Page 15 | How do you stop your life being ruined by a lottery win??

Foliageeverywhere122 · 2020-08-25T18:07:29+00:00

Inspired by the euromillions thread! Ever the optimist, I started thinking about how exciting it would be if I won...and then started thinking about all those news articles you see in the daily fail about people who claim their lives were ruined by it. So how do you actually enjoy a lottery win? Has anyone won (or inherited) a large sum of money and has advice? :D

Porcupineinwaiting · 14/10/2020 19:56

@gamerchick smart, thank you! Now all I need to do is win.

flaviaritt · 14/10/2020 20:36

Give friends and family small amounts, call it “investments” and “windfalls”. Say you freelance/play the stock market/saved “wisely” in your undoubtedly misspent youth. You know, lie.

ArnieLinson · 14/10/2020 20:47

@Ineverdidmind

I once had a dream that I'd won the lottery and I had a massive fridge full of loads of different gorgeous cakes, and they were all mine. It was a wonderful dream and I was really sad when I woke up and realised my fridge wasn't really full of cakes 😔

Id be most certainly keeping it a secret but Mentioning the business we had been working on for a few years had taken off for some reason. Brexit or covid maybe? Who knows! And ive decided you need to speculate to accumulate, so im jacking in my day job to focus on developing the business.

Occasionally vague social media posts about getting ready for a client meeting, getting new leads, looking to add new products etc, feeling positive it all seems to be coming together. Blah blah.

Buy the lovely house. Occasionally mention the fake high mortgage payments in a negative way.

‘Lease’ a nicer car.

Let’s face it, with current restrictions, nobody would notice anyway as you cannot see anyone for long enough.

ArnieLinson · 14/10/2020 20:49

Or, and i believe this might just be genius level, you could pretend to join one of the many MLM cults, tell people the truth about flash cars, mansions etc, and Nobody would believe you anyway

boarboar · 14/10/2020 20:52

@ArnieLinson

Or, and i believe this might just be genius level, you could pretend to join one of the many MLM cults, tell people the truth about flash cars, mansions etc, and Nobody would believe you anyway

Bingo! What an idea, absolute genius.

tryinghardnottocry · 14/10/2020 21:42

An increase in wealth which takes you from having to striving to achieve a certain basic standard of living is exhilarating and brings relief and reduces stress and that buzz you get can motivate you to continue but that same buzz will be there when your wealth increases after having passed that point – but it will be much weaker.

It would be naïve to think that your problems will evaporate with money, other problems will take their place and a particular fear comes on to the scene…what happens if I lose it all ? because the fall from having money to no money is very difficult to come to terms with.

My observation is that when you reach a certain level of wealth you find that those around you who have achieved wealth have done so by being focused and concentrating on their efforts and may not have the time or empathy to understand the problems in life which come from noting having money. You then realise that if you lost everything those people you now know may not be there for you.

Holothane · 14/10/2020 21:44

Tell no one sort financial stuff out then I’d have great joy in telling dwp what to do with their benefits and we’re not living in fear ever again.

BoudiccasBoudoir · 14/10/2020 21:59

You don't tell anybody and only change your own life in tiny teeny ways so nobody else notices.

BoudiccasBoudoir · 14/10/2020 21:59

Oh, and you donate more than you keep. And continue to regularly donate money forever.

Doing good deeds anonymously is always good too

Gettingthereslowly2020 · 14/10/2020 22:01

I would never tell anyone at all. I'd buy a house (pretend to have a mortgage if asked) and a nice car (pretend it's on HP). I'd send my child to private school (pretend she's got a scholarship). I'd go on lots of holidays but not tell people about most of them or act like I'd got a good deal if asked. I'd invest enough to keep me comfortable and I'd still work but only part time.

I don't think it would be too difficult to keep quiet because I'd anonymously donate most of the money to different charities so I wouldn't actually have a huge amount to keep secret.

Awwlookatmybabyspider · 14/10/2020 22:07

Just send the money to me. I’d gladly have the hardship of winning the lottery.
It’s really odd how many people say “Winning the Lottery ruined their lives.
Yet funnily enough They don’t hand this dreadful money back , do they.

HollowTalk · 14/10/2020 22:13

Everyone always says they'd pay off their family's mortgages, but immediately there's a problem. Some might not have a mortgage - would you buy them a house outright? Others might be just a few thousand off completing their mortgage - it might have been a real struggle for them over the years. Do you just give them £10K? And others might have a brand new mortgage - would you hand over a quarter of a million upwards? Can you imagine the arguments and resentment?!

Sarahandduck18 · 14/10/2020 22:16

I’d spend it in a way that no one would know- ie buy a house outright that people would think was mortgaged; buy a car outright that people would think was on pcp; go on holidays but go 1st class/5* but only show the photos on FB of the beaches etc.

CeibaTree · 14/10/2020 23:03

@Awwlookatmybabyspider

Just send the money to me. I’d gladly have the hardship of winning the lottery. It’s really odd how many people say “Winning the Lottery ruined their lives. Yet funnily enough They don’t hand this dreadful money back , do they.

If you think about how many people have won over the years, it's only a handful that have gone to the press to moan about it so I guess the majority of winners are perfectly happy with their good fortune :)

We only buy lottery tickets when the jackpot is £5m or less - it kind of stresses me out thinking of how to spend a really big win, who to tell etc. I quite like my life how it is right now, but I'd love to be able to buy a bigger house, so a 'small' £1m would be perfect!

altiara · 14/10/2020 23:10

I think the key is not to tell anyone and not to automatically buy a mansion, flashy cars etc but to stay in the area you live in/close by. Have a housekeeper, cleaner, gardener so the daily slog is no more. So either pay off your mortgage or buy a nicer house but not move far away from friends and family. Once you’re out of touch with your previous life, then you’ve no friends so all you have is spending money until it’s gone.
If you want to share some money, you could say you won on premium bonds so there’s not such a huge expectation on the amount of money you got.
Id also stay in my job part time until I built up enough hobbies/volunteering to leave, or take a role with less responsibility. I’d need something to get me out of bed in the morning and my dog likes to snooze, so he’s no help.

Basically keeping my life almost the same but making some improvements gradually.
If I won a stupid amount of money, I’d set up a foundation to give money to lots of charities. And adopt a few unwanted animals.

bumblingbovine49 · 14/10/2020 23:18

@HollowTalk

Everyone always says they'd pay off their family's mortgages, but immediately there's a problem. Some might not have a mortgage - would you buy them a house outright? Others might be just a few thousand off completing their mortgage - it might have been a real struggle for them over the years. Do you just give them £10K? And others might have a brand new mortgage - would you hand over a quarter of a million upwards? Can you imagine the arguments and resentment?!

Yes. That is why you should set up trusts with a chunk of the money so that it can be requested for specific things ( education, buying a first property, a first wedding, contribution to a mortgage etc ) and the request goes to the executor of the trust. Never give any gifts or money to anyone at all. That way lies arguments about who got what. If any family member needs money they can ask for it from the trust. The same rules apply to everyone and an impartial person ( the solicitior who set it up ideally) admisters it .

Londongent · 15/10/2020 09:06

I think about this a lot, way too much, haha.
Definitely would not go for publicity. When there is a thread like this someone always says that you don't get any financial advice from the lottery if you don't go public, that's nonsense. They always put you in touch with financial advisors. Would not be an issue anyway as there are plenty of private banks who offer wealth management services for HNWI (high net worth individuals).
It all depends on the amount £1m, not telling anyone other than DW. In fact that's probably true up to £5m. With around £5m would buy a new house, same area but slightly better and invest in a mixture of property to rent out and shares and bonds and stock exchange trackers. The bank can manage that side and I would manage the properties. Aim for about 7% return as income.
Similar strategy for more than £5m. But then would want to tell immediate family. I have both parents and two siblings as does DW. I always wonder how to split that whilst making sure DW and I had enough left to not work.
For crazy Euromillions amounts I would gift to our close knit group of friends as well.
I would never tell anyone the true amount, always admit to a much smaller win.
Smaller wins that allow and upgrade to house, would claim a work promotion (whilst quitting work. Friends and family don't know my work colleagues)
Larger wins; admit to a smaller win.
Would not be splashing cash crazily, but would take more holidays, and filling my days with getting fitter and pursuing other hobbies that I don't have time for currently. I would want the win to enhance my life, and others around me, and would want it to last my lifetime and secure DC future too

Rapunzathepenguin · 15/10/2020 09:14

Now there's a problem I'd love to have...depends on the amount, but....

Don't tell anyone and for God's sake don't opt for the publicity (I've never understood why people do that)

Feed it into your lifestyle gradually and help family/friends very slowly and carefully

Continue working - in a volunteer capacity so if you're in paid work someone else can have that job, or stay in your existing job and give the equivalent of your salary away to charity

Set up charities for causes close to your heart - ours would be business angels for youngsters (not just youngsters, but definitely them); homelessness; women and children who've suffered abuse; educational charity for kids who are genuinely in rough/deprived areas so they could have tutoring or have additional coaching to help them get into Oxbridge if that's what they wanted (and this would be checked very carefully to make sure it didn't go to people with creative accountants); food banks; and a pet charity, probably cats.

And once all that was sorted, travel.

(And for how NOT to do it, and why money is not the solution to everything, I always loved to watch At Home With The Braithwaites....)

MatildaonaWaltzer · 15/10/2020 09:30

Two colleagues from the same company were (separately) lottery winners. I believe around £1m each but who knows the truth? Both left work; one bought a couple of flats to rent out and one to live in and remains a SAHM. The flats are her income instead of the job, and she appears to be very happy.
The other spent like she was a lottery winner anyway so I imagine that it didn't make a massive lifestyle difference if it really was "only" £1m (she'd have earned that in a few years anyway). She retrained and took a low paying job at an animal rescue and got a gastric band and a new husband. Genuinely not sure if it made that substantial a difference to her.
With one of the large wins, you are able to create generational wealth; with good investment and trusts, your great great grandchildren are going to have the best healthcare and education available even if you are generous / philanthropic.

DarlingCoffee · 15/10/2020 09:50

I love the idea of giving gifts anonymously I think that would be a wonderful thing to do. Share the wealth is what I’d like to think I would do.

Snowpaw · 15/10/2020 10:56

I’d pay off the mortgage and any obvious debts then invest the lot and only spend the income that the investments made. Treat the money like a business to be managed. I think also better for your mental health to have various sources of income to manage and look forward to month to month, rather than millions sat in the bank staring at you.

NewlyGranny · 15/10/2020 11:16

I never worry about this. I ensure my continued peace of mind by never buying a ticket!

FabbyChix · 15/10/2020 11:59

You give most of it away to worthy causes, it cost £1500 to house a homeless person, get them new clothes and help them get a job. Also those fleeing domestic violence often end up with nothing but the clothes they wear.

The lottery winnings are obscene amounts of money, I have no idea how anyone can own a 2k handbag and think that they are a decent human being when others are in need.

Brewingdog · 16/10/2020 08:34

My husband's niece asked him outright if he had won the lottery as we live in a large house( bought 26 years ago ) and we travel to distant destinations for holidays, US, Australia, Canada etc. He has also been very good to both his children and mine. Helping them where he can. The question was asked with a touch of spite and upset him a little. Seems they were "disappointed" he hadn't given them any money. He works 12 hours a day, has no mortgage and all the kids have left home. He saves religiously. We all ask each other what we would do with a lottery win, he always replied "pay off all the families mortgages". So I can see how a win could drive a wedge through families.