]

Aye I've read it again and can see that. £35k isn't enough.

I wouldn't have said so. It's more than a lot of people will ever earn but you'd soon get through it with the extra time on your hands, and as you say a family to support.

£50k-£100k per year required I reckon.