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?

1 million isnt enough to live on, depending on how old you are. ID stash the money and not tell anyone. Only give a decent amount on special birthdays.

It's a hell of a lot of money to me, but I do agree that I would not be giving it away. Especially to an ex boyfriend.

Get advice to invest the money/ house yourself, then live off the interest. Make that £1 million improve the rest of your life for ever. Gift from your income from it if possible.

Thats what I was thinking. Weird.

I thought that.

I wouldnt give it to an ex. I highly doubt he would give anything to you.
A million is a fantastic win. You should put it in the bank for your own future. You dont know when youll need it.
A treat for your nearest and dearest would be more appropriate, but dont go mad with generosity or youlljust be screwing yourself over. Its not an amount to retire on either.

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.

This is an entirely bad idea.

You have been split for a year, he is no longer part of your life. Move on.

Update your list to represent your changed circumstances. All the best.

Just keep the money yourself. No good deed goes unpunished!

"a fair amount"

Aye?

This is excellent advice (though you can only have £25k max in Premium Bonds). Particularly: don't tell anyone (though I suspect that ship has already sailed).

THAT with Bells on.

You've been split for a year yet you are thinking of giving him a substantial amount of money?

Why are you even giving him headspace?

Don't give anyone £10k. And don't tell anyone. Sot on it until after Christmas.

Premium bonds for 50k. But plan for your future.

People are funny about money and green eyed monsters soon appear.

I wouldn’t give it to anyone except spouse and kids. Friends? No way. And I like my friends.

Also having a list is nice but surely how much you give away will depend on how much you’ve won.

Dint get stuck to the list because that’s what you said you would do years ago.
Put yourself first.
The review your list. Are you still close to the people on that list? Do they need the money aka how much difference would it make to their life?
Whats your aim to give such a huge gift to an ex? Is ‘because I said I would do that years ago when we were together’ a good enough reason? If you remove the ex part and look at your relation NOW, is he a good friend? Are you close to him? Who is he in your life nowadays?

Come on, you've never played "if I win the lottery"?

I play every so often. Usually handwritten, but could be on my phone. I play with different amounts 1m, 10m etc

There's no gifts to anyone in the 1m plan :D

I would keep the win quiet. Sit on it for a few weeks.

After that, it's a bit like the oxygen masks on a plane. Sort your own out first (and by extension your DCs'). Clear debt, invest for the future. Leave yourself a little fun money.

Then see where you stand. You may feel differently about who and how you want to treat the people on your list.

Yeah, I'd be careful, OP. As is so often true, no good deed goes unpunished. It's lovely that you have such a generous nature, but do get advice first and think things through. As I've seen too often with inheritances, even the sniff of money brings out the very worst in people.

Yes! An acquaintance had a big win and gave an equal sum to each of his many siblings. There followed considerable grumbling about whether so-and-so deserved as much because of having fewer kids, or not having been as close to their brother before his win, or already being pretty well off. He did rather wish he hadn't bothered!

No. Except for charitable donations, don't give to anyone you aren't related to by blood, and within your blood relatives have a fixed cut-off whereby everyone who has that degree of genetic tie is included and everyone more distant is excluded with no exceptions. If you don't do this you will get begging pleas from every neighbour and school-run acquaintance who suddenly decides that you are their best friend.

My plan for when I win £1million would be £100,000 to go into a Charity Aid Foundation account so that I can disburse it to as many charities as I like over the rest of my life.

£50k in trust to each of my 5 nieces and nephews to either pay towards private schooling, support them through University or pay for a mortgage deposit with each child's parents being entrusted to decide whether or not using it for schooling is in that child's best interests. I know this isn't enough to pay for full fees for private schooling but each family is wealthy enough to cope with the difference.

£150,000 earmarked for my own (only) DC to pay the remainder of his school fees (he's already at a private senior school, only 4.5 years to go) and also see him through uni with a bit left over for mortgage deposit.

Remaining £500k will be enough to be able to move from our cramped unpleasant ex-council semi in a fairly down-at-heel area to something nicer with 4-5 bedrooms in a better part of town.

That done, I would be able to work part time and have a better work life balance and life would be so much nicer.

I think I'd be careful who I told to be honest. I'm sure it changes people's attitudes towards you. Unless your planning on buying a mansion and porche? In reality 1 million doesn't go that far any more.

I think I'd give it further down the line, then you can say I won this last year. Then you can say its spent

I wouldn’t give money to an ex, no. But if you were together for years and a big part of the children lives then I might consider putting 5-10K in their savings account. It would really depend on why we split and if we were on speaking terms. Only you know him and how it would come across to him.

😉

Agree with @DWMoosmum But also, sort your own things out first before giving any away as it doesn't go as far as you'd think.

@Allverywellwiththebenefitofhindsight

The limit on Premium Bonds has changed since you last checked.

www.unbiased.co.uk/discover/personal-finance/savings-investing/premium-bonds-what-are-they-and-are-they-worth-buying