Great bit of PR from Coutts bank.
Delayed again, this one, but as you might have noticed if you've been here before, we've been busy repainting the walls, so as to speak.
Anyway, a great public relations initiative from Coutts who carried out a survey to find out how much money you need to be a millionaire these days. And no, the answer to that question isn't the obvious one.
To enjoy the lifestyle we've all come to associate with being a millionaire (a big house, 2 staff, 2 luxury cars, an apartment in the South of France, and a yacht), you need £2.6M. Or, as Coutts winningly put it, to be a 'thrillionaire'.
I suppose everyone has their own definition of what a millionaire lifestyle is. But I think Coutts may have rather underestimated. The house and holiday apartment are going to set you back a minimum of £1.6M. The yacht, at least another £600K. And you won't see much change from £100K for a couple of new Mercs. But then you'll probably want the children educated privately, which is another £200K down the tubes. And that's before you've earned enough to enjoy all these trappings and pay the staff, for which you're going to need at least another £6M at today's interest rates. A grand total of about £7.5M.
So my advice to the 65% of the population that would apparently give up the day job immediately if they won a million. Don't. Link
4 Comments:
Winning a million's pretty good going - and probably for more than 65 per cent of the population. Even assuming that the average wage is £23,000 (that's a vaguely recollected stat, so may be London rather than the UK) and that your household has two incomes, you're only going to need to see a net return of 4.6 per cent from your windfall to be up on the deal. That's not a cake-walk, for sure, with interest rates so low. But it's doable. And low inflation means your nest-egg needn't suffer that much attrition, either.
Not doing a day job would also leave you free to indulge in plenty of cash-saving initiatives such as home cooking, kitchen gardening and knitting. (OK, so most people might plump for vodka abuse and Richard & Judy rather than Tom and Barbara, but you get my drift.)
OK - I'll concede the point that if you don't need to live the millionaire lifestyle, you could give up the day job with £1M, and live a very comfortable (albeit inebriated) life in a council house.
But I think the inference from the Coutts survey was that the 65% of people that said they'd give up work after winning a million, would do so in the expectation of the millionaire lifestyle, something which can't be achieved for less than (at my calculation, anyway), £7.5M.
Do you need a million to have an RSS / ATOM feed on your website?
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