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daydreaming today. . . .
If I won the lottery I would go out on my bike [b]every[/b] morning at about 8 O'clock and ride until about 12 or 2 or whenever I felt like. Then I would come home and read the paper and have a nice lunch on the terrace with a beer. Then I'd go out to cinema or the theatre or play video games till about 1am while drinking beer and smoking the finest quality illicit substances. This is of course after I had spent about 5 years or so travelling the world. 🙂
Anyway ...back to work 🙁
My wife and I have debated this- how much would we have to win to really change our lives?
Half a mil? Prob not much of a change.. Pay off our mortgage,get the loft done, sort out family members, big party, new car and a holiday maybe? Good lump sum in the bank for kids/our retirement.. We'd still have to work though!
So, realistically, we'd need about £1.5 mil upwards to be able to give up work and live the life of Reilly!
Apart from anything else, I quite enjoy my work, so would probably miss it after a while.
Edit- by life changing we meant give up work btw..
There's lots of good debate about lottery winning, for example say you just won 150k, would you pay off your current mortgage and continue working or would you move house and use that as a large deposit for an even bigger house or would you give up work entirely and use the money just to live as you currently do but without having to go to work for a few years.
The one about what's the minimum amount of money you would need to win to give up work forever is one we often go through at work. If my mortgage was paid and if I lived quite frugally I'd like to think I could live on about 15k a year without having to pay tax. If death happened at 80 say at best, I'm 38 so 42 years X 15k = 630k I'd need, but you wouldn't need to win that much because the money that you'd need for your old age would be sitting in the bank accruing interest every year so I reckon 550k each would be suffcient.
Unless I won upwards of 10 million I think I would keep working. I would however negotiate shorter working hours and more holiday. If I gave up work entirely I would be really bored and end up wasting my millions on a money-pit of a bike company. Actually that doesn't sound like too bad an idea as long as it cost less than £1m to set up and broke even I would be happy.