Finally Proof that the Lottery isn't the Poisoned Chalice Some Think It Is
Jason
Posts: 76,557 Forum Member
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I admit, when I started reading this, I was thinking "Tosser .. hope you end up broke" but the more I read on, the more I realised he's actually got a proper plan so good luck to him.
Apparently for all of this, he's set himself a limit of £100k and that's that. He says he's already invested half of it and used some to start a property developing company.
http://www.mirror.co.uk/news/uk-news/euromillions-winners-amazing-10-weeks-3739218
So yes i'm jealous, but he's doing it the right way so good luck to him
Apparently for all of this, he's set himself a limit of £100k and that's that. He says he's already invested half of it and used some to start a property developing company.
http://www.mirror.co.uk/news/uk-news/euromillions-winners-amazing-10-weeks-3739218
So yes i'm jealous, but he's doing it the right way so good luck to him
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Comments
I've never seen it as a poisoned chalice. If I won a few million I know I'd be uber responsible; I'd clear the mortgage, buy a new car (reliable not flash), invest the rest, and reap the rewards gradually over many years.
This would allow for a comfortable lifestyle and nice holidays, and I'd support local charities.
As for me, I have a series of different plans according to how much I win from 20k to 100m. Everything except how to win it of course...
A lot of people do though. All I ever seem to read is "Oh it'll bring so much misery". As well as complaints about begging letters, family members coming out of the woodwork e.t.c..
Surely he has been sensible though ?. 10% of his winnings on living it up for a few months isn't going to bankrupt him, especially since he's invested half the amount already and used some of the rest to start a business.
If he's invested £500k in even a basic savings account at only 6% interest, that's a £30k "salary" each year without even touching the money.
No need to tell anyone anything. I wouldn't breathe a word, or I'd say I'd won something more modest like £20,000 on a scratchcard.
Crikey where is that savings account??:o
Let me to it. Savings accounts, even long term bonded ones top at about 2.5% these days.
Seems to me he's being really sensible by setting himself a limit of cash to blow on fun whilst looking after his mum and dad and investing in his future.
I suspect for large amounts of money you could find much higher interest accounts.
Yes I suppose you're right there.
Even so, it'd probably be wiser to invest in stocks and shares, although that would be riskier and could become an all-consuming preoccupation i.e one becomes Scrooge.
When I see people who've won huge on the lottery, it fills me full of glee because I know they're going to have the time of their life. Yes, you do get the odd moron who blows it all on diamonds, Rolls Royces and crack, but that's just a reflection of Humanity.
Me? I'd open a cat sanctuary.
It was a bit of a generalisation, to be fair, but the principle stands - investing half the money for a decent return will give him a decent enough "salary" to live on, especially if he buys a house outright.
If he's just interested in being comfortable, rather than a life of opulence, then he'll likely never have to worry about money again.
This is why I (begrudgingly) admire him. Too many people think that just because they've won the lottery that they have to start living the lifestyle of a millionaire and it's not always the case.
I always say that if the life you had before your big win was a happy one then why change it just because you've come in to money ?. Why move away to a big mansion just because you can buy one ?
Me neither. I think it's brilliant and good on him. A million isn't going to last him a lifetime and, once he's got a house, car etc, he'll need to work so why not have a year of fun.
I'd rather read about him spending his money in this was than some of these miserable beggers who win £3m and buy their house off the council and a 52 reg Corsa.
I've said before but someone I used to work with won £300k about 20 years ago on the lottery and even that amount was enough to make a huge difference to her life - though wouldn't be such a huge win these days. Back then, it was enough to buy a very nice house and still have money left to invest
I agree and to be fair it's what most lottery winners of megabucks seem to do.
We just hear more of the car-crash ones who can't deal with it.
If I won I would give up my job and live on the fixed 'salary' provided by the return on the investment of capital.
I'd still work part time, perhaps teaching an evening class twice a week or a few hours teaching at local community college.
After initial spending on house improvements, new car etc I'd put the lion share of the remaining winnings beyond reach to earn interest /dividends.
This would give us a very comfortable life, plenty of holidays, an opportunity to pursue my interests, hobbies and sports, and no worries for the future.
Me too! If you had a big win it would be impossible to hide it altogether, but you could plant a story about a more modest win that should satisfy people who would notice changes in your lifestyle and you could justify treating your friends without worrying too much about what people think.
Even if I won enough to retire on, I'd try to bluff it for a few months until I worked out my plans. I might tell colleagues I'm taking a career break to go travelling etc.
I like what this guy is doing. He's investing some of it, and setting aside a certain amount for fun, but he has plans and a budget, and it's not an open ended play-boy lifestyle. He is also planning some charity work, which will keep him grounded. He's included family and friends, who all sound like good people. I'm not quite so sure about the Las Vegas 'venture capitalist', but that's for him to worry about!:p
It's too early to tell if it's a 'poisoned chalice', but I get the sense he'll be fine. The investments might not work out, but it sounds like he expects to be working, so if he needs to go back to a normal job, he will.
What else do you need?
Me too :-)
My favourite morons-win-the-lottery story was a couple who won something like 3m, then bought a 700k house, sent their kids to a 10k a term private school. He bought a small fleet of sports cars and built a studio for his mid life crisis rock band and she spent a wedge opening her own beauty salon. Weirdly enough, the money didn't last long and they did a sadface DM interview.
I do hear people say 'it's not enough to retire on' when someone wins say 1m age 25. Utter bollocks. You can live on a modest annual interest amount if you like, but more importantly you can do exactly what you want workwise for the rest of you life with luck knowing you don't have to worry about money.
I'd make sure I had a paid up house to come back to, see my friends and family right and have some put away but I'd spend a long time having fun just like this guy
Ah, okay. I thought he blew the whole lot while on his travels. I did read quite a bit of the article, but not the whole lot though.
Exactly. I think you'd get people treating you different if they'd read that you had won the lottery. Even if the tabloids had managed to find out that I was the one that won it, at least I would know that I had tried my best to hide my identity.
It would be safer to buy houses and rent them wholesale to a local authority. One million in basic housing 9-10 three beds should bring in around £300 minimum each per month. Most local authorities will do deals and allow a certain amount of repairs payable by them. So you should get £3k a month and still have the equity in the houses so you could leave it there or get mortgages and double the amount of houses.
But I'll broadcast the fact that I'm a rich b*****d! How much did the Mirror pay him for this story?
Probably nothing, but likely no more than a few hundred quid.
Yep, he does seem a bit hypocritical for saying that. If he didn't want people to start hanging around him because of his big win and didn't want to attract gold diggers, why on earth did he happily have an article written about him in a newspaper for? Very daft.