I won the lottery (a few years ago) AMA

[NCuserer]

NC for this as I remained anonymous, which was fairly pointless as I did tell some family and friends and it spread from there.

@Ireallydontknowimtired that would be a 50 pager and a Part 2 to be sure. (fingers crossed)

Great thread though (thanks OP) got me off the covid threads and away from pressing housework....

People who get everything handed to them, not have to work (from a young age) and who don't appreciate the value of money usually turn out to be entitled arseholes.

Some do, not all. I did say previously that at the very least once he is through uni she could set him up in business, I didn't mean for him never to work.

I can see why the OP wants her son to make his own.

I honestly can't. 10 million in the bank but you would watch your child go through the heartbreaking process of trying to secure a job and build a life after graduating.

I'm sure she wouldn't leave him destitute

There is a lot of distance between destitute and entitled arsehole though. Reading between the lines I can see which end of the scales OP is tipping towards.

Please ask, I wish I could ask other lottery winners the same q's because I'm sure they're different to me.

Thank you so much for posting this AMA! I am fascinated by the psychology of it all. It is one of my dreams to carry out qualitative research on lottery winners and produce a book about it.

You sound like you handled it very sensibly. I always have the ‘if I won the lottery’ conversation with my mum and DP. I’ve always said I would make sure my mum is ok, aswell as my brother and sister. But that’s it. I wouldn’t even ‘give’ money to DP, of course he could use it for things he wants/needs but I wouldn’t be transferring money over to anyone but my mum and siblings.

Did you feel sick when you first found out or did it take a while to sink in? Because just read your replies makes me feel physically sick and it’s excitement that one day we might win something😂 you’ve given me hope.. and motivation to keep playing the lottery!

Congratulations OP, on winning; and not losing yourself or your money in the process!

OP did say they're in contact with their accountant. OP also said they have a few bank accounts. Advisers are there to advise, not force you to do anything. To them, it will be a stupid thing to do and they'll hound you with opportunities and advice because they think you're making a huge mistake...

As I posted previously, it's not just the opportunity cost of taking 0.1% interest (that the OP stated) but the lack of security that comes with leaving £10m in a private account. Only £85k would be protected in the event of a collapse. You would need 120 separate private accounts to protect that money. That's what makes it odd.

Private banks will be like a dog with a bone over this level of money being insecure. Obviously it's entirely up to OP, and they'll do what she wants, but it would be easier and less hassle to do something sensible with it than insist on letting it erode through inflation (worth maybe £2m over 10 years) and through spending capital on living costs as OP said she is. You would almost have to fight a private bank to be allowed to dispose of money in this way.

8t is one of my dreams to carry out qualitative research on lottery winners and produce a book about it*

Viv Nicholson, the first that hit the media big time (see... I remember her name without looking it up). She won £150,000 back in 1960, a fortune, as she grew up in extreme poverty. She coined the phrase 'spend, spend, spend' when asked what she would do with the money. Five husbands, and she lost it all in a few years, and her life spiralled downwards thereafter. A sad story actually.

@SofiaMichelle agreed and is obvious the OP isn't stupid. BTW what does AMA mean?

@Roussette
Yes I remember her story very well
She did put her children through private school though

[quote bollihigh]@SofiaMichelle agreed and is obvious the OP isn't stupid. BTW what does AMA mean?[/quote]
What did you think it meant when you were posted - it surely wasn't Advice Me on Anything.

AMA- Ask Me Anything.

When you were posting*, not posted.

OP, congratulations on your win.

Forgive me if I missed the answer but I’ve seen the question asked many times and no response.

What do you say when people ask what you do or did for a living? Or do people just not ask you outright? Just wondering if you’ve thought about what people assume about your financial situation and how you got there.

If I knew you I’d definitely be thinking ‘what’s her story then?’ . Although I’d never ask.

Isn't £85k the maximum protected balance in a UK High Street bank? I'd imagine private banks hold much much bigger balances safely.

@SofiaMichelle Well I agree with what you're saying but I don't think, if this is true, anyone here is saying something OP hasn't already heard from advisers. So I don't see the need but fair enough. Not telling anyone what to post.

I'd put my doubting hat on if the thread had required anything from me besides to read and smile (and ask questions if I have any) - half of the threads on MN are fake and this one does no harm.

@DumplingsAndStew

Isn't £85k the maximum protected balance in a UK High Street bank? I'd imagine private banks hold much much bigger balances safely.

Yes they do.

This may help the OP but it doesn't sound like she needs any.

www.reddit.com/r/UKPersonalFinance/comments/8i8iz5/18_year_old_lotto_winner_need_urgent_help/

I have a number of posts removed for 'troll hunting' apparently (goes to look under a bridge!). Sounds like a MN yellow card.

@Ireallydontknowimtired

Yes they do.

No they don't.

No bank (or multiple banks sharing one banking licence) can offer more than £85k protection because that's the FSCS protection level for all regulated banks.

And if you're purely talking about deposit security over and above the guarantee private banks aren't more secure, or more able to protect a deposit, than any other bank.

Bear Sterns and Lehman Brothers went down with over a hundred year's history so no private banks are not inherently safe. I would have at least a couple of thousand UK gold sovereigns (can be bought VAT free) buried on my property and tell no one as a secure stash and an emergency fund if everything went pear-shaped. Buried very deep and done at the dead of night.

How did you recognise your numbers if it was a lucky dip?

@bollihigh

Oh - good then.

I do hope the OP comes back and deals with some of the doubters. Since she has taken the trouble to start a thread and answer almost each and every question then a rebuttal would be in order. TBH though it's a bit boasting "look at me I won £14 million quid" whilst cloaked in vast clouds of anonymity.

Why would the Op come back now?

• you’ve basically accused her of lying.
• and others have accused her of not being generous enough - she should’ve apparently given it all away to her grabby family and charity? (Yeah right)

I’d be dammed if I came back to justify myself to doubters and people who can’t understand life isn’t always black and white.

So, @bollihigh let's say the OP has an accident and dies - nobody would know those sovereigns were hidden, would they? Even if she told her son, it would be hard to explain where she'd buried them. Anything would be better than that, frankly!

@bollihigh

Sorry, but I have slept on this - the OP is obviously very articulate and intelligent and comes over very well but sorry no way is this true with £10 million plonked in a 'private account' and no Financial Adviser or Accountant or Tax Adviser.

National Lottery is very good at advising and supporting their winners and in no universe would they recommend going down that route. Plus 10 mill in a private account is hugely risky as only 85k is covered by government guarantees.

Who would do that!

OP said she has an accountant

@PropertyFlipper

How did you recognise your numbers if it was a lucky dip?

Best question on here

Brilliant thread OP. Congratulations on your win. You sound very nice.

@HollowTalk Co-ordinates is your answer (clearly I've been watching too much Breaking Bad)

If you come on a public message board and say I won £14 million then it's only fair you expect a variety of responses some of which won't be to your liking. Frankly, if you've got that sort of money why would you care...

Would have a sealed will that had exact instructions of how to locate the stash. You could have the instructions sent on a timed online calendar which would email your trusted contacts if you didn't amend it every 6 months. The dead woman's handle so to speak.

www.reddit.com/r/YouShouldKnow/comments/51jfr2/ysk_you_can_enable_a_dead_mans_switch_on_your/