Lottery win (not a bad amount).

[winningballs]

Name changed for this.

I have been thinking about asking this and I have spoken to f&f about it and the opinions vary.

Last Wednesday I got an urge to do the lottery, I haven't done it in ages because I just can't afford it, but I got a lucky dip and lucky it was, I got 5 matching balls plus the bonus. I won't say how much I won but it's a fair amount, enough for me to not worry about bills for the foreseeable and enough to give people 10k each.

Here's my question.

I have a list of whom I would share my winnings with stored on my phone, it's been on there for years and my ex is on there. We have been split for a year or so but I always said I would give him something if I won. I don't hate him and I really liked his children, so should I just transfer some into his account? This is not a plan to get him back as I am happily with someone else now and he has no problem with my list as he is well taken care of too.

Should I - or should I not bother?

Lol at the list you keep on your phone. As if

I think that a lottery advisor will be in touch with shortly who offer great advice. The first advice is not to spend anything luxurious straight away. Congratulations op

I would keep very quiet about it, keep the money intact for a while and think about what to do with it.

Do your own long term financial planning first and then work out who you can afford to give gifts to.

Unless you want everyone you know to treat you as a cash machine for ever, it might be prudent to be very very cautious for a while. Treat yourself in the short term, make sure your own future is provided for as best you can. Only then think about giving money away.

If you give a few people £10k each then word will get around and I can assure you that your generosity will be thrown back in your face.

’She won a million and only gave me £10k’!

People change when money is involved.

A million isn’t a lot of money. I wouldn’t give anyone anything just yet.

No don’t give anything to your ex unless you want every Tom Dick and Harry at your door.

Congratulations on your win.

👀

A family friend I know won the lottery a few years ago and a lot of peoples behaviour changed towards him. He was generous and gave to close friends and family but often people forever tell him they’ve no money struggling and expect to be helped out. He even went to family event and several people in the room were gifted an amount months prior and no one bought him a round he was just expected to pay his own or get them in. People attitudes changes thinking oh he doesn’t need people buying him a drink he’s loads of money but it’s a nice gesture still to be offered like he normally would have prior to his win. So be careful with who you tell and be prepared It most likely will change people behaviour towards you.

Why not? If you think he's deserving then go ahead. Ignore the haters and do what makes you happy. I'd absolutely love to be able to help those people out that have been in my life that I still hold in high regard. This is a lovely thing to do. Huge congratulations xx

*reminds self to start doing the lottery again !

No. Tell as few people as possible. If word gets out you will get a lot of people knocking on your door.

get yourself a financial advisor and invest a massive chunk. A former close work colleague won the same amount and it set them and their kids up for life but they were very shrewd what they did with it, and they had a lot of pressure to rescue people who weren’t immediate family.

enough for me to not worry about bills for the foreseeable

emmm it's quite a bit more than that wouldn't you say?

Sadly not in this day and age if she has another sixty years ahead of her and children now or in the futur3 and is planing to give away £10k to various people.

One million won’t go that far in the course of her lifetime unless she spends it wisely and invests.

Don't go public with it if the national lottery advise you to. You can get good financial advice from an independent financial planner and accountant.

1. Lock it away in a premium bonds account for at least 3 months while you plan.

1. One million won't last long depending on where you live. In my area a modest 3 bed 1930s semi is upwards of £600k

1. Pay off your mortgage & debts and max out your pensions & savings. Save university or house deposit fees for kids if you have any.

1. Anything leftover can be gifted but solidify your own financial position first. I'd be inclined to take people out for a slap up meal rather than gift £10k to a long list of people.

1. Cut your list of recipients down and if asked just say you inherited a small sum from an old friend. Do not mention lottery win because once you do, you'll become an ATM for people.

Totally agree with @BobbyBobbyBobby, one million was an amount selected about 25 years ago and it's never even been adjusted for inflation.

Don't give money to your ex because every ex after him will be expecting a handout. You'll be paying off people to get rid of them.

@FlamingBells

You can't put anywhere near that much in premium bonds.

@bingotime Oh yes I forgot but she can split it between a premium bonds and 3 month notice deposit account.

Congratulations you lucky thing. If you ever get that “feeling” again, please PM me with a string of numbers. 🙏

take his kids out for a really fancy lunch with flowing champagne? £250 each M&S vouchers? You could say you got those from work as a bonus and there’s “no way you could spend them all”.

id keep shtum about the amount/source.

Firstly congratulations. Secondly it is a lot of money and I’m sure life changing for you, especially if you haven’t got much. However it is an amount that could go very quickly. For example it could by a nice house outright, but not necessarily leave lots left over or provide and income to run it. Don’t go giving it all away, you’ll regret it down the line. Do treat fiends and family, say treat them to a holiday etc, but be sensible.
I could spend that money in a blink of an eye and still have to work full time to pay into my Pension if I want a reasonable standard of living for the rest of my life. It’s admirable you want to share and help others, but unless you’ve won several millions which you haven’t, there is t really enough there to be gifting all away, if you want what you’ve won to make your life easier for the rest of duration.

Congratulations, it's quite a personal thing how you chose to spend it, depending on how you are set for life already, the money should be there for you most importantly to live off, especially when you retire, if you've already got a plan then I'd only give away to immediate family that really need it, I wouldn't give to an ex.

Aww congrats, nice to hear some happy news. Enjoy the financial security. And do as you please.