What would you realistically do if you won £2m tax-free?

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Swimming-Trade-6892@reddit

I’ve always said I’d need £5M to never work again. I’d put £2,860,000 in a 4% ISA and live off the circa £120K a year. £50K into gov bonds. £20K into my ISAS and my kids. All tax free. I’d buy a £500K house, spent the other 500K on debt, cars, helping family out, holidays whatever. The remaining £1M would be £200K each for my 3 kids (all under 3.5 atm), into a trust fund to grow for 20 years. This gives them between 600K and 900K each by the age of 21.

The remaining £400K I’d probably buy 3 houses for £80-100K near me run down and put £15-20K into each totalling £300K ish. I’d rent those out at £750 a month each. That money would then be used to cash flow a buy to let property with £25K down, I’d do that twice more so both on mortgages with limited companies. The remaining £50K I’d keep in the bank as a rainy day or emergency fund.

This means:

£2.86M earning me £120K a year to live off at 4% interest. I’d pay 0% tax to use that 120K too. I’d split that between my partner and I dropping it to 60K each for tax purposes. I’d use government bonds winnings to take less out the ISA to live off. You can withdraw interest from ISAs tax free too. My financial container would be on the Isle of Man effectively allowing me to withdraw 5% each year for 0% tax, meaning £150K a year income into my bank 0% tax paid.
I’d own 1 property I live in, 3 properties I also own for rentals and 2 mortgage properties totalling 5 properties earning me £3,750 a month minus the mortgages on the two at interest only mortgages. Call it £3K a month after that.
600K to 900K each child by the age of 21
Paid off house, cars, debt, family all happy.
I would then remortgage my two properties to keep pulling the value out and cash flow to get another and another and another maybe 2 a year every 6 months. I’d own over 40 properties by the time my kids are 21 without pulling equity out of my owned houses.
Id borrow against my stocks and shares to leverage debt so I’m literally never ever paying tax ever.
With the surplus I’d become a philanthropist helping charities, donating to the community, helping my children with their ideas and building my own businesses.

My net worth would be around the £18-25M mark conservatively whilst having 40+ properties, 1 or 2 businesses etc by the time my children are 21.

And that’s just for breakfast. Give me 5M and I’ll do even better!

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Umbilical-Bunge-Jump@reddit

What I've learnt, is that if you're entering online competitions for a Car or House, only enter if you actually want that item... Not to take the Cash Alternative! Look at the Value Ratio and Odds Checker on CompetitionShowroom.com and you'll see it's much more beneficial to enter Cash comps for Cash!!

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BubblyFlamingo3465@reddit

Yeah that's pretty good advice. I use comp showroom too, its good to compare all the raffles

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Cultural_Tank_6947@reddit

So £2M isn't really YOLO money if you want to retire. Essentially you can withdraw £60-80k per year from that and never run out. Just stick it into global index trackers.

Or buy a fantastic house, invest the rest and then you can coast your way to work till it's retirement age.

Of course if you're already at retirement age, it's probably YOLO money.

Realistically to live a truly luxurious life, you need £25M plus. That gives you closer to a £1M a year without ever running out.

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rewindanddeny@reddit

Yep, get £25 million to live in luxury and then sit back and realise that actually a couple of million would have been plenty.

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Cultural_Tank_6947@reddit

Mate the UK government very recently increased the threshold at which you have to start paying tax on child benefit to £60k. You think £60k per year is luxury?

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Ok_Shirt983@reddit

A 60k salary is 45k in your bank each year (assuming you're not contributing to a pension or whatever) so a 60k tax free income would get you more than a grand a month extra compared to it being your salary, it's closer equivalent would be a taxed income of 90k.

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Cultural_Tank_6947@reddit

The initial lottery win is tax free. Subsequent interest, capital gains, dividends are not tax free. A lump-sum of £2M is way beyond the point where you can make it tax efficient.

So you will be taxed on that £60k worth of interest as it were income.

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rupertbarnes@reddit

If you had £2m to invest there are some very tax efficient places to put it, you just need to ask the right people.

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Ok_Shirt983@reddit

BlackRock is telling me that the MSCI World average is 7.53% so that's £150k for 2M

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Cultural_Tank_6947@reddit

Annual growth is not the same as safe withdrawal rate.

You need to keep your withdrawals at no more than 4% of the starting lump-sum, and closer to 3% if you're not in pensionable years if you want that money to last.

Which on £2M is between £60-80k.

I'm not saying that this leaves you in an uncomfortable position. It's easily enough to retire. Having a paid off home and gross income of even £50k is comfortable.

But being able to live a decent comfortable life is very different to a life of luxury.

And the fact that I get downvoted for saying that being able to afford groceries or not having to panic if your boiler blows out doesn't mean you're living luxurious. That's just the standard that we should be living at.

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EyeAlternative1664@reddit

I am on more than that atm, but I can tell you if I had my mortgage paid off and a holiday home in France/Mexico 60k a year would be plenty to live well off.

In the next 5 years I plan on downsizing to be mortgage free and finding a job paying less.

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SeoulGalmegi@reddit

60k a year for life (hopefully increasing with inflation) without having to work sounds like luxury to me.

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Cultural_Tank_6947@reddit

Your statement encapsulates how warped our thinking has become in this country when it comes to wealth.

£60k gross entitles you to so many public benefits if you've got kids. It's not a life of luxury.

If you've got no dependants, yes you'll be comfortable. But luxury? No. You'd have to think twice before buying lie flat seats to Australia.

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SeoulGalmegi@reddit

I know it's not luxury as in five-star hotels every night, but I could live very comfortably on 60k with no job.

Sure, I might have to think twice before buying the lie flat seats to Australia, but as I have a lot more flexibility when I go, could search around and get something for 2~3k maybe (not sure how prices are post-Iran).

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Cultural_Tank_6947@reddit

Thank you for proving my point.

Most people, myself included, could very comfortably afford to retire on £2M and never run out of money.

But that only gets you an above average lifestyle.

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SeoulGalmegi@reddit

Not having to work for my living would be luxury for me!

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rewindanddeny@reddit

No, I don't. It is comfortably above what most earn though. I've worked with properly wealthy people and they are some of the most miserable people you will meet. Money buys comfort and choice, That's what most people would like. £25 million in the bank is just late-capitalism aspirational tosh for nearly everyone.

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Cultural_Tank_6947@reddit

£25 million in the bank is just late-capitalism aspirational tosh for nearly everyone.

You can work out what your level of annual luxury is, and multiply that by 30. You probably need that much invested to live the rest of your days luxuriously.

It's definitely not £100k/year given the government still considers you eligible for certain benefits. So it has to be more than £3M in the bank.

The rest, you can argue all you want about what means what. I'm not interested in arguing a race to the bottom.

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Riskrunner7365@reddit

£100k a year is a fantasy sum for me, that's over £8000 per month, even if I was paying bills left, right and centre id still have so much money at the end of the month I wouldn't know what to do with it, I might up my monthly takeaway limit from 1 to 2 🤯

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boof_the_floof@reddit

It's barely over 5k after the tax man gets his grubby mitts on it.

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Three_sigma_event@reddit

£100k a year is around 50k next of taxes and NI.

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Cultural_Tank_6947@reddit

The UK government considers people earning £100k worthy of receiving benefits to pay for childcare and free hours.

That to me suggests it's not the luxury we think it is.

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SeoulGalmegi@reddit

I'm less concerned with what the UK government thinks and what 100k a year without work could provide me as a lifestyle.

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rewindanddeny@reddit

Ha. Cool.

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Realistic-River-1941@reddit

At risk of stating the obvious, if you have 25 million quid, it isn't sitting in the bank.

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piernut@reddit

For a single person with no mortgage, it is. £2m wouldn't be enough for a couple with kids to retire early.

Also, if invested in a tracker, most of your income will be CGT, which is much lower than income (for now) + you'd pay just do voluntary NIC, saving a significant a couple of grand.

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Throbbie-Williams@reddit

£2m wouldn't be enough for a couple with kids to retire early.

In most of the country it easily would be.

Invest well and you can take out £50k a year with basically zero risk of ever running out.

The only thing that generally needs to be expensive with children is childcare, you don't need to pay for that if you're retired

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Automatic-Use-6714@reddit

80k easily. Thats only 4%.

If you took a bit of depreciation you could probs draw down 7% - so 140k per year.

Your money wouldnt run out before you died.

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Throbbie-Williams@reddit

I'm just using my own number.

Personally I'm aiming for 2.5% because I as far as I'm aware 4% has a reasonable chance to fail over 30 years.

I'm fortunate to be in the position where I can be retired by 40 so portfolio safety is a priority, from my research 2.5% seems almost guaranteed to last (and likely end up with a larger pot than I started with so Amy dependants will be very well looked after.

Basically a 20 year old who won £2 million should be able to take £50k a year inflation adjusted without worry, higher percentages could be risky over that timeframe

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Automatic-Use-6714@reddit

Nah. Way off.

I retire next year and will be taking 7%. Plus an annual pension. Loads of ceiling left.

Plus you need to factor in that you cannot leave too much or it gets taxed.

My daughter will inherit a £1.2m house that will have a joint tax threshold of 750k max. Any cash on top of that just gets bled into the govt.

Dont get me wrong by the time i pop off we will have found a way to give her most of it but the point is its there for YOUR retirement, not to preserve for your kids in its entirety.

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Throbbie-Williams@reddit

Plus you need to factor in that you cannot leave too much or it gets taxed.

So my plans on that front are of courseforme and partner to max ISAs every year ASAP, I will also be giving pre-inheritance to minimise tax as far as possible (barring unexpected early death of course!)

but the point is its there for YOUR retirement

Certainly a fair point, I guess part of my plan is just basing on the fact that I know 2.5% is overkill, barring extreme events the pot will very easily multiply which would allow increasing my "allowance" or even allow for big purchases without affecting my plan

Essentially planning for a lower % drawdown means to get my desired wage I'll have more of a safety net while also having the choice to increase my yearly allowance, of course if you start your calculations with a higher drawdown it's not so simple to adjust if things get rocky

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Automatic-Use-6714@reddit

Rocky? When you have no debts and a significant pension pot there are not many rocks ahead.

Even property value doesnt fluctuate by much.

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piernut@reddit

I should have phrased it more clearly. I was making a comment on the person saying £60K a year is not comfortable.

A couple with kids wouldn't be that comfortable retiring on £2m, especially if you want to buy a nice house too.

I didn't think about the childcare aspect, though.

For a single person, it would allow a somewhat luxurious lifestyle.

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WestleyMc@reddit

Depends on your current lifestyle and expectations.

Remember there are plenty of families out there with a household income of <50k getting by.

You could be looking at 50k-80k annually fairly conservatively with zero debt, mortgage or childcare.

If you were happy to move to the Philippines or something you could live like royalty

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Ynys_cymru@reddit

Believe me it is

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Saotik@reddit

Luxury means different things to different people.

For some it's sports cars, first class flights and five star hotels. For others, it's being able to order in food whenever you want and never have to worry about paying rent again.

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OurSeepyD@reddit

£4m would be luxurious in my opinion. A £150k salary for doing nothing would be fantastic. You could of course be richer, but this would just be incredible imo.

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Cultural_Tank_6947@reddit

My friend £150k does not get you luxury. I can't believe how warped reality has become in this country with just being able to afford groceries being a sign of comfort.

If you take £150k of income, after the HMRC has taken its cut, you're left with £114k. This assumes everything is via capital gains. If you're mixing it with interest, it will be between £91k and £114k depending on what your mix is.

Don't get me wrong, you'll never struggle on your life. But that's not really luxury. Especially if you've got a family to support.

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Correct-Procedure985@reddit

You clearly have a warped view of what's luxury and what is just greedy materialistic. On 50k a year I could live very comfortably and travel all over the world to anywhere I want several times a year. Drive a relatively new car etc these are luxury's that 99.9% of people don't have

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Cultural_Tank_6947@reddit

On 50k a year I could live very comfortably and travel all over the world to anywhere I want several times a year.

I've just looked up business class flights to Melbourne for this December. It's about £5500 via the Middle East or £7500 via Singapore or Hong Kong. I'm certainly not going to be able to make that even once on £50k, let alone several times a year.

these are luxury's that 99.9% of people don't have

You guys seem to confuse the absence of struggle as luxury. It's not.

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Correct-Procedure985@reddit

A sense of struggle is literally a luxury... It is the biggest luxury of all that 99.9999% of people in world don't have.

Also who fucking needs business class it's overpaid shite. It's clear your just a silver spoon fed spoilt child who has never had to do anything yourself with your mindset

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Cultural_Tank_6947@reddit

Really? Personal insults? For pointing out that aspiring to just a basic lifestyle isn't luxury?

How shit is your life that business class is sour grapes?

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OurSeepyD@reddit

The UK has a weird obsession with struggle

I don't think I fully agree with this. I think that every country has its share of people that are proud of the struggles that they've overcome.

I think that what is unique about the UK, compared to other countries, is a dislike of people that have more comfortable lives at the expense of others. Someone earning £200k is going to be silently questioned about whether or not they actually deserve that compensation compared to a teacher on £40k. I think it's a sign that we care more about collective wealth/wellbeing than individual wealth, and I think that's generally a good thing.

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Cultural_Tank_6947@reddit

In a post where you're trying to rebut my claim that the UK as a country has weird obsession with struggles, you've literally made a post glorifying the struggle of someone on £40k and questioning the abilities of someone earning £200k.

And you've framed it as looking after the collective well being.

~~What utter~~

Bravo!

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OurSeepyD@reddit

No, I'm telling you that you have the framing completely wrong.

I am not saying that we want people to struggle. I am in fact saying the exact opposite. I don't want teachers to struggle, and I think a part of that is a system that rewards some people for seemingly not as much tangible productive output (lawyers, finance etc).

The fact that you read my post and saw it as "everyone should struggle" seems odd to me.

If you'd like to tell me exactly where in my comment I glorified the £40k salary, please do.

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Cultural_Tank_6947@reddit

You're literally questioning whether people earning £200k deserve it. Especially when the teachers make £40k. But it's ok because the UK cares about the collective.

Whatever dude. You're just proving my point that the UK has a weird obsession that anyone who isn't struggling is somehow undeserving of their income.

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OurSeepyD@reddit

You're literally questioning whether people earning £200k deserve it.

Correct. How is that glorifying struggling?

You're just proving my point that the UK has a weird obsession that anyone who isn't struggling is somehow undeserving of their income.

Was that your point? Your point was that: 1. The UK believes that everyone should struggle, and 2. People that don't struggle are considered persona non grata.

Point 1 is irrelevant because I haven't said people on £200k should struggle, I am simply questioning their output and benefit to society.

Point 2 is slightly closer to what we're now discussing, but all I'm saying is I'm questioning these people's value, not that they should be immediately ostracised. If a surgeon saves lives then he should be paid that much. If a city banker makes a big trade, I'm not so sure they're as deserving of the payout.

But whatever dude, I feel like your view is essentially: "you shouldn't be allowed to question inequality". If I question it, I'm obsessed and trying to bring everyone else down. Crabs in a bucket etc etc.

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Cultural_Tank_6947@reddit

What does this questioning of value achieve? At what salary level does one switch to have their output and value questioned?

But what I found most fascinating and indeed this is one of the biggest tells is that you're classifying high earners as being a symptom of inequality. That just shows how out of sync with reality your claims are. No one whose income is derived from their labour - be it a hedge fund guy or a Premier League footballer - is creating an unequal society.

That comes from generational wealth, and those who derive their lifestyle from deployment of capital rather than labour.

Enjoy yourself, I know I'm not convincing you. And I know your opinion is just reinforcing my point.

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OurSeepyD@reddit

you're classifying high earners as being a symptom of inequality

No, I'm not. I even gave you an example of someone that deserves a high salary.

No one whose income is derived from their labour - be it a hedge fund guy or a Premier League footballer - is creating an unequal society

Footballer's incomes are not tied to their labour. I also didn't say they're creating an unequal society.

Enjoy yourself, I know I'm not convincing you

I can say the exact same about you.

And I know your opinion is just reinforcing my point.

I've already illustrated why this isn't your point.

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Comfortable_Love7967@reddit

Or your standard of luxury is higher than everyone else’s.

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Correct-Procedure985@reddit

The guy clearly been spoilt all his life doesn't think having no sense of struggle is not an incredible luxury

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Cultural_Tank_6947@reddit

Keep the personal insults coming. All it proves is I'm right and you have nothing else to offer.

I'm not apologising for my outlook on life, and I have no desire to wallow in your misery.

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Comfortable_Love7967@reddit

Me and the wife earn 70k a year between us, own a 4 bed house that we are renovating, go on multiple holidays a year and run two cars.

150k a year would be pure luxury for me. There isn’t a lot I’d want to buy that I couldn’t buy.

If you don’t live in an expensive area nearly 10k a month is mental money

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OurSeepyD@reddit

I'm on just over 100k before tax, my life is pretty luxurious. Maybe our definitions are different. If I had my salary and didn't need to work as much as I do, I'd be living the dream.

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wongl888@reddit

Agreed that £2M wouldn’t be life changing for me. It would be a very nice safety net, but I wouldn’t quit my job for this. Instead I will invest it with a diversified portfolio and reinvest the dividends until I reach retirement age. This will ensure that I can retire without a significant change from my working lifestyle. I anticipate that I will be needing £200k a year to maintain my current lifestyle by the time I retire on that basis that the value of money halves every 10 years and so one would need to double it to maintain the same buying power.

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madeonworkstime@reddit

£2,000,000 wouldn't change your life?

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wongl888@reddit

Not at all since it will go straight into my investment portfolio which means it wouldn’t affect my current day to day living or lifestyle.

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madeonworkstime@reddit

Fucking hell how depressing

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Embarrassed_Put_7892@reddit

I’d probably buy a 250k house and then live quite happily off the interest. 40-50k a year and no rent would do me just fine.

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Cultural_Tank_6947@reddit

Oh don't get me wrong, I'd just pay off my mortgage which has about £270k left. If I invest the rest, I can very comfortably live off it till I die. I'm only 40.

But that doesn't mean I'll be living a life of luxury.

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Tasty-Ad-9669@reddit

Eh luxury isn't as important as being comfortable. That's where people get it wrong.

Is happily buy a 4bedroom semi-detached somewhere that I can find a decent job and raise a family and near a country side. Then pay off my car and do some minor repairs and keep using it, or trade it in and purchase a used family car and a track car.

Some money will go towards helping family clear debts before going into savings. I enjoy my career so keeping the income for most things and using whatever is left of the 2 million (say about 1.2) to go on holidays and secure a future for generations.

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Bossman_Mike@reddit

You wouldn't want to spend the full £2m on a house, because a £2m house is going to require a lot of upkeep - and what money do you have left?

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SimplyFootballNet@reddit

You can live a very comfortable life with buying a mortgage free home and investing the rest. Not needing to work again if you have £1.5m invested.

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NoCold3997@reddit

Well I retired in 1999 on £750000.( equivalent to 1.6 million today.I'm still retired 27 years later and life is awesome no debt house fully paid, 2 months a year abroad...lifes what you make it.

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Cultural_Tank_6947@reddit

Well done.

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PM-ME_UR_TINY-TITS@reddit

1m goes into stocks to generate passive income, the other goes on a house, gifts etc.

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killer_by_design@reddit

£1m with a 4% draw down would be £40k/year.

That's not never work again money that's do whatever the fuck you find fulfilling money because the baseline is covered.

I'd start a business knowing that it doesn't matter if I fail. Something that despite having dozens of fantastic startup ideas I simply could never do because I simply cannot support myself for the length of time needed.

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Economy_Fan_8520@reddit

Thats only if you never want to touch the principle…

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Puzzled-Barnacle-200@reddit

£1m with a 4% draw down would be £40k/year. That's not never work again money

Why not? The median full time wage is 39k. That's absolutely enough to not have to work again, even for a couple given there'll be no mortgage/rent. You might prefer to work to have more money, but it shouldn't be necessary

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killer_by_design@reddit

Correct, you could have the median life with no work, but with very little effort you also could drastically improve your quality of living.

Start a blacksmith forge and make axe heads, learn to make stained glass windows, work in a charity head office making change where it matters.

What else are you gonna do? Watch bargain hunters and take the 2006 ford focus for it's MOT?

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KarmaIssues@reddit

A 40k after tax income is not median life.

With no rent/mortgage you'd be driving 2025 Ford Focus that is fully paid off, while going on holiday multiple times a year and you would probably still save money.

Not saying doing nothing is a good idea but you are wildly underestimating what lifestyle £40k can buy you with a fully paid off house.

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killer_by_design@reddit

My mortgage is £1,300/pcm £40k post tax plus my mortgage is £53k post tax. So that's probably a fair equivalence. This is a little more than you'd take home on £80k/pa after tax. £80k roughly works out with student loan plan 1 to be about a grand a week.

Yeah that's pretty great but I can tell you, I earn that salary now and I don't have 2025 Ford Focus money and that's before we add in my wife's salary.

It's a great life but I promise you that £40k (that will have CGT to pay on still) is not a life of incredible luxury. Certainly not hardship but you'd still probably work because again, you can massively improve your life with very little effort.

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KarmaIssues@reddit

I earn similar after tax with minimal house costs.

(I rent from a friend and pay a little in exchange for doing odd jobs and managing the house when he travels for work.)

A 2025 ford focus is £20kish on autotrader. That leaves £20k for the first year. Which means you would have a disposable income of what £600 (assumming about a £1000 in bills) a month for the first year after you pay utilities, internet and car bills. Not incredible but more than a lot.

The next year you would have £2.3k a month in disposable income. That is more than most people get in a quarter.

It's not a life of luxury (never said it was) but it's significantly better than median life.

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killer_by_design@reddit

I literally don't know what we're doing now. This is a weird exercise given that:

It's not a life of luxury

Also:

but it's significantly better than median life.

No it's not, are we assuming this person is single the rest of their fictitious life?

What's the median household income.

Like I said all along it's just removing baseline stress and the need to work freeing you to do what fulfills you.

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KarmaIssues@reddit

No it's not, are we assuming this person is single the rest of their fictitious life?

I was considering we're talking about a single person. And I assume OP was as well.

But anyway on households, the most recent data I could find was from 2025.

"median household income increased in real terms between FYE 2024 and FYE 2025, rising by 5% before housing costs (BHC) and 5% after housing costs (AHC) to £719 and £623 per week respectively. The increases for both these measures were statistically significant"

https://www.gov.uk/government/statistics/households-below-average-income-for-financial-years-ending-1995-to-2025/households-below-average-income-an-analysis-of-the-uk-income-distribution-fye-1995-to-fye-2025

So yeah you would have £125 more a week than the average household after housing costs.

This would be if neither of the couple worked. So you would still be better than median.

I feel like what you as a high income person doesn't realise is that £40k after tax plus housing is what a lot of households already live on. As a single person it significantly better than median.

You wouldn't need to pay for childcare because you wouldn't need to work if you had kids saving you even more money compared to the median.

You could cook all of your own food rather than be tempted by takeaways because ypu have all day to do.

You could save and get a new (used) car every 5 years or so, or put money away for a rainy day.

£40k is enough to live on.

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Correct-Procedure985@reddit

People don't realise a huge portion have rent while earning 25-30k so 40k free with no rent to pay would see them living very luxury. Heck where I live you could get a 6 bedroom house for £300k spend another 50k making it to your taste and then living a luxury living on 40k that is just having to cover some basic bills and food at worst which is what let's say 10k that's 30k a year free to just blow on whatever they want. 99% of country will never have 30k free like that

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Bossman_Mike@reddit

If I cleared my mortgage immediately I could probably maintain my current lifestyle on £20k. But that's with every penny accounted for.

If I wanted to actually live and have spare money to enjoy myself? More like £35k.

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Technical-Mention510@reddit

Exactly considering most earn that with £750-1000 mortagage you have a decent amount of disposable income just there

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theother64@reddit

Doing that for fun and doing that to make money are very different.

You'll definitely want to have hobbies but turning it into a grind could take the fun out of it.

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killer_by_design@reddit

You'll definitely want to have hobbies but turning it into a grind could take the fun out of it.

Errr would you? You literally don't need it to get by. Whatever you make is groovy. Would it actually be a grind??

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spritzreddit@reddit

yeah but you know there is no guarantee on the market doing 4% every single year with no exception. especially if you invest in stock, you are more likely to get -2% one year and 8% the next one

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Puzzled-Barnacle-200@reddit

"The 4% rule" is a rule of thumb based on security. It doesn't mean your investments need to return 4% every year. The rule was based on having a 95% chance of still having money after 30 years, if you increase your spending by inflation every year. However, the creator of the rule says it should now be 4.5%.

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craigybacha@reddit

No mortgage? I'd be happy to live on 40k a year with 1m pot there to be drawing down from. Gotta remember you don't need it to stay at 1m forever.

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killer_by_design@reddit

Again though, would you?

Would you actually never do anything again given the opportunity to pursue anything? Anything at all?

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craigybacha@reddit

40k you can lead a decent life you know? You don't have to just scrimp. Average salary is below that.

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Frequent_While_5035@reddit

Buy a decent home mortgage free (up to 500k). Invest 500k in pension. Invest 500k in a business or two. Add 500k to easy access saving and spend 2k every month on family/holiday. Keep working but maybe in other job more relaxing or just try other as payslip is no longer an issue/concern.

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Specialist-Driver550@reddit

I would but a Tomahawk cruise missile as a deterrent against my next door neighbour. She is retired and has a *lot* of time on her hands.

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Glittering_Froyo_523@reddit

25% in pension, 40% in property, 35% cash savings, semi retire.

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sfxmua420@reddit

Buy a house outright to live in, and one to rent out. Go on a fuck off holiday. Invest whatever is left.

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EyeAlternative1664@reddit

So reading through these comments I think the smartest thing to do would be...

Pay off mortgage (300K)
Buy holiday home/homes (600K)
Custom 911 (100k)

5% interest on 1mil = 50k which prob equates to 2.5-3k post tax which with way lower out goings it easily doable so I would prob spend my time making things out of wood and riding my bike.

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JustJavi@reddit

I'd buy 2 million cheese burgers, doh!

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Kvark33@reddit

Mortgage, invest, savings and some controlled fun stuff.

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Puzzled_Novel_5215@reddit

Got to say as a family of 5 we earn approx 40k. And we rent. So I'd buy a house £250 000 to 350 000 is plenty where I live. I'd like a farm house really to keep a few animals but see what is available then a straight £30 000 to 40 000 is plenty to have a nice life. We already do one big holiday and several small coast holidays. We get take ours and what not at least once a week. We run two cars. They are pretty old but fine for us. We have good internet a good pc and a ps5 etc most of the streaming services etc. plus we have savings as well. We honestly are fine on that. The owning your own home would be the best improvement for us.

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rewindanddeny@reddit

I would bray endlessly about how I worked hard for my money, just like most people who get financially lucky in life.

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WhyN0tToast@reddit

Me while petting a bag of cash like it's my dog "Nobody gave me a leg up so why should it be any easier for them!!"

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rewindanddeny@reddit

My guy! You earned that!

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klawUK@reddit

there is a difference between 60k earnings needing to do 8-5 every day and the bullshit that comes with it, and the risk of losing your job and losing your home because you can’t pay your mortgage - and 60k pretty risk free. I’d probably use a lump sum to buy a house outright and live off a bit less, but it rapidly gives you options. If you’re older and looking at retirement it potentially gets you over the line and likely comfortably so. if you’re younger it might not be enough but it removes a whole lot of stress about earnings and can give you the freedom to follow your passion or take on a lower stress job with a solid income floor almost double the national median wage

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LemmysCodPiece@reddit

I would buy the house I live in. Have a small extension built. Finish my custom campervan build and buy a VW based Beach Buggy, a Meyers Manx, an EMPI Imp or a early GP Buggy. Then work part time to cover the bills. The rest would be invested for my retirement.

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MaxMouseOCX@reddit

Immediately going on holiday, and staying there for quite a long time... Just to sit and think about things.

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Grotbagsthewonderful@reddit

Boring answer, invest it.

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bibipbapbap@reddit

I’d stick £1m in an index fund and live off the growth and the other 1m I’d buy a small holding on the Welsh borders and start my dream of farming and maybe launch an artisan cheese or charcuterie business but without the worry of needing to make a profit.

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Fog333_Boro@reddit

I would spend about 3/4 hundred k, clearing mortgage and going silly. Then put the rest in a savings account and live off the interest. No more work, no debt, best life ever.

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fastestman4704@reddit

I'd buy the house my grandad lived in and then use the rest for a long travelling holiday, see the world.

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Mean-Construction207@reddit

I start my dream job next week. So i would buy a modest house that's above my current budget(~350-400k would pretty much do me where I wanna live). I'd spend 5-10 doing this job while living a comfortable life. In fact without a mortgage I could live very comfortably on just my salary. Then I would save/invest the remaining 1.6m, and live of the dividends of that, taking advice from somebody who understands investments, and what dividends are.

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a_ewesername@reddit

Someone asked me the other day what I'd do if I won the lottery. I said I'd give some to charity and enjoy the new lifestyle.

But then they asked me what I'd do about the begging letters. " Well I'd still keep writing them of course" I said. ...( joke ).

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nfurnoh@reddit

I’d pay off my house and then pack everything I can into my pension so I can retire at 60 in 5 years.

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Inkblot7001@reddit

Buy 2M of £1 scratch cards. It must be my lucky time.

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Prior_Elephant_5187@reddit

But lots of land and have a big animal shelter where they can be happy the rest of their lives. And a pizza for myself

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Emergency-Lock5505@reddit

Buy a nice small house somewhere in a warm climate, not idea where but not touristy place, Scotlands full on depresses me for three quarters of the year now

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ImnotUK@reddit

If I won I'd buy a house in Scotland, I get depressed because of lack of snow in winter and I live in the south of England!

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Mavericks7@reddit

I don't mind working. So my first thing would be to pay off the mortgage, retire my wife so she doesn't have to work, and reduce my shifts so I can spend more time at home with my family.

I don't want to be wealthy or have "fuck you" money, I just want to live comfortably and not worry about money.

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VirtualArmsDealer@reddit

All winnings in the UK are tax free, your thinking of America...

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Inevitable-Yard6567@reddit

Retire. As much as I enjoy my job it is still a massive chunk of my waking hours that I do in order to get paid. If I could cut out the need to get paid then I get eight hours back in my day to do other stuff.

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Kiss_It_Goodbyeee@reddit

Unless you're already close(ish) to retirement, £2m isn't really enough to retire especially as the temptation is to spend more when you're no longer working.

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Cultural-Ambition211@reddit

If you can’t retire aged 18 with £2m then you are just terrible with money.

Even spending £500k on a house you could get a 4% return on the remaining £1.5m giving you £60k a year to live on.

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Kiss_It_Goodbyeee@reddit

Don't forget tax and inflation.

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Cultural-Ambition211@reddit

Your £1.5m pot should also be growing at roughly 7% while you only withdraw 4% accounts for inflation.

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Throbbie-Williams@reddit

It is easily enough to retire if you invest it, you could withdraw £50k every year with virtually zero chance of failure, that's well above the average wage

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Technical-Mention510@reddit

There is a chance of failure though and you can’t afford a year of failure.

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Throbbie-Williams@reddit

It really is incredibly close to zero chance of failure and if things are looking bad you can adjust, you'd actually most likely have far more money than you started with after 10 years!

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Ynys_cymru@reddit

It’s more than ample. If you’re sensible.

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Inevitable-Yard6567@reddit

I am “lucky” that I am close-ish that it would be enough but yeah it’s bizarre that for anyone a few decades out that £2m these days would be the riches it once was.

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swaglord181091@reddit

I haven’t entered but naturally think il win like playing the lottery for 7 years without. Jackpot !

210k clears my mortgage and gets me an rs3.

100k clears my mum and dads mortgage

130k gives my brother a house

Older half siblings have had money /inheritance before so so I might give them something but think they should have sorted themselves ?

So just say 500k as there’s gonna be fees and taxes or something I don’t know about .

Probably some tax efficient way to do it but I’d like to buy a few 2 bed houses and let my nieces and nephews rent them much cheaper than going rate , this bumps my monthly income and gives them the chance to save up and either buy it from me or buy their own house if they outgrow it etc , I can’t see a way of them being able to do it otherwise .

Can’t decide to move house myself and make me 2 bed one of the rentables to family .

But either way I’d like to leave 750k minimum in a high interest account hoping to leave it to grow or to be used for emergency’s , I’d hope mortgage free / mortgage being covered by rents that my monthly income will be more than enough to live a comfortable life .

I’m sure I’ve ignorantly ignored some really obvious pitfalls which is lucky as I don’t have 2million lying around !

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Depressed-Londoner@reddit

Buy a house with a garden. I saw this one the other day that looks nice: https://www.rightmove.co.uk/properties/167383343

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HelpfulSwim5514@reddit

Some nuts suggestions. You could easily retire

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MajikChilli@reddit

Is there anywhere in the UK that you would have to pay tax on winning £2m? You don't pay tax on lottery winnings

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bacon_cake@reddit

It's one of those phrases that means nothing but adds a certain "je ne sais quoi".

Like how some places still advertise "contactless payment accepted" or "cholesterol free" plant based products or "fat free" sweets.

I'm actually obsessed with these phrases; "Dermatologically tested" just means... tested. "No booking fees" and often "Interest free" just means it's baked in.

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raquille-@reddit

Really boring. Pay off mortgage. Do the house renovation we are about to start but add loft and kitchen extension. Splurge on a mad holiday like a month in the Maldives, put some in a trust for my kids and my nephews and then invest the rest.

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Rough-Chemist-4743@reddit

Stick it all on red… um no err, black… actually, red.

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bunnyswan@reddit

I'm buying lovely family home and fernishing it, and gettin a lovely green house and garden office with 1million. I'm gonna put a nice chunk in my retirement and a nice chuck in a trust for my daughter. Continue to work, have a cleaner as I have a few less bills I can afford it.

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Aggravating-Ant-6767@reddit

I would buy a house for around £1m, a new car for about £50k. Continue working but stop doing any overtime, and move to a static role (less money than the flexi role I do now, but just 3 12 hour shifts a week). Holiday more with my newfound days off work. Save/invest the rest of the money.

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eriometer@reddit

I own my house already so I don't need to buy another one.

First of all I would clear the student debts of all my nephews and nieces, plus one other relative who got into trouble after very poor advice. I would then accelerate my retirement plan by a couple of years (by fully funding my "bridge" of cash savings and ensuring my pension would definitely cover me). I am not ready to retire yet so this would be fine.

Whatever's left I'd probably do some relatively minor house renovations, indulge a couple of personal hobbies and interests - but ultimately set most of it up for the nephews and nieces. They will benefit from it far more than I would.

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GonzoBurger@reddit

Buy my Mam a House, Buy me a house and just fucking exist without the pressure of money bearing down on me.

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BrowsingnDaydreaming@reddit

Buy a house for around 300k. Stick the rest in savings. Work part time in a low stress job to cover the costs of any bills and spend the rest of my time doing hobbies, seeing friends and travelling occasionally.

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clrthrn@reddit

£2m is not a lot today sadly in the scheme of things. You’re not moving to central London and doing your food shop at Harrods. I’d pay off the mortgage, go on a daft bucket list holiday, and get a nice bit not silly car. I’d then invest the rest into something that pays me a modest annual sum and get a part time job doing something I truly love for top up/fun money.

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coupl4nd@reddit

retire?

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Darkgreenbirdofprey@reddit

Realistically - retire immediately. Thats either 50grand (no tax) a year for 40 years, or you can buy rentals and probably live off that.

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Kiss_It_Goodbyeee@reddit

The 50k would be taxed. Either as CGT (if investment income) or income tax (if savings interest).

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Darkgreenbirdofprey@reddit

Op said tax free.

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hdhxuxufxufufiffif@reddit

The £2 million is tax free. But you'd still pay tax on the income generated by that £2 million as it grows over time.

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Darkgreenbirdofprey@reddit

Yeah read my post again. £2m divided by 40 is 50k a year.

That isn't taxed. It's literally just a case of withdrawing 50k from the account with 2m in it.

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Kiss_It_Goodbyeee@reddit

Ah, ok. You're withdrawing the capital at a rate of 50K a year. Unless you put the money in an extremely shit account it would be generating interest which will attract tax.

Also 40 years of inflation will mean you'll run out sooner than you think.

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Darkgreenbirdofprey@reddit

Nothing I said has been incorrect - you will withdraw 50k for 40 years tax free.

But yes inflation will be a bummer over 40 years. 50k might well be minimum wage by then.

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Kiss_It_Goodbyeee@reddit

Yes, you are correct.

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Darkgreenbirdofprey@reddit

Sigh.

No you won't.

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Technical-Mention510@reddit

Which would be taxed…

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Darkgreenbirdofprey@reddit

No, it wouldn't. Op specified you get the 2mil tax free.

If that money is in your account, you can withdraw it at a rate for 50k for 40 years and you will not pay a penny in tax. You can withdraw all 2million of it at once and HMRC can't do anything - they're not going to bill you for cash withdrawals or balance transfers.

Nobody said anything about an ISA either but it's unnecessary.

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CriticalCentimeter@reddit

It'd generate more than 50k a year if invested.

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filbert94@reddit

Wouldn't even do the rentals tbh. Just whack it in an account getting even a piddly 4% and you can drip feed yourself money.

The trick is not to go mental.

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puffpuffpout@reddit

Buy property in a country with a better cost of living - SEA or South/Latin America and gtfo of the overpriced western rat race to live frugally on a beach somewhere.

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CaersethVarax@reddit

Fly to Inverness. Take the Caledonian Sleeper to London. Swap onto the Eurostar to Paris. Get the TGV to Frankfurt. Ride the ICE to Munich. Fly home to the UK.

Trains are fucking sick, bro.

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Mr_Bumcrest@reddit

Pay off mortgage, invest and keep some spending money.

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nikokazini@reddit

Pay off my house here and buy one somewhere hot. Pay off debt. Give some to my 2 kids. Invest the rest and retire earlier than planned.

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ConfusionOwn8378@reddit

Mortgage paid off - £110,000
Extension Finished & house redecorated - £100,000
Pad mine & wife's accounts - £40,000

Invest the rest, tell my wife she doesn't have to work and take a drawdown off the investments.

Drop down to 4 days at work and just max out my pension & Share schemes to minimise my monthly net pay.

It's not quite enough to drop everything and retire fully, but it's enough to make some changes & not have to worry about spending.

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Low_Stress_9180@reddit

The hooker and coke party would be legendary!

Except my wife would kill me.

So invest sensibly for a 2.5 % dividend yield.

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KarmaIssues@reddit

Chuck it all in investments. Should be worth £4.8 million by the time I'm 40 and then buy a million pound house and retire.

In the meantime rack up more money in investments with a full time job. Maybe go down to part time in my mid 30's.

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CreativeAdeptness477@reddit

Treat myself to a few things, buy a house, invest the rest sensibly.

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kifflington@reddit

Get the house fixed up, deal with everything that's causing us stress, enable my husband to retire early and turn our farm into a biodiversity/nature preserve and then travel, take up every interesting craft I've ever wanted to try with all the bells and whistles, get my vegetable garden fully landscaped with all the best beds and irrigation gear, buy my husband a WW2 tank.

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KingKhram@reddit

Buy a house, invest most of it and have 30k for a bit of fun like travel and sports events

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Lovecraftian666@reddit

Booze, cocaine and hookers in vegas blow it all

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TheSJDRising@reddit

Put it with the rest of my money.... /Monotone

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volster@reddit

Pay off the 900k mortgage on the farm, 100k to fritter away on a new car and holiday - the rest dumped into stocks / bonds aiming for 6% above inflation by the time the dust has settled

Carry on working for a decade or so until it's doubled, then start using 3% of the extra half to supplement my lifestyle

A decade later I'd increase that to 6% and semi retire

Then start just burning through the principle aiming to blow the lot and leverage my hopefully by then excellent credit rating in order to die In as much debt as possible with nothing left for them to reclaim

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weightsnwine@reddit

My sister has an investment thing of just over a million and doesn't lift a finger, travels and paints pictures and has a lovely life, with a small flat back home when she's here.

I have a larger mortgage free home and a daughter.

With that sort of money I would invest 1.5 million and in a few years go and live in Thailand, which is lovely, I have friends there and you can live well for a lot less than that sort of money would let you live. (I would wait here until my daughter is out of college and doing her own thing)

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nick9000@reddit

64GB DDR5

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Slagapuss@reddit

Disappear

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HamsterEagle@reddit

Have a lie in on Tuesday.

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vikingveteran@reddit

Buy a house in uk, a car and a flat in the French alps and then work part time

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2muchroom@reddit

Get the bags in, get the slags in /s

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BrotherClive@reddit

I'd never work again and play golf and cycle and spend more time with family.

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wtwiwf@reddit

Retire immediately. Fund the business my partner wants to set up, fund training for my kids to become whatever they want to be.

Travel Treat my mum Not tell anyone else

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melanie110@reddit

I’d make my husband manage it cos I’d be spending. £2m to live in the same house but never work again would make us both happy

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Mclarenrob2@reddit

Buy a nice house somewhere quiet. Nothing too big and invest in solar panels and batteries.

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martinbean@reddit

Buy a new house outright, then live off the remaining \~£1.5M working on my own projects instead of working full time.

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Ynys_cymru@reddit

The crab in the bucket mentally is going crazy on this sub. It’s hypothetical. £2 million is a lot of money and life changing.

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WinkyNurdo@reddit

Invest a million so I can (modestly) live off the proceeds, buy my sister a house, invest 100k for my nephew, buy me a house. Buy me a Maeving bike. Then have a fucking big party with my pals. Go for a long hiking holiday. I’d probably still work part time. I enjoy my job and the people I work with.

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WGD23@reddit

Quite work on Tuesday, work the rest out as I go

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Remote_Test_30@reddit

Tell everyone on Reddit that I just won £2m and proceed to ask them what they would do if they won £2m.

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HughQuinn12@reddit (OP)

Lmaoo I wish I was doing that! The draw is next week I think!

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adm010@reddit

Build myself a nice house. One nice car. Thats a million gone. The second million, invest much of it and supplement my income so i dont have to have a stressy job to chase the cash, and can take something a bit more relaxed, treat myself more often, occasional holiday and not worry about money too much ever again, provided im just sensible.

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Decard_Pain@reddit

Use it smartly so I can have all my family together in a remote spot with woods and a river and just relax

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FSL09@reddit

Buy my forever home then invest the rest. I'd still work but I'd reduce my hours to either 4 day weeks or to part-year

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Medical-Fox2471@reddit

Pay off mortgage

Drop down to 2 days at work

Coast through life

Not bothered about having to go to work just less would be good

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Queasy-Energy7372@reddit

Buy 3 houses one for us now and one each for the kids to move into when they are ready

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FCSadsquatch@reddit

Stonks! Stick at least 50% if it into an Index fund, likely the S&P or VOO. I'd probably speak to the best accountant I can find to figure out how to do this safely with minimum tax implications. Rent a decent studio apartment in the city centre for a year or two, just cause it's what I've wanted to do, nothing too flashy.

After that, buy a Barcelona season ticket and live in Spain for a year, doing some traveling in my free time. Eventually find a relatively quiet spot in a town/village with at least an acre of green space and find a hobby that can make me a part time income until I can live off the interest of my stonks.

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Nevernonethewiser@reddit

Give some to my family and pay for some of the stuff my mother wants/needs on her house.

Buy a house for myself. Not a mansion, I don't need 50 rooms I won't use, but a nice 3 or 4 bed detached in a nice place. Any renovations I need (or want. I kind of want to have a sort of cinema room, even if it's just a couple of couches and a good projector + sound system). Furnishings.

A new car. If there's a fair bit of the money left maybe something fancy (I'd like an Aston Martin), but if not just something second hand but a bit nicer than my current ride.

Anything else goes into investing. Not super volatile stuff, just buying a fund maybe.

Maybe a little charity to assuage my guilt.

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Linkyjinx@reddit

I’m not very good at this whole money thing, never have been but I’d probably sort my mum out first as she did all the “correct” things over years, like have babies, marriage, pay taxes, pensions etc. yet is still in a hmo with a landlord suggesting she can get more money to pay more rent yet she is taxed on pensions, gets a top up of housing benefit, pays full council tax and has to pay to get teeth fixed.

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RedditReader365@reddit

These threads always surprise me when they try and downplay how much money this is.

Like I’m not gonna be the next Jeff bezos with 2 million but also, the majority of the uk earns 30k and makes saves 5-6 k a year after everything and that’s considered super good.

Most people won’t ever touch 2 million in their lives.

Only on British reddit would see people reducing how sick it would be to get that kinda money 🤣

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sweatypissflap@reddit

not go to work

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IndividualCurious322@reddit

Buy more books.

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parsonsprivy@reddit

I would retire. I'm not going to earn a quarter of that before I'm due to retire anyway so it would be my last day at work.

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PeacekeeperAl@reddit

I wouldn't move to Florida that's for sure. I'd stop working, buy a nice home on the coast and enjoy myself.

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roddz@reddit

Pay off debts then spank the rest up the wall on fancy holidays/renovations

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Specialist-Prior-213@reddit

£1m would be dedicated to a housing fund, I'd put it in some ISA that has a decent percentage. £200,000 of this would be reserved for the deposit, another £200,000 for furniture, renovations, extensions etc that I might want to do years down the line. Then £100,000 would be split amongst various current accounts, one for bills, one for food, one for emergencies. That fund should last a good couple of years which allows the remaining £500,000 to go into some high interest account. As long as it's above inflation enough for me to get some accumulation going it should be able to just comfortably pay my mortgage for the rest of time. So that's what that £500,000k does.

Then the other million would be more "fun money"

£200,000 I'd gift to family. £200,000 I'd gift to friends. I wouldn't gift it in bulk because I presume I'd have to pay tax on that in particular), I'd create a fund would stay there so I can help the people close to me. If someone needs a taxi home or they missed their flight or something then I can sort them out.

Then £100,000 I'd put into a car. I'd get two, a Volvo 240, and I'd get an original black range rover. Then another £100,000 to run these two for however long that money lasts. I've got £400,000 left.

I'd build a music studio in my garden, a proper professional grade one. I'd offer to help music uni students with their career by letting them come and record and use the studio, and I get to jam with a continuous revolving door of people. This could cost upwards of £300,000

Final 100,00k? Probably the nicest bed I can get, with the nicest sheets and pillows. Sleep is important. I'd spend the whole 100k on that and never need to worry about my sleep again.

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AuroraDF@reddit

I'm 5 years from retirement. I'd give up work now. I've had enough. That would set me up nicely.

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Competitive_Pen7192@reddit

Buy an 800k/1mil house, rent out the current one.

Sent the children to private school and invest the rest for a steady income/stable base.

May retire early...

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Did_OJ_Simpson_do_it@reddit

Buy a 4 bed semi, a Tesla Model 3 and a Volkswagen Golf

Pay off my debts

Treat myself to a 2 week holiday in Australia to celebrate

Upgrade my computer and phone

Invest more money in my small business

Stick the change in a savings account

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Derfel60@reddit

Buy a smallholding, a used Jaguar F type, a used Toyota Landcruiser, buy my sister a small house, and invest \~£1m to live off. Then spend a year or 2 travelling before settling down to garden and look after my 6 aquariums and 3-5 dogs.

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NoCold3997@reddit

Wallpaper a house with it then light it up 👍

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pocahontasjane@reddit

I'd buy our dream home and hopefully a mini compound to keep our families close and then continue life as is, without the pressure of paying stupid money on a mortgage. 2m wouldn't do much else, if it even manages to do this.

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Tall_Stick5608@reddit

I would carry on working but do something part time that I enjoy instead of worrying about paying the bills. Buy a 2 bedroom apartment in London for about 500k. Clear my brothers and parents mortgages and debts and that leaves me with a million to invest. Earning about 3k a month disposable income after tax which is a very comfortable lifestyle for someone like myself.

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JayR_97@reddit

Here's my boring but sensible answer. Buy a nice 3 bedroom house end stick what's into index funds and live off the interest

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Stifton@reddit

I'd retire early, invest it so I can have some steady income and buy a little house somewhere beautiful where I can go for nice walks every day

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Physical-Bear2156@reddit

Invest it and retire early. £2m isn't as much as many might think, but it's enough to manage a nice lifestyle without working.

I would also keep very quiet about the money.

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InternationalCap6019@reddit

Half a million each to the kids to buy houses. Then go travelling with the rest. I'm already retired!

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backspring@reddit

Buy a relatively affordable house, holiday and car, pay off any debt and then just put the rest in a savings pot.

After that just enjoy life with less/no financial pressure.

Honestly think that would better than maybe winning absolute stacks of money. I love my job and life so just some extra wiggle room would be the coping on the cake.

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Smart_Addendum@reddit

Buying houses abroad and here. Going to enjoy summer when I want and avoid when I want.

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snowmanseeker@reddit

Buy a house/pay off the mortgage. Pay off any other debts/family's debts. Buy the few things on my wishlist, nothing major. Donate a bit to my favourite charities. Then travel a bit if my health was stable enough. Any remaining would be invested in bonds.

[-]

Private healthcare

Gift some to family

Invest so it can give us some income

Use it to prep for incoming cost of everything being crazy/climate collapse/whatever the hell is going to happen.

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socratic-meth@reddit

Pay off the mortgage, chuck the rest in some low risk investment and drop a few days at work.

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