How would you share a mega-lottery win

Lily-Rose_3

Buzzybee90 wrote: »

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!!

Oh to be in my early 20s again!

Fair enough. I guess it's different for all.

Lily-Rose_3

Buzzybee90 wrote: »

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.

I think purple was on about what she got when she signed on for a short while, not how much interest you would get a year on one million pounds.

You'd get about three to four grand a month. Plenty for most people I would think.

Buzzybee90

Lily-Rose wrote: »

I think purple was on about what she got on benefits, not how much interest you would get a year in 1 million pounds.

You'd get about three to four grand a month. Plenty for most people I would think.

Yes I know, I was just saying the 5000 was no mean feat!

3/4k a month would be lovely thanks!!

melanzana

I think I would give income rather than cash to those I want to benefit.

I don't know how I could do this...trust fund maybe?

Cash can be frittered away, but a nice steady extra income is good IMV.

However, at the same time, you either give freely or you don't!

I'm torn.

stir_crazy

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 said to DH that it would be great to win £250,000 (if I didnt get the euromillions, hah!). That would pay off our mortgage, our various finance plans and our car, allow us to do everything we wanted to the house and take our families on a wee holiday. Even paying of our mortgage and car would save us around £750 a month, so that would make a huge difference to us.

roobee13

I agree with others, money does funny things to people!

If I won the biggie (circa £80-100m) I genuinely think I'd be terrifed. I would buy my parents a nice bungalow, and help out all my friends, though as others have said, it's difficult if you don't want people to know!

House wise I don't like big flashy places, the only things I'd love to have is an en suite and a utility room, what a nerd!

Work-wise I'd happily give up the day job and do volunteer work, but OH says he'd still like to go to his normal job everyday.

If I won the biggie, my ultimate dream has always been to set up and run an animal shelter, I know it sounds totally cliche but it really would make me happy. I would give absolutely loads to charities too, their need would be greater than mine and I just don't think I could cope with that amount of money personally, I'd feel suffocated.

We can all but dream though eh!

Morglin

Spilt two thirds of it between us and kids/grandkids, and use the rest to help local causes/charities.

No publicity though - I think people that accept the publicity are crazy!

Lin

getmore4less

For super big win tax planning first then income generation.

4% should be achievable after inflation.
£1m £40k interest + a it of work should be comfortable plan in some drawdown depending on age mor than comfortable..

lostinrates

melanzana wrote: »

I think I would give income rather than cash to those I want to benefit.

I don't know how I could do this...trust fund maybe?

Cash can be frittered away, but a nice steady extra income is good IMV.

However, at the same time, you either give freely or you don't!

I'm torn.

This is something I definitely wouldn't do, and why I wouldn't want people to know any money was from us

I feel if they knew their luck was from us they might feel beholden or entitled AND we might feel entitled to certain treatment form them. That's not something I would want at all.

Giving freely, as you see, has to be it, and it feel unless you do it with as little connection to you as possible people will feel awkward.

As a child free couple I reckon we could blag paying university for younger generations quite easily though. Even a couple of friends kids, especially in return for them working in jobs related to their desired industries in the summer holidays if we could sort that out too...improving their cvs, providing motivation. It would be something we'd love to do from us.

Dashikii

Ooh I do love this topic.

You guys are soo reserved!
Ok lets say its an £80m win.

House 1
I will buy a few houses. One somewhere around the m25 - our main home, Maybe £3m. It would need a walk in closet, massive kitchen with an island in the middle bit. Playroom for the kids. Games room for the grown ups. Cinema. Huge bedrooms (think mtv cribs). I will spend about 6 months on decorating it as i fancy myself as a bit of a designer. It will also need an outhouse for my housekeeper and his/her family. I would need a chef, chauffer, nanny, housekeeper and gardener. It has to have a massive garden for the kids to run around in. I would spend about £1m on a new wardrobe for the whole family (yes its excessive but we just won the lottery dammit! :rotfl:)

House 2
More of an apartment, maybe somewhere in town for when i'm in london and a place to crash if we go out. I think i will spend about £2m on this but that would probably get me somewhere tiny in a central location.

House 3
This house will be in Florida - cost £500k. We will spend a lot of our time there and be there 3/4 times a year going to disney and enjoying the weather. I will also manage the property myself and rent it out when we aren't there. (this will be part of my day job along with the interior design).

I will only tell my immediate family and they would not be allowed to tell anyone. I haven't decided that they should even tell their partners (as what stops their partners telling their family and so on?). I will give my brother and sister £10m each (cos I love them). I would also put £1m each into a trust fund for my nieces and nephews.

I would insist that my siblings and parents live at least a 20 min drive from me (no closer no further). I would buy my mum and dad a house and rent out their existing house. I would also by about 10 properties which my dad can help me manage. Total cost £10m

I want to give all my cousins about £1m each but not sure how to do it without them telling the whole world that I won the lottery.

Total spend so far is about £50m. I would put £20m in the bank/invest it and the remaining £10m will be for my good causes and charitable efforts.