Interest on £4 Million
#32
With 4m you'd have access to a decent IFA / private banker. Just sticking it in the bank and living off the interest would be crazy. Even if you didn't spend any, the money would shrink in real terms every year
#33
Originally Posted by Luan Pra bang
A good IFA may pick a fund that gets you 10% a bad one will open a new fund every year and charge you 4% each time to put your money in it jsut so he gets rich faster.
lol.....an IFA that charges 4% on £4m has a moron for a client!
#34
Scooby Regular
Join Date: Feb 2004
Location: Texas - It's BIG!
Posts: 2,105
Likes: 0
Received 0 Likes
on
0 Posts
With 4 million in liquid assests, you would be a very nice prize for a private bank to land. You wouldn't be talking about retail bank rates or products. You could easily achieve 10 - 15%, and more than likely more, by depositing it in the right place. You're no longer talking to IFA's, you're now talking to fund managers.
Although these days 4 million pounds isn't a staggeringly HUGE amount, it is a staggeringly huge amount when liquid.
So after your fees and taxes I'd expect at least a third of a million to play with each year.
Which actually isn't much, six grand a week......
You couldn't even rent a decent yacht on the Riviera for that.
You'll be paying almost a grand a week on the Ferrari, plus a few hundred a week for insurance. Your mortgage will be two grand a week. A weekend in London at the Mandarin Oriental for two nights plus show and shopping will be two grand a month. A dozen Saville Row suits at between three and eight grand a pop, hand made shoes from Jermyn St. Days at Ascot. Champagne at Polo. Centre court tickets. Car for your Mum. Car for the wife. Maid. Gardener. Driver. Business manager. Accountant. Hangers On from Scoobynet. It all mounts up!!! Flying lessons. The odd trip to New York, seven thousand pounds first class......... Vegas. Sydney. St Barts. Virgin Islands. The lifestyle of even a relatively successful banker will eat six grand a week very quickly!!!!
Then you'll realise to maintain this lifestyle you need more of a return on the principle and chuck it all in the Nikkei, then..........
Although these days 4 million pounds isn't a staggeringly HUGE amount, it is a staggeringly huge amount when liquid.
So after your fees and taxes I'd expect at least a third of a million to play with each year.
Which actually isn't much, six grand a week......
You couldn't even rent a decent yacht on the Riviera for that.
You'll be paying almost a grand a week on the Ferrari, plus a few hundred a week for insurance. Your mortgage will be two grand a week. A weekend in London at the Mandarin Oriental for two nights plus show and shopping will be two grand a month. A dozen Saville Row suits at between three and eight grand a pop, hand made shoes from Jermyn St. Days at Ascot. Champagne at Polo. Centre court tickets. Car for your Mum. Car for the wife. Maid. Gardener. Driver. Business manager. Accountant. Hangers On from Scoobynet. It all mounts up!!! Flying lessons. The odd trip to New York, seven thousand pounds first class......... Vegas. Sydney. St Barts. Virgin Islands. The lifestyle of even a relatively successful banker will eat six grand a week very quickly!!!!
Then you'll realise to maintain this lifestyle you need more of a return on the principle and chuck it all in the Nikkei, then..........
#35
Scooby Regular
Join Date: Dec 2001
Location: just simple old me
Posts: 2,170
Likes: 0
Received 0 Likes
on
0 Posts
Well with my millions I enjoy driving an old mondeo and watching my bank balance grow day by day-then again they call me Ebenezer and legend has it that i can peel an orange in my pocket without the smell escaping im that tight
#36
Scooby Regular
Join Date: Sep 1999
Location: £1.785m reasons not to be here :)
Posts: 6,095
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by OllyK
But you need to move off shore with the money!
If I have 4million quid cash in the bank the UK would not be my main place of residence.
#37
Scooby Regular
Join Date: Feb 2005
Location: Derbyshire
Posts: 12,304
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Diablo
Not quite, you just need to keep the money and income generated from it off shore, and spend it off shore.
If I have 4million quid cash in the bank the UK would not be my main place of residence.
If I have 4million quid cash in the bank the UK would not be my main place of residence.
#38
Scooby Senior
iTrader: (1)
Join Date: Nov 2000
Location: Wildberg, Germany/Reading, UK
Posts: 9,708
Likes: 0
Received 73 Likes
on
54 Posts
Saw an advert on tv yesterday about a squirrel collecting red cubes, the ad was from Abbey National who claim to pay you tax free interest on your savings. No idea if this helps any though as I am sure the gov will have some way to get its mits on your hard earned
#39
Scooby Regular
Join Date: Sep 1999
Location: £1.785m reasons not to be here :)
Posts: 6,095
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by OllyK
As you've put, the UK would not be you main place of residence, so to all intents and purposes you've moved out of the UK, as has the money.
Many people have money offshore , earn income from it off shore, spend it off shore but remain resident in the uk.
If you kept the interest earned off shore you would not pay UK tax on it.
You could of course spend the capital sum in the uk, if that was from taxed earnings of say a lottery win.
There are very clever ways to balance payments from capital against interest earned to enable you to achieve a (more or less) tax free income, but only for a finite period as the original capital sum is eroded.
#40
Scooby Regular
Join Date: Feb 2004
Location: Texas - It's BIG!
Posts: 2,105
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Diablo
There are very clever ways to balance payments from capital against interest earned to enable you to achieve a (more or less) tax free income, but only for a finite period as the original capital sum is eroded.
#41
Scooby Regular
Join Date: Jun 2002
Location: From Kent to Gloucestershire to Berkshire
Posts: 2,905
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Wurzel
Saw an advert on tv yesterday about a squirrel collecting red cubes, the ad was from Abbey National who claim to pay you tax free interest on your savings. No idea if this helps any though as I am sure the gov will have some way to get its mits on your hard earned
Thread
Thread Starter
Forum
Replies
Last Post
Sam Witwicky
Engine Management and ECU Remapping
17
13 November 2015 10:49 AM
bluebullet29
General Technical
9
05 October 2015 02:17 PM