SFL Winner

GenieBoy

What to do with £10K a month for 30 years?

I currently earn £21K in my full time job plus £7K in a small part time side job. Not sure how long I plan on working now. Age mid 30s.

eskbanker

If you're saying that you've won the Set For Life lottery prize then congratulations - that obviously opens up a lot of possibilities!

I'd have thought that financial advice would be offered in such circumstances, but you'd first need to establish what you want to do with it, in general terms, i.e. how much spending, how much you'd use to live on (if applicable), whether you'd share it with family/friends/charities, whether you'd buy property, invest, save, etc, etc....

phillw

GenieBoy said:

What to do with £10K a month for 30 years?

I currently earn £21K in my full time job plus £7K in a small part time side job. Not sure how long I plan on working now. Age mid 30s.

My first thought would be to start looking for a property that you'd like to live in, where you would like to live. I'd probably look at what you could get for a £5k mortgage.

I'd continue working, though maybe not necessarily doing exactly what you do now.

Albermarle

Can we assume as it is a prize, it will not be taxable. Or will it ?

noh

Albermarle said:

Can we assume as it is a prize, it will not be taxable. Or will it ?

It is tax free.
https://www.national-lottery.co.uk/games/set-for-life/about-set-for-life#Is-the-top-prize-tax-free

Malthusian

eskbanker said:

I'd have thought that financial advice would be offered in such circumstances

Correct, the National Lottery always offers financial advice to big winners.
So the OP will have to forgive me for thinking this might be a hypothetical question... (nothing wrong with wanting a second opinion from people down the pub, but you'd expect to be told what the first opinion was) 

noh said:

It is tax free.
https://www.national-lottery.co.uk/games/set-for-life/about-set-for-life#Is-the-top-prize-tax-free

More generally, gambling winnings are always tax-free (if HMRC recognises them as such).

GenieBoy

Yes I've been offered financial advice but the appointment has not been set up yet. Just trying to get a look at different angles. 

oz0707

Retire....

Sg28

Stop working obviously. Buy a house, travel, enjoy your life.

And pay into a pension to keep your income adter the 30s years.

Oh and don't get into debt other than a mortgage. Save up for the big things you want to buy. 10k a month is a lot of money but if you go over the top you could easily get into trouble still.

Albermarle

Stop working obviously. Buy a house, travel, enjoy your life.
And pay into a pension to keep your income adter the 30s years.

If the OP stops working, then they will be very limited in how much tax relief they can gain by adding to a pension, as they will have no taxable earnings.
So long term investments would be much better outside a pension.

Sea_Shell

Are you married? Children?

Be careful not to overstretch yourself, as bear in mind, I assume the money stops if you die before the 30 yrs is up.

IMO, save the first 12 months worth, before making any big decisions.