@blessbrenda Me personally? A million. I have no desire for luxury and have very little expenses. I would be very surprised if I spent over a million in the next 70 years.
Minimum Lotto winning you could retire on?
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@patiencem Did a quick tot on my rent, and if I stayed in my current rental until 65, I'd have spent €858,650 in rent or thereabouts. A million isn't going to last 70 years.
imcatholic
New member
@imcatholic That figure is just my rent. Double it for a minimum of my living expenses. And that’s before I consider any major capital expenses like buying a house.
I wouldn’t turn down a million but it’s not enough to set sail into the sunset IMO. If it was, there’d be a lot of retired people in their 40s from tech by now.
I wouldn’t turn down a million but it’s not enough to set sail into the sunset IMO. If it was, there’d be a lot of retired people in their 40s from tech by now.
@blessbrenda 2.5 Mil. Give us 100k a year for the next 25 years. Could could easily live on less but a comfortable spend without being too lavish is 100k. But also realistically, we'd want a house and that would cost. So maybe factoring that in 3mil would be perfect.
imcatholic
New member
@eleos1954 You aren't thinking about investment. 2.5M at 5% interest, will bring in 125K per year, without touching the capital. With that much you will probably have more in the bank each year, than the previous year.
@imcatholic True but I also factored din inflation costs over the 25 years to a certain degree. Holding the money will earn interest but inflation over time would need to be accounted for as 100k today won't be the same 25 years from now. But also I won't die in 25 years most likely (I'm only 34 lol) so having an extra 10 years would also be nice.
@blessbrenda I'd retire tomorrow if I won 1m, I would need to 'manage' my expenses but I'm sure I'd be happy with it!
@blessbrenda Reckon 4 million, set up company and buy 1.5 mil worth of modest properties, mix of residential and commercial around 250/300K mark. Buy relatively nice house around 700K mark to live in. Pay myself 60K a year out of rental income (no mortgage) pull another 40K out of savings from winnings. Live like a Baller 
@spinuscyn Corporate tax is 12% as far as I remember? If I buy them personally I’m paying way higher tax. Say I buy 5 properties and average rent is €1,500, which IMO is low based on current market, that’s 90K per year that the company is paying 12% tax on. Obvs I’m paying personal tax on the €60K I draw out, but the rest is building in cash reserves for the company, maybe eventually goes toward another property purchase. Would need to verify this with an accountant but I’m pretty sure a company can do some depreciation as well against the buildings which can lower tax due. Anyway, one can only dream
@tameru Ya fair enough.
I know someone who has inherited a company that owns property and looking at it from the outside seems it would be better if the properties were owned outright but again not that sure.
-from what I can see excess profits in the company are subject to the close company surcharge so if not reinvested
https://parfreymurphy.ie/close-company-surcharge-taxes/
- he had to pay CAT when he inherited the company but if he actually wants to sell a property to use the money, then company has to pay CGt on the increase in value of the property and then he has to pay income tax on the money he withdraws. Seems like a lot of extra expense.
I know someone who has inherited a company that owns property and looking at it from the outside seems it would be better if the properties were owned outright but again not that sure.
-from what I can see excess profits in the company are subject to the close company surcharge so if not reinvested
https://parfreymurphy.ie/close-company-surcharge-taxes/
- he had to pay CAT when he inherited the company but if he actually wants to sell a property to use the money, then company has to pay CGt on the increase in value of the property and then he has to pay income tax on the money he withdraws. Seems like a lot of extra expense.
oftherisen
New member
@blessbrenda 2 mil.
Pay off my mortgage, buy a few apartments and rent them out and live as a career landlord.
Pay off my mortgage, buy a few apartments and rent them out and live as a career landlord.
@oftherisen Its telling that so many people have said they would buy rental properties on this thread. Shows how truly crappy the investment opportunities are with deemed disposal. In the UK you could lob your 2 million into an investment account and never have to work again. Just live off the returns.
@patiencem It has a bad reputation because a lot of people are doing it because it’s nearly the only option to invest money. Ireland really needs to get with a the times and bring in ISAs like the U.K. people should be encouraged to invest in their future…..not be punished for it. And yes I know we can invest in pensions….but god forbid I don’t want to work till I drop dead, I’d like some other options
@patiencem Yeah, unwarranted in many cases. I’ve never had an issue with professional landlords….only those small time ones trying to penny pinch. Would rather have professional companies running rentals than someone trying to turn a quick buck