Lottery Win - where would you bank it all?

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

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!

DebtMan2017

DUTR wrote: »

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.

Yeah,the poor people who win it.How stressful !

DUTR

DebtMan2017 wrote: »

Yeah,the poor people who win it.How stressful !

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

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.

TheShape

EssexExile wrote: »

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.

.

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

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

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

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.

Chrysalis

It really does not always buy happiness, but it can put down a deposit towards it, if you don't forget who you are and where you began.

inserted the missing word for you

given 10s of millions of people have stress due to finances, to say been relieved of that stress doesnt make you happier is a bit misleading

not to mention the amount of people stuck in a job they hate.