How would you share a mega-lottery win

Lily-Rose_3

marisco wrote: »

I think whatever fortune comes into your life, what is most worth holding onto is the ability to really make it by your own merits and abilities. So I would give x amount to family and very close friends, that would make a bit of a difference to them, but not set them up for life. My sister once got narked because my dad said if he won big he would give everyone a million. His response to her saying 'what only a million' was 'fine I'll keep hold of yours, would hate to insult you!'

LOL really???

A million would set almost anyone up for life, if they were careful and wise with it! What an ungrateful girl!

Buzzybee90

Lily-Rose wrote: »

LOL really???

A million would set almost anyone up for life, if they were careful and wise with it! What an ungrateful girl!

I read it as naked :rotfl:

1 mill would not set anyone up for life, unless they were quite old and well off to begin with!

ladeeda

I love this subject! I have a deal with a friend which we update when our circumstances change. Basically, neither of us would want any body to know we had won the lottery so I would tell my family etc that the extra money I had came from her and vice versa (all to be kept secret of course). Means we could share with family & friends but to a limited amount.

Instead of just giving money to a charity I would build housing adapted for people with LD and other disabilities. Then I would give the housing to the charity for their use for set periods of time. That way I could ensure that the money was not being directed to fat cat charity bosses and really benefiting the people I want to help.

So many ideas, so little money....

Lily-Rose_3

Buzzybee90 wrote: »

I read it as naked :rotfl:

1 mill would not set anyone up for life, unless they were quite old and well off to begin with!

We will have to agree to differ on that one.

A million would be plenty for me to live on for life. (I am 50 now.) And I think if a person was careful, they could live on it for life even from a very young adult age.

Once it had been in a high interest account for a year, it would definitely be doable to live off the interest for life. Me and my husband certainly could.

melanzana

This lady in Northern Ireland who won the Euromillions has made her mind up as to what she will do with her mega millions.....

Is she true to herself, badly advised, or just going for what she feels is right?

http://www.independent.ie/irish-news/irish-lottery-winner-im-giving-away-33m-30481414.html

purpleshoes_2

Buzzybee90 wrote: »

I read it as naked :rotfl:

1 mill would not set anyone up for life, unless they were quite old and well off to begin with!

If someone was on a low wage before winning a million, it would set them up for a very long time.

When I signed on a few years ago I had to manage on less than 5 grand a year, I think a million would have lasted me quite some time.

Much will depend on what people's lifestyle/earnings were before and how expensive their tastes are/were.

Lily-Rose_3

purpleshoes wrote: »

If someone was on a low wage before winning a million, it would set them up for a very long time.

When I signed on a few years ago I had to manage on less than 5 grand a year, I think a million would have lasted me quite some time.

Much will depend on what people's lifestyle/earnings were before and how expensive their tastes are/were.

Exactly! I may be off the mark a wee bit, but I reckon that you would make between £35,000 and £50,000 a year in interest, with a million pounds in the bank. That is easily twice our current income! And we manage fine.

As you say, it depends on the person's lifestyle and outgoings to begin with, but I would think that in many cases, £35,000 to £50,000 a year would be a decent living wage for most.

Buzzybee90

Lily-Rose wrote: »

We will have to agree to differ on that one.

A million would be plenty for me to live on for life. (I am 50 now.) And I think if a person was careful, they could live on it for life even from a very young adult age.

Once it had been in a high interest account for a year, it would definitely be doable to live off the interest for life. Me and my husband certainly could.

I'm less than half your age without a house etc so that would deplete it a lot for me. I honestly think a relatively large number of older people are much more than £1m rich in land and assets in my area due to the nature of their jobs.

I don't play the lottery though so It'd be pretty spectacular if I won!!

System

Personally my parents helped me out a lot whilst i was at uni, so ideally i would pay back every penny they gave me and give them enough do my dad could retire and they could live comfortably

I'd give my siblings enough each so that they could all get a deposit on a house or something so they would have some security

Buzzybee90

purpleshoes wrote: »

If someone was on a low wage before winning a million, it would set them up for a very long time.

When I signed on a few years ago I had to manage on less than 5 grand a year, I think a million would have lasted me quite some time.

Much will depend on what people's lifestyle/earnings were before and how expensive their tastes are/were.

5000 a year is about 416 a month. That doesn't touch my rent so yeah, I don't think that would have even doable for me! Unless you mean additional to housing costs.