Dr. Evil: Shit. Oh hell, let’s just do what we always do. Hijack some nuclear weapons and hold the world hostage. Yeah? Good! Gentlemen, it has come to my attention that a breakaway Russian Republic called Kreplachistan will be transferring a nuclear warhead to the United Nations in a few days. Here’s the plan. We get the warhead and we hold the world ransom for… ONE MILLION DOLLARS!
Number Two: Don’t you think we should ask for *more* than a million dollars? A million dollars isn’t exactly a lot of money these days. Virtucon alone makes over 9 billion dollars a year!
Dr. Evil: Really? That’s a lot of money.
It’s probably safe to say I spend more time than the average pondering rather far fetched potential situations. Suffice to say if a man made plague was unleashed and I survived, I’d know what to do. This has also lead to me pondering what to do with a big National Lottery/Euromillions win. And it’s lead to some depressing conclusions.
The odds of winning the Millionaires Raffle on the Euromillions vary from draw to draw because it’s the only draw based on the number of entrants and not fixed odds. I’d imagine a draw during the summer holidays just after the jackpot has been cleared out would be a good place to start. But a million quid? Is that enough to really change much?
Working it through with our situation, we could pay the balance of our mortgage off (circa £200k), and then turn out house into a rental property. Round here that would bring us about £1,500 a month in rental income. If we wanted to buy a similar sized house in a much better school catchment area, that would cost us about £700,000. So we’d be left with about £100k in the bank, a rental house worth about £500,000, no mortgages and we’d be about £2,500 a month better off (the rental income plus the mortgage payments we’d no longer be making). The big bonus is we’d have a rental house that would hopefully accumulate in value over time and offer a return that would be better than putting the money in the bank.
It’s hardly exciting or the typical imagined millionaire lifestyle is it?! I think part of the problem is we live in the South East and everything is so very out of whack in terms of house prices.