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this post was submitted on 29 Sep 2024
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A million dollars spread out over 12 years is not amazing money.
It's not like he got a million dollars and could have bought the house outright. He took out a mortgage because he had a respectable middle class income for 12 years.
He never got any dollars. 🤠
I could live if a million GBP for the next 40 years and even buy a house too.
I know this because I am not going to earn that much over the next 40 years.
I could easily retire for life on that money and live very comfortably. Shit, it would give me a higher yearly wage than I'm on now.
I don't get why people online frequently act like that's not a lot of money. It's £750k.
You could buy an alright house (outside of London) on that, retire at 30, and enjoy an above average amount of after-bills spending money for the rest of your life, without having to work at all.
How does the math work out on that? I'm not quite sure what home prices are like in the UK, but let's say you bought a house for 350k and paid cash. That leaves 400k. You retire at 30, and conservatively have 40 more years to live. That's only 10k/year for the rest of your life. You still have expenses such as home insurance, car insurance, consumables, etc. Doesn't seem like much. To be fair I'm also not factoring in any kind of pension or social security or anything like that.
I live in the north east so I put £200k for a house.
I don't think your calculation takes savings interest into account.
If someone gave me 750k and said you can have that but you aren't allowed another paid job for the rest of your life I'd 100% take it.
Yeah but it gets parceled out to you over 12 years and you still have to live on the money as it comes in in the meantime
In the UK, that's pretty damn good money. If you are able to plan financially at all you can comfortably pay off a mortgage and live off that amount of money for the 12 years.
You could live off 35k forever and 40k probably forever.
Things would start dropping off more quickly after 40k
Odds are if you do 35k/40k for awhile you could also bump the amount eventually and remain in the forever or probably forever category.