Hi is it possible that if you had a million pound in a high interest savers account, you could live off the interest. Of course it's incredibly hard to make a million pound (my dream) however this will be a great motivation for me and many others. eg 5% interest = £50,000 interest a year - tax (most probable = around £35,000 this is more than enough to live decentely. What are your thoughts?
2007-08-02 11:45:38 · 9 answers · asked by Mark R 3 in Business & Finance ➔ Personal Finance
That's the idea most of friends have if they won the lottery. It seems a good idea to be able to do so, I could do it easily after I paid off the house and all the finance. £35k a year is 3times what I earn, lots of spending money even if still had loads of bills to pay.
2007-08-02 12:00:56 · answer #1 · answered by ~Kitana~ 4 · 0⤊ 0⤋
Interest On 1 Million Pounds
2016-10-06 23:21:03 · answer #2 · answered by ? 4 · 0⤊ 0⤋
I am looking at a house with Kitchen, living room, dining room, three bedrooms and one bath for $28,500. That is on a good sized lot, too. I don't know how that converts into pounds, but I suspect it is a lot less than a million! That is pretty cheap on the market here, but a three bedroom brick would cost $70-$90,000. What do you think is causing it - the high prices? Two years ago the house I am looking at would have cost $13,000. I believe it is the organization of the real estate people. I say it is price fixing in the town where I live. They all joined the 'group' and they have meetings, etc, and the next thing you know, a shack that you could have bought for $8,000. is selling for $30,000! And nothing much ever changes in this little town - except all the factories have moved to Mexico!
2016-03-17 21:51:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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1 million pound - Live off the interest???
Hi is it possible that if you had a million pound in a high interest savers account, you could live off the interest. Of course it's incredibly hard to make a million pound (my dream) however this will be a great motivation for me and many others. eg 5% interest = £50,000 interest a year - tax...
2015-08-11 23:10:58 · answer #4 · answered by Boigie 1 · 0⤊ 0⤋
It depends on your lifestyle. I currently live on under US$35,000 before tax. That is significantly less than your number. On the other hand, I could easily find was to spend more than that.
2007-08-02 11:50:56 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
Sure it's possible if you can discipline yourself to live within your means. As for taxes, get out of England - why do you think Sir Paul McCartney lists his residence as other then the UK? Same with Mick Jagger and others.
2007-08-02 12:00:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It depends on the amount you spend. My husband from time to time are required to live off of our investments so we have trained ourselves to keep our overhead low and live beneath our means. For instance, we have never purchased a new car, we generally share the used car we purchase, we do not buy property at the top of our ability, we have one television, we do not eat out except for once a week, and most importantly WE DO NOT LIVE OFF OF CREDIT CARDS. WE NEVER HAVE MORE CREDIT CARD DEBT THAN WHAT CAN BE PAID OFF IN CASH AT THE END OF THE MONTH.
2007-08-02 12:05:58 · answer #7 · answered by CHARITY G 7 · 0⤊ 1⤋
i could easily manage on £35K a year, no problem
2007-08-02 11:49:41 · answer #8 · answered by drunkmagnet 2 · 0⤊ 0⤋
i would be able to live off that amount
2007-08-02 11:55:07 · answer #9 · answered by PIP 2 · 0⤊ 1⤋