2007-05-10 07:34:43 · 7 answers · asked by ajjm28 1 in Business & Finance ➔ Personal Finance
I have often pondered on this type of question, not because I've got millions, but just out of interest.
Now this is a pure guess, lets assume you have £35 million, I reckon to keep it safe you would get say 2.1 million a year in interest .
But I also think that you would be taxed on around 90% of that, leaving you with a measly 1% or a 'pick up' of around £210k a year, that's only around about £4k a week,how do the government expect anyone to live on that sort of money?
On the other hand there must be ways of getting around all that BS, invest it overseas,(anywhere except the UK) !!
So that's it ,when I reach that amount I will look into it more closely , in the meantime I've just checked my account and I'm almost there, I have a credit balance of £3.50p!!
2007-05-10 08:49:07 · answer #1 · answered by budding author 7 · 0⤊ 0⤋
It would depend on the interest RATE and how it is compounded.
Simple interest of 1% compounded annually would be $350,000.00 but would only be added to the account on day 366.
2007-05-10 07:42:12 · answer #2 · answered by Marvinator 7 · 0⤊ 0⤋
You should get 10% if you have that much to invest. That's 3.5 million... Oh and by the way, now that I'm your financial advisor I'll claim my 1% fee.
2007-05-10 07:45:37 · answer #3 · answered by Michael B 6 · 1⤊ 0⤋
I've got my savings in a Lloyds online saver. If i had that amount in there, in a year it would earn me £2,800,000. roughly.
2007-05-10 07:45:33 · answer #4 · answered by willie 57 3 · 0⤊ 0⤋
rather depends on where you invest it if in a nornal savings account (you probably couldnt put it in only one) would be around 1.7million
2007-05-10 07:43:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Sorry, I dont give free maths lessons!
2007-05-10 07:44:59 · answer #6 · answered by brian t 5 · 0⤊ 0⤋
About three-fiddy...
2007-05-10 07:43:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋