£1000 every week for life or £1m now?

[Bryn]

I wouldn't look at this in terms of how much money you make overall and think of the impact on your psychological wellbeing.

 

£1000 in the immediate sense is not a life changing amount of money. You wouldn't suddenly be thrust into a new world of finance, you'd just be able to augment your existing life slowly. It's enough money a week to be very extravagant immediately (stick a luxury holiday on a credit card and know you can pay it off in weeks, get a very competitive mortgage on a large house in a good area) without the risk of splurging. With a million lump-sum you'd be tempted into large purchases that likely won't actually make you happy and without the security of knowing another million is coming in. Even if you were to suddenly become ill or worse, you'd still have the security of knowing you don't have to worry financially, no scrambling to spend the lump sum or sort out a will

 

£1000 a week, unless you are of advanced age or terminally ill, is the right call for the majority of people in my opinion.

[Dan]

£1mil now. If you used that properly you could grow that well beyond £1k a week.

[cambridgefox]

1 hour ago, Col city fan said:

Million for me. I’m fifty this year and wish to grow old disgracefully.

 

You could get a motorbike Col!

[cambridgefox]

My mate buys houses in Birmingham for about 90k does them up.

He is a plasterer and knows people in trades and rents some and sells some.

 

i would take the 1 million buy 8

£650 x 8=£5200

ok tax and agent fees but I then can sell those houses in 10/15 years for a tidy sum.

[Wymsey]

£1,000 weekly.

It would enable you to budget effectively.

[Alf Bentley]

I'll have the £1m now, please.

 

I'd have to live to over 75 just to break even on £1000 per week - not allowing for interest earned on the £1m. I hope to make that age and more, but absolutely no guarantee of that.

 

£1k per week would be an ample budget, but I could set that up myself, stash the rest of the £1m in various investments - some tied up for several years in case of poor self-discipline - and get on enjoying life.

[Harry - LCFC]

£1m now. You could invest that somewhere that makes it worth missing out on the larger income over the course of your lifetime from the 1k a week option.

 

A useful bit of info: It would of course take a thousand weeks for the 1k a week option to yield £1m, or 19.25 years in other words. Simply sticking the million in a bank account would extend this 'break-even point' further into the future via interest earned.

Edited 29 March 2018 by Harry - LCFC

[Captain...]

Take the £1m if we look at inflation over the last 20 years the value has gone down by 20% so in 20 years time the £1000 per week will be worth £800 whereas the interest and investments will put your £1m as worth a lot more than that.

 

Add in the chance of death and the chance of a complete financial crash and the chance of the lottery company going bust. You are gambling on the payments lasting that long and holding their value.

 

 

[peach0000]

1 million now. In 20 years 1000 a week probably won't go very far. 

[Guest MattP]

A million now, you can easily buy assets that will deliver you around £1000 a week and you'll still have the assets, property being the obvious one.

[Guest Col city fan]

1 hour ago, cambridgefox said:

You could get a motorbike Col!

Quiet Cambridge!

 

[Jon the Hat]

Yeah i would take the £1m, but most people shouldn't because most people are idiots.  Meanwhile when I was 18 i was also an idiot, so the £1000 a week would have been the right decision.  22 years later, not so much.

[Countryfox]

1 minute ago, Jon the Hat said:

Yeah i would take the £1m, but most people shouldn't because most people are idiots. 

Good reasoning there Jon ...      Great answer ...    

[Ian Nacho]

A grand a week and then I could work part-time for the rest of my life.

[fuchsntf]

I will take both..!! 

COS I'm a greedy fker

[Fox92]

2 hours ago, DB11 said:

You don't have to be "tight" to be good with money.

 

What's the point in having a healthy bank balance if you never go out and enjoy yourself or treat yourself?

I know man this is my point.

[Webbo]

Even if I was younger I'd still take the lump sum. You could step under a bus next week, live for now.

[Jon the Hat]

29 minutes ago, Ian Nacho said:

A grand a week and then I could work part-time for the rest of my life.

For a grand a week tax free you could not work for most of it.

[Strokes]

Lump sum. Invest and hopefully make more than a grand a week.

[pSinatra]

If someone had given me £1000 a week when I was 18, I would already be dead by now.

 

If someone had given me a million quid at 18, I would already be dead by now.

[Ian Nacho]

32 minutes ago, Jon the Hat said:

For a grand a week tax free you could not work for most of it.

Got my weeks and months confused

 

[Strokes]

22 minutes ago, pSinatra said:

If someone had given me £1000 a week when I was 18, I would already be dead by now.

 

If someone had given me a million quid at 18, I would already be dead by now.

If someone gave me £1mil this morning, I’d probably be dead by now.

[Otis]

She didn't win £1k it's canadian dollars approx £550

 

Still at her age I would say she made the correct choice, the older you get it's more sensible to take the 1 Million.

 

[VLC86]

Take the million, drink myself into oblivion and be dead or on the dole within a year. 

 

What a year though.

[Guest Col city fan]

What is this obsession with having a million quid and getting bladdered? Drinking until death, no less?

If I had a million quid I’d do all the things I’ve dreamt of doing. I’m not bothered by buying another house, I love my house.

Going to Aus and watching the ‘big blue’. Walking the Inca trail. Motorbiking across New Zealand. Renting a box at City.

It’d be a magic year and most of it, sober.