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mmm, lotto win, what would you spend it on?
- Thread starter froggy Steve
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A lad i know won close to a million , he bunged maybe 100 grand to family and then bought a huge house and a top of the range Merc for his girlfriend .
About 5 years later when i met him he was working 7 days a week and wasn't earning enough to even heat the house . He said with a shrug he was waiting for it all to crash because he was happier before the win .
I've not seen him for a couple of years since but i expect he is now single and working to pay the rent on a one bedroom flat as if the last 10 years didn't happen .
The first thing you have to buy is an income
About 5 years later when i met him he was working 7 days a week and wasn't earning enough to even heat the house . He said with a shrug he was waiting for it all to crash because he was happier before the win .
I've not seen him for a couple of years since but i expect he is now single and working to pay the rent on a one bedroom flat as if the last 10 years didn't happen .
The first thing you have to buy is an income
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I’ll never win a lottery because I don't do one, but I think Dave’s question is a bit more interesting.
I’m due to “retire” at the day of this year, but need to work part-time to supplement my pension. My daughter will be in school till 2026 so there’s no chance for me to become a hermit or go on world tours till then, ideally.
So a medium 5 figure win would probably reduce my post-retirement need to work, but not remove it altogether.
A 6 figure win would be different, probably share 20%, spend 30% and as Shayne says, buy an income with the the other 50%.
The only purchase I’d have in mind would be to have an 80 custom hand-built from new and refurbished parts, from scratch, or a total refurbishment, which would be much the same thing I suppose.
Probably be better off continuing the dream, reality has a way of biting you in the ass... (as Shayne’s mate found out).
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Apparently you now need over £3 million to live what people think of as the 'millionaire lifestyle'.
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If a millionaire with no income buys a pint of milk he is no longer a millionaire .
2nd December 2014
More than a third of Barry classed as "deprived"
Yet there's no point in me looking for a detached house around here unless i have half a million in cash to throw at it .
2nd December 2014
More than a third of Barry classed as "deprived"
Yet there's no point in me looking for a detached house around here unless i have half a million in cash to throw at it .
Rob Cowell
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200k would see me into retirement - 10 years away - we have a little cottage that costs us 300€ a year to heat (and its hot! even when double minus figs outside 
) enough for scotch and Diesel and for wandering around for a bit. Er indoors still wants to work though. I dont. I would stop tomorrow if I could!
) enough for scotch and Diesel and for wandering around for a bit. Er indoors still wants to work though. I dont. I would stop tomorrow if I could!
Gary820
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We rarely buy a lottery ticket tbh, if there's a big jackpot we'll chuck a couple of quid on.
If we won one of these massive jackpots
I think I'd have keep working while it all sinks in and decide what to actually do with it!!
Had inheritance in the past which was a healthy sum, paid mortgage etc and even that took a bit of time to decide what to do with it.
I honestly think 1mil doesn't go that far, you could spend that on a 4/5 bed detached in York easily.
If we won one of these massive jackpots
I think I'd have keep working while it all sinks in and decide what to actually do with it!!
Had inheritance in the past which was a healthy sum, paid mortgage etc and even that took a bit of time to decide what to do with it.
I honestly think 1mil doesn't go that far, you could spend that on a 4/5 bed detached in York easily.
Graham
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Consider that you (I) Just won £3,000,000 (only a modest win )
I think first priority is to explain to my boss in person, whey I can no longer work for him, and ask him to be quiet about it.
Second would be a phone call to Cunard for their next round the world cruise, that should give us 3 months to work out our third, which would probably be a home some where in Spain or Portugal, with sea views.
Best win so far has been just £14
Gra.
I think first priority is to explain to my boss in person, whey I can no longer work for him, and ask him to be quiet about it.
Second would be a phone call to Cunard for their next round the world cruise, that should give us 3 months to work out our third, which would probably be a home some where in Spain or Portugal, with sea views.
Best win so far has been just £14
Gra.
The best I ever had was 4 numbers which netted £125 or thereabouts. Don’t do it now so I’ve given up dreaming, which I’ve just realised, is pretty sad really. I agree with Gary, a million isn’t what it used to be which sounds terribly ungrateful. I think Shayne’s vision is pretty much mine too with the income to go with it. I know it won’t come from a lottery win so I’m just going to have to come up with something to pay the bills in my retirement.
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That's because you live in the Vale. And have a Waitrose.
Waitrose huh luxury on my doorstep and i didn't even know it
Thinking a bit deeper about this thread, I guess it depends on your personal circumstances, age, health and dependants, I certainly would not buy another house, probably a bit of gypsy in me as I don't mind moving every few years, no dependents and so rediculously cheap why bother (in my circumstances here) to buy for example, I rent a three bedroom detached house, furnished, sky, pool, AC, €260.00 per calender month, water and electric included, can't go wrong.
Given the difficulty to get on the housing ladder, and the long and continued austerity measures, I think the government should cap individual lottery wins, so if the jackpot is for example 5 million, why not make that 10 winners @ 500,000, or even 20 x 250,000? Even if there is only one winner, they would still get an individual share, roll the remainder over to the following week.
Those winners get a healthy deposit or even buy outright depending on location, they may also give some monetary gifts to relatives, thus spreading the wealth.
See how I like to spread the luuuurve?
Regards
Dave
A half decent investment should return you 4-8% p.a. I guess - so the £3m would give you an income around £120k-240k p.a. without touching the capital, so I can see the logic above. Or you splurg £1m and then live off an income or £80-160K.. which I think I could get buy on... ;-)
Waitrose huh luxury on my doorstep and i didn't even know it
Fraid not Shayne, remember the screws found in Tesco mince pies many years back? At the same time, identical screws were found in Waitrose mince pies.......quite a coincidence eh?
Regards
Dave
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