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Lottery win (not a bad amount).

379 replies

winningballs · 08/11/2022 00:41

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?

OP posts:
dawngreen · 08/11/2022 10:12

Its not that much these days. make sure you and your family are sorted. College, uni, loss of jobs etc. Maybe a house but make sure you can afford it.

EachandEveryone · 08/11/2022 10:17

Congrats its a lovely amount to win. In North London a bog standard three bedroomed terrace would cost me £750,000 so no I wouldnt be giving a penny away😀

Sapphiretrueblue · 08/11/2022 10:19

Firstly congratulations. What lovely news for you. If it were me, I would be keeping it very quiet, I certainly wouldn't be giving an ex the money, regardless of the rapport - how can you be sure he won't tell people (not nastily but he might not keep it a secret). Sudden large amounts of money and giving it to people can cause all sorts of issues. Just sit tight on it for a bit and decide in a while. I'd be keeping as much as possible for retirement and my own child. Selfish maybe but I wouldn't be giving tens of thousands to a list of people.

oakleaffy · 08/11/2022 10:20

BobbyBobbyBobby · 08/11/2022 04:32

You risk him blabbing to others and before you know it all kinds of problems have been caused by people coming out of the woodwork to ask you for money.

THIS.
A million these days is nothing, sadly.
It can dwindle away fast unless invested wisely.

ancientgran · 08/11/2022 10:21

I don't know the right answer but I just wanted to say I think it is lovely that you are thinking of this and it is so nice to hear someone who isn't bitter about a break up. You deserved your luck and I hope you enjoy it and if you do give ex something I hope he appreciates what a lovely person you are.

SandrasAnnoyingFriend · 08/11/2022 10:25

Unless you've printed and laminated the list then it's not binding

Seaweedandsalt · 08/11/2022 10:28

It will soon disappear. Invest half of it in a 2 year fixed bond so you have a nest egg should you need it and keep reinvesting it.

So many stories of millionaires blowing all their money, its easily done I'm sure, don't let yourself get carried away. And well done x

Grumpyoldpersonwithcats · 08/11/2022 10:30

A million these days is nothing, sadly.

After all with the average salary in the UK of £38k you'd earn that money in 26 years or so (although you'd pay tax on your earnings...)
FFS - Comments like the above just show how far removed from reality many Mumsnetters really are.

Tippexy · 08/11/2022 10:33

Yet another lottery thread this morning!

Candymay · 08/11/2022 10:33

The thing about it is you see, the thing at the heart of this- the actual nub of this as it were, is that this is all horseshit dears.

phishy · 08/11/2022 10:40

In the unlikely event his is real, no, I wouldn't give him a penny.

Women seem to feel so beholden to men.

somebodycutmygrass · 08/11/2022 10:44

It's your money to do what you like with, however, the top interest rate of about 2.5% per annum would only yield £25,000 a year before tax.
A million isn't that much money really and should be spent wisely.
Once you start chipping away on it it could be gone in no time.

Cottagecheeseisnotcheese · 08/11/2022 10:44

even if you buy a 750K house with it, and "only" have 250K left that outright purchase of a house is saving you maybe 20+k a year on mortgage repayments
that is a nice amount of extra money per year to invest in pensions holidays a cleaner etc even if your rent or mortgage repayment is only 500-1000 a month it is 500-1000 extra in your budget every month so even in London unless you already make 500k a year it would make a significant difference it would not allow a 20 year old to retire but if you were 55 you definitely could retire with a million

BoogieBoogieWoogie · 08/11/2022 10:52

phishy · 08/11/2022 10:40

In the unlikely event his is real, no, I wouldn't give him a penny.

Women seem to feel so beholden to men.

Eh??

How is wanting to share her luck with a chosen few people being beholden to anyone? And what does him being a man have to do with it?

YankeeDad · 08/11/2022 10:53

@winningballs Sadly I agree with other PPs who remind you that people can get very weird about money and where you might expect generosity to bring good vibes, it might not.

Also, I agree with people saying "it is not that much money" in the sense that this is probably not enough to be "set for life" unless you have, and keep, a very frugal lifestyle.

Here is one way to think about how much £1 million is: if you wanted to convert this into an inflation-indexed income for life, how much would that annual income be? Unless your life expectancy is less than about 30 years, and considering also the effects of inflation, the answer is probably about £20-30k per year. If you use more than that per year, then the winnings will run down over time, at least in inflation-adjusted terms, which means "not set for life".

So my suggestion would be: do not quit your job, do not tell people or the information will spread and people may start to behave differently, and do not spend nor lock up the bulk of the money. Take some time to think about what you want to do. If you work full-time, maybe you could go part-time and top that up with money out of the winnings in order to maintain or marginally improve your lifestyle?

If you own your own home and have repairs or improvements that are really needed, do that. If you have a mortgage, consider whether getting rid of that might be a good use of the funds. And if you do not own your home and would like to, then start looking but do not be in a hurry: prices may come down, perhaps a little, perhaps a lot.

In terms of how to "park" it to minimise loss of purchasing power to inflation, you can put a little bit into premium bonds, but you can put a lot more into gilts (UK government bonds); if you buy a duration between 1-3 years you will get a little over 3 percent if you hold to maturity, and the most you can lose if you want to get the money back before maturity is roughly the duration times the change in interest rate (so if rates go up 1 percent, a 2-year gilt would go down about 2 percent in value if you then sold it without waiting the 2 years. a 1-year gilt would go down 1 percent if you sold it without waiting 1 year). Or if that controllable risk of a small loss still bugs you too much, then you can put that full amount into an NS&I Direct Saver account which pays about 1.8% right now and is instant access and fully government-guaranteed.

Finally, if you want to be nice to friends, you could throw a big party or give them all somewhat more expensive Christmas gifts that are also thoughtful.

Hope this helps a bit.

Oddieconvert · 08/11/2022 10:55

Less than 48 hours ago you get a life changing amount

and here you are posting on mumsnet asking whether you should stick with some list on your phone and give some money to your ex

bloody hell op

PollyAmour · 08/11/2022 10:55

I would tell as few people as possible and would give to my nearest and dearest only - definitely no ex-partners. Just children and siblings, and then only a few grand.

Then I'd book a lovely long holiday somewhere glorious and decide whether I could afford to retire. I think I could with a million in the bank.

Oddieconvert · 08/11/2022 10:58

PollyAmour · 08/11/2022 10:55

I would tell as few people as possible and would give to my nearest and dearest only - definitely no ex-partners. Just children and siblings, and then only a few grand.

Then I'd book a lovely long holiday somewhere glorious and decide whether I could afford to retire. I think I could with a million in the bank.

Out of a million you’d give your children a “few grand”? How old are they?

Iminthemoney · 08/11/2022 10:58

I've had a quick name change to say this.

I won half a million a while ago. My suggestion is no don't give your ex any. Also go through your list and think very very carefully.

Most people don't even know I have the money. I told very few people. In fact I only told 4 people. I "bought" their silence in a way as they are the ones I knew wouldn't tell others and constantly expect me to put my hands in my pocket. As it is even 2 of those are much more likely than they were before to mention how broke they are, how they need x y and a in a way they didn't before.

Money causes resentment in a way nothing else does.

Plus a million is really not much these days.

Speak to a financial advisor and invest it, sit on it. Let some interest build up whilst you think things through. If you decide to give some away then you can still do that in a few months. But honestly for now just KEEP YOUR MOUTH SHUT.

Congratulations.

pewtypie · 08/11/2022 11:00

Oddieconvert · 08/11/2022 10:58

Out of a million you’d give your children a “few grand”? How old are they?

£1m is just a semi detached house in many parts of London.

I would invest the money for my future, the kids can make their own lives instead of relying the bank of mum.

Oddieconvert · 08/11/2022 11:02

pewtypie · 08/11/2022 11:00

£1m is just a semi detached house in many parts of London.

I would invest the money for my future, the kids can make their own lives instead of relying the bank of mum.

Given how different the economic landscape and job market is for our children as compared with us - I would absolutely help out my two as much as possible.

NCFT0922 · 08/11/2022 11:03

I wouldn’t. You won 1million, it’s not life changing and won’t last forever.

NCFT0922 · 08/11/2022 11:04

@Oddieconvert she didn’t win a life changing amount it was £1million.

Oddieconvert · 08/11/2022 11:06

NCFT0922 · 08/11/2022 11:04

@Oddieconvert she didn’t win a life changing amount it was £1million.

Surely depends on her circumstances whether life changing or not?

Oddieconvert · 08/11/2022 11:06

On the bones of your arse
unemployed
Housing benefit

i think we can all agree £1 mil would be “life changing”