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How much interest could you earn of three million pounds.

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Trix
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2006/07/10 23:03:44 (permalink)

How much interest could you earn of three million pounds.

Can some one help me with this. Is it true that someone who has millions of pounds in a bank account can just live of the weekly interest without spending his own actual money? If so how much could one expect to earn of interest from money sitting in a bank from say 3 million pounds. Just a rough idea.





I have not won the lottery.
#1

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    big_mal
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    RE: How much interest could you earn of three million pounds. 2006/07/10 23:10:11 (permalink)
    well with ing direct you would get 4.41%, so £135k per year. you pay tax on that of course (40%) but still a decent amount to get by on.
    #2
    ultimatemuscleuk
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    RE: How much interest could you earn of three million pounds. 2006/07/10 23:21:46 (permalink)
    approx 6k a week i think on 1 million
    #3
    shworth
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    RE: How much interest could you earn of three million pounds. 2006/07/10 23:43:33 (permalink)
    £3million is now what is needed in the bank to live the 'millionaire lifestyle' apparently.

    It works out at about £80k a year.

    I would have thought a lot more than £80k was needed, £80k is alot but it's not that much. The finance on my roller would be £5k a month

    I think the guys on the radio got it wrong!!

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    #4
    Mr Munch
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    RE: How much interest could you earn of three million pounds. 2006/07/10 23:53:02 (permalink)
    lol, why is this suprising?

    say 8%, assuming low risk, what's that, 240k per year less tax? So 140k per year.
    #5
    pete66
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    RE: How much interest could you earn of three million pounds. 2006/07/10 23:55:55 (permalink)
    If someone can't manage on 1k a week, then you live a bloody better lifestyle than i will ever have

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    #6
    The Guvnor
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    RE: How much interest could you earn of three million pounds. 2006/07/11 00:14:17 (permalink)
    You will pay tax only on the interest so if you are clever and save the interest and spend the capital as some do then you pay no tax as the capital is already from a taxed source.
    #7
    Pip
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    RE: How much interest could you earn of three million pounds. 2006/07/11 01:31:12 (permalink)

    ORIGINAL: The Guvnor

    You will pay tax only on the interest so if you are clever and save the interest and spend the capital as some do then you pay no tax as the capital is already from a taxed source.


    Why am i not surprised you replied on this
    #8
    THE BARBARIAN
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    RE: How much interest could you earn of three million pounds. 2006/07/11 01:55:05 (permalink)

    ORIGINAL: The Guvnor

    You will pay tax only on the interest so if you are clever and save the interest and spend the capital as some do then you pay no tax as the capital is already from a taxed source.



    Can you explain that a bit better?
    #9
    The Guvnor
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    RE: How much interest could you earn of three million pounds. 2006/07/11 08:52:39 (permalink)
    Assume you sell your principal private residence for £3,000,000 or sell something else and take the tax hit but still left with £3,000,000 and dump the lot in an isle of man account earning @ 5% interest. This makes you £150k per annum now if you bring the 150k interest in then you must pay the tax on it as it is freshly earned money. However your £3,000,000 (wish this was not hypothetical) has already been taxed so you can move it from a to b and back to a and then to c if you wish as it's old, taxed money.

    So you bring in £100k of your capital every year and leave the interest out there. Next year you have 3.05 earning interest. You must do this for 30 years or so before the capital is gone.

    Al Fayed of Harrods does this. Obviously the bigger the pot the more viable and worthwhile it is.
    post edited by The Guvnor - 2006/07/11 18:13:28
    #10
    DEAD_WEIGHT
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    RE: How much interest could you earn of three million pounds. 2006/07/11 09:46:05 (permalink)
    Oh my god i understand that LOL
    #11
    Pip
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    RE: How much interest could you earn of three million pounds. 2006/07/11 15:28:01 (permalink)
    The question is who has that kind of capital outlay??
    #12
    Irish Beast
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    RE: How much interest could you earn of three million pounds. 2006/07/11 15:46:26 (permalink)
    To be honest tho you'd have a better lifestyle just living off the money. I mean how long is it going to take to spend 3 million pounds!! Even if you spent 10,000 a month it would still last at eternity!!

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    #13
    ziggy
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    RE: How much interest could you earn of three million pounds. 2006/07/11 15:49:29 (permalink)

    ORIGINAL: irishbeast

    To be honest tho you'd have a better lifestyle just living off the money. I mean how long is it going to take to spend 3 million pounds!! Even if you spent 10,000 a month it would still last at eternity!!


    25 yrs..
    #14
    Mendy5
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    RE: How much interest could you earn of three million pounds. 2006/07/11 16:19:53 (permalink)
    Now all we gotta do is get 3 million pounds!
    post edited by Mendy5 - 2006/07/11 16:20:10
    #15
    The Guvnor
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    RE: How much interest could you earn of three million pounds. 2006/07/11 18:13:05 (permalink)
    3 is a good number to start with but I think for anyone who is lucky enough to reach 3 then much like training why stop there? Money really does make money.

    A nice lotto win is called for me thinks!
    #16
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