| Debating this with a friend 15:25 - Sep 25 with 7838 views | _clive_baker_ |
What would you say is a lifechanging amount of money to win? Probably subjective based on personal circumstances but I'm curious.
He laughed at me when I said £100k, reckons its too low to be life changing. I made the point that if I dropped that amount off my mortgage I could maintain the same monthly payments I make now, at the same rate, and pay it off 15 years earlier! Saving me £270k of payments. Appreciate it isn't millions, and arguably doesn't change my life in the sense I would still have to work and what not, but its a material amount IMO. |  | | |  |
| Debating this with a friend on 16:59 - Sep 25 with 2360 views | _clive_baker_ |
| Debating this with a friend on 16:56 - Sep 25 by homer_123 |
The issue is that 'we' tend to live to our means.
So, the assumption with £100k or £250k is that your expenses would remain they same, invariably they don't - the extra monthly income would be spent.
That's why £100k or £250k used strategically to generate additional income is better. I take Clives point about the peace of mind or being mortgage free but I've seem so many people burn through considerable amounts of money. |
100%.
I can tell you for a fact if I happened to stumble upon £250k my wife would be on Rightmove looking at houses £300k more expensive than the one we live in, and its plenty big enough. | | | |
| Debating this with a friend on 17:34 - Sep 25 with 2304 views | The_Flashing_Smile |
| Debating this with a friend on 16:59 - Sep 25 by _clive_baker_ |
100%.
I can tell you for a fact if I happened to stumble upon £250k my wife would be on Rightmove looking at houses £300k more expensive than the one we live in, and its plenty big enough. |
The answer is: don't tell the wife! |  |
| Trust the process. Trust Phil. |
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| Debating this with a friend on 17:47 - Sep 25 with 2288 views | textbackup |
Different for each person, but to have no mortgage (whatever that might be) would be life changing.
mortgages are manageable, but to have that extra £300-£1700 in your pocket each month would be luuuuvely |  |
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| Debating this with a friend on 17:48 - Sep 25 with 2279 views | Churchman |
George Best: “I spent a lot of money on booze, birds and fast cars. The rest I just squandered”
Now while I like all those things, I am not him. I’ve always lived within my means and was happy to do so. Curiously my means are well beyond my propensity to spend - I have a decent car, a crummy little house plus half my dads bungalow, have the odd nice holiday, a decent set of golf clubs and an old iPad, but I’m not overly materialistic. Cotton Traders and JD Sports will do fine for me, the odd meal out, few beers, bit of socialising, a burger at the football and I’m happy.
A million or two on top of what I have really wouldn’t change anything for me. At my age, I would though have to work on how I might use it to best help others. |  | | |
| Debating this with a friend on 17:51 - Sep 25 with 2281 views | textbackup |
| Debating this with a friend on 16:35 - Sep 25 by itfcjoe |
I'd say about £250k or thereabouts.
Enough to basically pay of the mortgage and then it's just such a gear shift in everything else you can do in life (plus ensure Mrs itfcjoe then doesn't decide to move house!)
It would be a nice amount to get/receive/win where it means it changes life positively but not totally - i.e. we'd still keep the same jobs, same house, kids in same school etc - but it would just be less stressful, better holidays, more savings, etc |
Mine is absolutely hell bent on moving to Australia… so if we won the money to pay off the mortgage I don’t know how I’d control her from getting that to become a reality.
On the plus side there would be 3 season tickets up for grabs at PR, and my away points for someone to use. | |
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| Debating this with a friend on 17:53 - Sep 25 with 2264 views | textbackup |
| Debating this with a friend on 16:59 - Sep 25 by _clive_baker_ |
100%.
I can tell you for a fact if I happened to stumble upon £250k my wife would be on Rightmove looking at houses £300k more expensive than the one we live in, and its plenty big enough. |
Glad it’s not just mine that says ‘look at this house, isn’t amazing…. It’s £1.2m’
Well done, now I feel hopeless 😂 | |
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| Debating this with a friend on 17:54 - Sep 25 with 2264 views | _clive_baker_ |
| Debating this with a friend on 17:47 - Sep 25 by textbackup |
Different for each person, but to have no mortgage (whatever that might be) would be life changing.
mortgages are manageable, but to have that extra £300-£1700 in your pocket each month would be luuuuvely |
That would be lovely.
What depresses me is while my mortgage is the single biggest outgoing, its only about 40% of my total when I add in car, insurances, nursery fees, council tax, utilities, groceries etc.
I would still on the hook for £2k+ a month just to live even mortgage free. | | | |
| Debating this with a friend on 17:59 - Sep 25 with 2248 views | baxterbasics |
Whatever is enough to guarantee you don't have to pay mortgage or rent again. |  |
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| Debating this with a friend on 18:03 - Sep 25 with 2240 views | textbackup |
| Debating this with a friend on 17:54 - Sep 25 by _clive_baker_ |
That would be lovely.
What depresses me is while my mortgage is the single biggest outgoing, its only about 40% of my total when I add in car, insurances, nursery fees, council tax, utilities, groceries etc.
I would still on the hook for £2k+ a month just to live even mortgage free. |
I do not miss the nursery fees!
Fortunately we didn’t need nursery’s too often, but when we did it would hurt paying that.
If I ever won mega money, and I’m talking £140m on the euro millions I’d set up three businesses
- Doggi day care where I’d work, and charge sod all
- a nursery for normal people and charge sod all (normal = not people earning £££)
- horse riding centre, and in the school holidays hold free classes for kids that wouldn’t normally be able to afford horse riding.
I think I’d feel content knowing I’d helped all those people | |
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| Debating this with a friend on 18:05 - Sep 25 with 2234 views | _clive_baker_ |
| Debating this with a friend on 18:03 - Sep 25 by textbackup |
I do not miss the nursery fees!
Fortunately we didn’t need nursery’s too often, but when we did it would hurt paying that.
If I ever won mega money, and I’m talking £140m on the euro millions I’d set up three businesses
- Doggi day care where I’d work, and charge sod all
- a nursery for normal people and charge sod all (normal = not people earning £££)
- horse riding centre, and in the school holidays hold free classes for kids that wouldn’t normally be able to afford horse riding.
I think I’d feel content knowing I’d helped all those people |
You're a gent.
£140m would turn me in to such a pr1ck, if I'm not already. | | | |
| Debating this with a friend on 18:13 - Sep 25 with 2216 views | textbackup |
| Debating this with a friend on 18:05 - Sep 25 by _clive_baker_ |
You're a gent.
£140m would turn me in to such a pr1ck, if I'm not already. |
I would absolutely do some awful things too, offer people £10k to run on the pitch and boot the ball away etc… but the nice things would counter balance those (in my head) | |
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| Debating this with a friend on 18:33 - Sep 25 with 2188 views | Pinewoodblue |
| Debating this with a friend on 15:44 - Sep 25 by homer_123 |
Whilst eminently sensible to drop that off your mortgage.
£100k, if used differently - could lead to significantly more than the amount you'd save on interest over 15years.
So, you are not wrong but I think to really make the best use of your £100k, you need to be a little more strategic with it. But it could still be life changing. |
Have you considered going into politics?
Plenty of rhetoric but lacking substance.. |  |
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| Debating this with a friend on 19:13 - Sep 25 with 2148 views | Swansea_Blue |
| Debating this with a friend on 18:05 - Sep 25 by _clive_baker_ |
You're a gent.
£140m would turn me in to such a pr1ck, if I'm not already. |
No comment  |  |
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| Debating this with a friend on 19:26 - Sep 25 with 2145 views | EJP |
| Debating this with a friend on 17:59 - Sep 25 by baxterbasics |
Whatever is enough to guarantee you don't have to pay mortgage or rent again. |
Thanks to a critical illness payout, I got to pay my mortgage off 12 years early and yes it is life-changing. I can retire sooner now which is a HUGE plus.
I was very deflated then when i did pay the mortgage off as the nice lady did it over the phone - I wanted to go into a bank, pay it off, and have balloons fall from the ceiling. |  | | |
| Debating this with a friend on 19:37 - Sep 25 with 2126 views | EJP |
| Debating this with a friend on 16:35 - Sep 25 by itfcjoe |
I'd say about £250k or thereabouts.
Enough to basically pay of the mortgage and then it's just such a gear shift in everything else you can do in life (plus ensure Mrs itfcjoe then doesn't decide to move house!)
It would be a nice amount to get/receive/win where it means it changes life positively but not totally - i.e. we'd still keep the same jobs, same house, kids in same school etc - but it would just be less stressful, better holidays, more savings, etc |
Absolutely your 3rd paragraph! | | | |
| Debating this with a friend on 20:29 - Sep 25 with 2073 views | Vaughan8 |
My thoughts on this is, something like £100k would change my expenses each month, but I'd still have to work etc.
I'd consider life changing a sum of money were potentially I'd never have to work again if I chose not to. |  | | |
| Debating this with a friend on 22:22 - Sep 25 with 1992 views | itfcjoe |
| Debating this with a friend on 17:51 - Sep 25 by textbackup |
Mine is absolutely hell bent on moving to Australia… so if we won the money to pay off the mortgage I don’t know how I’d control her from getting that to become a reality.
On the plus side there would be 3 season tickets up for grabs at PR, and my away points for someone to use. |
Best just invest it in a box at Portman Road, mortgage would last you a couple of seasons at the new PL rates! |  |
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| Debating this with a friend on 22:35 - Sep 25 with 1960 views | Lord_Lucan |
| Debating this with a friend on 17:47 - Sep 25 by textbackup |
Different for each person, but to have no mortgage (whatever that might be) would be life changing.
mortgages are manageable, but to have that extra £300-£1700 in your pocket each month would be luuuuvely |
I don't agree and I'm surprised at some of these figures.
Life changing?? Got to be £5m surely??
I sold my business in 2008 and thought I could scale down but I started to run out of money pretty quick and had to start all over again.
Money melts baby!
Mind you, The County of Suffolk public house had a lot top do with my downfall. |  |
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| Debating this with a friend on 06:34 - Sep 26 with 1836 views | IPS_wich |
| Debating this with a friend on 17:51 - Sep 25 by textbackup |
Mine is absolutely hell bent on moving to Australia… so if we won the money to pay off the mortgage I don’t know how I’d control her from getting that to become a reality.
On the plus side there would be 3 season tickets up for grabs at PR, and my away points for someone to use. |
Word of advice then as someone who moved down under 11 years ago - make sure that your life changing amount covers a lot more than just clearing your mortgage in the UK.
Whilst wages are about 50-60% higher in Australia than the UK, housing is about 3-4 times more expensive (to buy or rent). If you own and then sell your house in the UK thinking the money can be used to buy a property down under then be prepared to live in a much smaller house in a far crappier type of suburb than what you had in the UK - and probably with a mortgage to cover the gap.
Housing costs were about double when we came here but since Covid housing inflation has gone mad. When we built our place back in 2018, it cost $1.1million for the land and build costs (divide this in two to put this into Pounds) - and we have a mortgage that is costing us about $6,000 a month for the next 17 years (as I said above, wages are quite a bit higher).
Our house was valued at $1.35m in early 2019 because building is generally cheaper than buying an established house - so it will be worth more once built than it costs to build. We then got it revalued a couple of months ago out of interest and it's now worth $2.65m!!!
We live in one of the nicer suburbs, but by no means the best or most expensive. In Ipswich terms it would be like living in Kesgrave - nice, but not as nice or as expensive as Woodbridge.
The average price for a small 3-bed starter home in a crappy suburb is now around $750,000. I honestly have no idea how our teenage kids will be able to afford to get on the housing ladder because you need to have saved at least $200,000 for your first deposit.
That's before you factor in the general cost of living - which even when we moved here 11 years ago was much higher than the UK with a couple of small exceptions. Yes petrol is about half the price compared to the UK - but the car will cost about 50-60% more to buy in the first place. A pint of beer is $15-18, a modest weekly shop for a family of four plus two dogs is about $500, and a regular takeaway coffee $6-7. | | | |
| Debating this with a friend on 10:16 - Sep 26 with 1702 views | J2BLUE |
| Debating this with a friend on 22:35 - Sep 25 by Lord_Lucan |
I don't agree and I'm surprised at some of these figures.
Life changing?? Got to be £5m surely??
I sold my business in 2008 and thought I could scale down but I started to run out of money pretty quick and had to start all over again.
Money melts baby!
Mind you, The County of Suffolk public house had a lot top do with my downfall. |
Depends what you class as life changing.
£5m would be life revolutioning (not a word, but it should be).
Changing could be anything from clearing £50k of credit card debt to being able to drop a day or two of work each week. |  |
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| Debating this with a friend on 11:22 - Sep 26 with 1616 views | Freddies_Ears |
| Debating this with a friend on 10:16 - Sep 26 by J2BLUE |
Depends what you class as life changing.
£5m would be life revolutioning (not a word, but it should be).
Changing could be anything from clearing £50k of credit card debt to being able to drop a day or two of work each week. |
Yes, it very much depends on your circumstances.
At one point, even £30 would have been very welcome, as it would have meant being able to afford to buy food over a week when I had no money and no means to borrow.
A few years later, £2,000 would have got me out of a stupid credit card debt that took 3 years to clear.
For most, whatever it takes to get free housing for life (own place, no mortgage) is enough of a dream. | | | |
| Debating this with a friend on 14:27 - Sep 26 with 1495 views | bluelagos |
If you're in your 20s or 30s, think it's clearing the mortgage.
Then you need maybe 6 months salary to tide you over. That puts you in a nice position of having a fck off fund. You can look your boss in the eye and invite him to fck off should the circumstances justify it.
Of course you can do that with a mortgage etc. but it's much more risky.
And for the record, have done both 🤣 |  |
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| Debating this with a friend on 14:27 - Sep 26 with 1494 views | bluelagos |
Duplicate post [Post edited 26 Sep 2024 14:28]
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| Debating this with a friend on 14:41 - Sep 26 with 1457 views | J2BLUE |
| Debating this with a friend on 14:27 - Sep 26 by bluelagos |
If you're in your 20s or 30s, think it's clearing the mortgage.
Then you need maybe 6 months salary to tide you over. That puts you in a nice position of having a fck off fund. You can look your boss in the eye and invite him to fck off should the circumstances justify it.
Of course you can do that with a mortgage etc. but it's much more risky.
And for the record, have done both 🤣 |
The world is a much better place with a F**k You Fund. | |
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| Debating this with a friend on 21:05 - Sep 26 with 1313 views | VanSaParody |
| Debating this with a friend on 15:39 - Sep 25 by _clive_baker_ |
Ludicrous!
What couldn't you do with £2m that you can do with £3m? |
About 50% more |  | | |
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