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    • beaker141
    • By beaker141 13th Jul 17, 10:57 AM
    • 452Posts
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    beaker141
    Lottery Win - where would you bank it all?
    • #1
    • 13th Jul 17, 10:57 AM
    Lottery Win - where would you bank it all? 13th Jul 17 at 10:57 AM
    I havent won the lottery, but if our syndicate did win, say £2m each, where do you put such a large sum of money?

    Given each financial institution will only guarantee upto I think 85k under FSA protection, how do you keep it all safe?

    Do you have to accept the element of risk inherrent, spread it around all the financial institutions, then into stocks/shares etc?
Page 1
    • DUTR
    • By DUTR 13th Jul 17, 11:20 AM
    • 11,033 Posts
    • 6,271 Thanks
    DUTR
    • #2
    • 13th Jul 17, 11:20 AM
    • #2
    • 13th Jul 17, 11:20 AM
    Win it 1st and then stress about it, at that figure you will get financial advice from camelot, indeed I guess a lot of people have wondered similar....me?
    Whatever I won I would intend to somehow spend it all eventually rather than stress out about keeping it, depending on your age that figure isn't as much as you may think.
    • mt99
    • By mt99 13th Jul 17, 11:44 AM
    • 453 Posts
    • 218 Thanks
    mt99
    • #3
    • 13th Jul 17, 11:44 AM
    • #3
    • 13th Jul 17, 11:44 AM
    NS&I direct saver or income bonds will have protection for the full amount (max £2 million I believe)
    • eskbanker
    • By eskbanker 13th Jul 17, 11:51 AM
    • 5,798 Posts
    • 5,681 Thanks
    eskbanker
    • #4
    • 13th Jul 17, 11:51 AM
    • #4
    • 13th Jul 17, 11:51 AM
    I havent won the lottery, but if our syndicate did win, say £2m each, where do you put such a large sum of money?

    Given each financial institution will only guarantee upto I think 85k under FSA protection, how do you keep it all safe?
    Originally posted by beaker141
    How boring! Winning the lottery is meant to be a life-changing experience, so throw caution to the wind and live a bit....

    Yes, of course we mostly preach financial prudence on this site, and rightly so, but if your primary consideration, even before winning the lottery, is putting it all in savings accounts then I'd humbly suggest that your bucket list needs some work!
    • Mojisola
    • By Mojisola 13th Jul 17, 12:00 PM
    • 28,521 Posts
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    Mojisola
    • #5
    • 13th Jul 17, 12:00 PM
    • #5
    • 13th Jul 17, 12:00 PM
    Win it 1st and then stress about it, at that figure you will get financial advice from camelot
    Originally posted by DUTR
    You only get help from Camelot if you agree to all their publicity.

    I've heard lottery winners say that they put a lot of pressure on winners to accept the publicity and advisers.
    • DUTR
    • By DUTR 13th Jul 17, 1:39 PM
    • 11,033 Posts
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    DUTR
    • #6
    • 13th Jul 17, 1:39 PM
    • #6
    • 13th Jul 17, 1:39 PM
    You only get help from Camelot if you agree to all their publicity.

    I've heard lottery winners say that they put a lot of pressure on winners to accept the publicity and advisers.
    Originally posted by Mojisola
    I hear the same, as I understand it, above a figure you get FA for at least a few months, if you go public the FA remains, however I haven't won the figures to worry about it just yet and definately wouldn't go public or pack up working.
    • Mojisola
    • By Mojisola 13th Jul 17, 1:58 PM
    • 28,521 Posts
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    Mojisola
    • #7
    • 13th Jul 17, 1:58 PM
    • #7
    • 13th Jul 17, 1:58 PM
    I hear the same, as I understand it, above a figure you get FA for at least a few months, if you go public the FA remains, however I haven't won the figures to worry about it just yet and definately wouldn't go public or pack up working.
    Originally posted by DUTR
    The winners I heard interviewed said it was more stark than that - they were told they could walk out with a cheque for millions and have to learn how to manage it without any support or agree to the publicity and get loads of advice and plenty of personal support.

    It was all done in the few days after winning when their heads were spinning anyway and they were made to feel that they wouldn't be able to manage, that they'd get ripped off, that the papers would find out anyway, etc. The pressure to sign up to the Camelot machine was very strong.
    • beaker141
    • By beaker141 13th Jul 17, 2:06 PM
    • 452 Posts
    • 183 Thanks
    beaker141
    • #8
    • 13th Jul 17, 2:06 PM
    • #8
    • 13th Jul 17, 2:06 PM
    How boring! Winning the lottery is meant to be a life-changing experience, so throw caution to the wind and live a bit....

    Yes, of course we mostly preach financial prudence on this site, and rightly so, but if your primary consideration, even before winning the lottery, is putting it all in savings accounts then I'd humbly suggest that your bucket list needs some work!
    Originally posted by eskbanker
    Oh dont worry - the plans for spending it are discussed frequently - but the day our syndicate of 7 wins the euro millions I'm curious to know where to put it!

    Alternatively - high net worth individuals, companies with cash available - where do you keep millions.
    • PeacefulWaters
    • By PeacefulWaters 13th Jul 17, 3:32 PM
    • 7,167 Posts
    • 8,826 Thanks
    PeacefulWaters
    • #9
    • 13th Jul 17, 3:32 PM
    • #9
    • 13th Jul 17, 3:32 PM
    Nice house, car and holiday.

    £200k in NS&I products.

    A series of medium risk investments in pensions, ISA and outside tax wrappers, 4% income on £1m. The rest for growth.

    (Makes numerous assumptions about age, attitude to risk, size of house, future earned income and shouldn't be taken as advice).
    Last edited by PeacefulWaters; 13-07-2017 at 3:34 PM.
    • takman
    • By takman 13th Jul 17, 5:13 PM
    • 2,820 Posts
    • 2,357 Thanks
    takman
    I havent won the lottery, but if our syndicate did win, say £2m each, where do you put such a large sum of money?

    Given each financial institution will only guarantee upto I think 85k under FSA protection, how do you keep it all safe?

    Do you have to accept the element of risk inherrent, spread it around all the financial institutions, then into stocks/shares etc?
    Originally posted by beaker141
    Well firstly the Food Standards Agency offer no guarantee for money in your bank, so if you did win you might need to take their offer of financial advice

    But i wouldn't worry about keeping it in the bank; it wouldn't take me long to get what i wanted into decent investments when i started to think about all the interest i was missing out on by it sitting in the bank!.

    You would have to be pretty unlucky to loose any of it due to a bank collapsing.
    • Jlawson118
    • By Jlawson118 13th Jul 17, 6:23 PM
    • 829 Posts
    • 109 Thanks
    Jlawson118
    How boring! Winning the lottery is meant to be a life-changing experience, so throw caution to the wind and live a bit....

    Yes, of course we mostly preach financial prudence on this site, and rightly so, but if your primary consideration, even before winning the lottery, is putting it all in savings accounts then I'd humbly suggest that your bucket list needs some work!
    Originally posted by eskbanker
    I've often wondered the same as the OP though. But say you do live life on a bucket list and spend £1m, you've still got another £1m left over. Where would you put that?

    Myself personally would want to live but I can also imagine it would get boring really easily. Nice house, nice car, travel the world for a bit but what do you do with the left over money?
    • pinkdalek
    • By pinkdalek 13th Jul 17, 6:54 PM
    • 1,221 Posts
    • 708 Thanks
    pinkdalek
    You would have professional financial advice prior to releasing any funds, the minute you transfer it to a cash based account you'll be taxed to high heaven.

    The 85k limit applies to cash based accounts, investments are covered under a different scheme.

    Be nice though to have this to stress about.
    • Flobberchops
    • By Flobberchops 13th Jul 17, 7:05 PM
    • 584 Posts
    • 421 Thanks
    Flobberchops
    That's easy - don't have it sitting around in cash. A £2million win is just the right amount to buy a nice house. If the worst happens and the property market crashes, you still have a roof over your head!
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • DebtMan2017
    • By DebtMan2017 13th Jul 17, 7:27 PM
    • 29 Posts
    • 23 Thanks
    DebtMan2017
    Win it 1st and then stress about it, at that figure you will get financial advice from camelot, indeed I guess a lot of people have wondered similar....me?
    Whatever I won I would intend to somehow spend it all eventually rather than stress out about keeping it, depending on your age that figure isn't as much as you may think.
    Originally posted by DUTR
    Yeah,the poor people who win it.How stressful !
    • DUTR
    • By DUTR 13th Jul 17, 7:36 PM
    • 11,033 Posts
    • 6,271 Thanks
    DUTR
    Yeah,the poor people who win it.How stressful !
    Originally posted by DebtMan2017
    You only have to look at the stories of lotto losers to realise, often it is the cause of misery, I used to mock the binman who spent the £9M but I'd aim to do similar just not in the way he did (as in spend the lot) and over a longer period, many couples get divorced, in the US folk have lost their lives or taken their own. Many end up broke and estranged.
    • EssexExile
    • By EssexExile 13th Jul 17, 9:11 PM
    • 2,431 Posts
    • 1,615 Thanks
    EssexExile
    Why does one need a lottery win to have £2million in the bank? With all the money saving tips & tricks on here surely many of us have that amount already.
    Tall, dark & handsome. Well two out of three ain't bad.
    • TheShape
    • By TheShape 13th Jul 17, 10:18 PM
    • 1,111 Posts
    • 864 Thanks
    TheShape
    Why does one need a lottery win to have £2million in the bank? With all the money saving tips & tricks on here surely many of us have that amount already.
    Originally posted by EssexExile
    .

    If it weren't for Nationwide limiting the number of referral incentives they'll pay out for switching to them, I imagine there would be a few more millionaires here.
    • Chrysalis
    • By Chrysalis 14th Jul 17, 5:12 PM
    • 2,005 Posts
    • 918 Thanks
    Chrysalis
    I find this subject concerning, win the lottery and then become a money hoarder?

    You dont take it with you when you die.

    I would put it in a cash account to maximise my tax contribution (contribute to society), and set myself an annual budget that makes it depleted at 80 years of age.
    • trailingspouse
    • By trailingspouse 14th Jul 17, 8:01 PM
    • 2,369 Posts
    • 3,374 Thanks
    trailingspouse
    Well, I have a nice house and a nice car, and I've travelled the world. So - I would see the family right (£1m each should do the trick), keep a bit for me and the OH for the hell of it, and send the rest to that Bill Gates chap to help him in his quest to rid the world of malaria. There's a man who knows what to do with a lot of money.
    • Robisere
    • By Robisere 14th Jul 17, 10:03 PM
    • 1,844 Posts
    • 2,638 Thanks
    Robisere
    Look after our kids, both of whom had a long, hard road to travel along with us until we managed to get through some really bad patches. Ensure the grandkids will be OK, with Trust Funds paying out gradually and financing education for the youngest, who looks set to be the first to go to UNI.

    Get some financial advice from my friendly branch manager.

    And never forget what happened to the mate who made and lost 2 fortunes, then bankrupted his parents and sister, and died a lonely alcoholic before I could find him in time.

    Or the neighbours' son, who won £3 Million+ a few years ago, took a much younger woman as his second wife, and blew the lot. Whereupon she divorced him. He is back at work at the company that remembered him as a good worker, back with his first wife and sons, and is happy again.

    It really does not buy happiness, but it can put down a deposit towards it, if you don't forget who you are and where you began.
    There may be more than one way to skin a cat.
    But the result is always inedible.

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