To think winning £110M overnight would solve a lot of problems but bring a whole set of new ones?

[SereneFinch]

Someone in the UK won £110M last night and I was just thinking about how they’re feeling this morning.

All your money worries are gone, you can buy a nice house, quit your job etc.

But I wonder if those problems are replaced with new ones. Some people in your life might be jealous. Or expect handouts and get angry about who gets what.

And then your DC. Do you tell them they still need to do their homework? That they’ll still need to have a job/career one day?

I’m not saying it wouldn’t be great, I'm just wondering if it swaps one set of problems for another.

I would find it really stressful...I don't want to not look forward to saving up for holidays, special occasions and the anticipation it creates! To be able to just pay for anything would not create happiness for me...

I'd be quitting my job in a heartbeat and spend my days cooking nice food, running, going to the gym and planning long walking holidays. I don't have expensive tastes, but a house somewhere remote with good walking trails would be amazing

I mean why would you tell as soul? I mean, pay off mortgage. Consider a new house. Wouldn’t quit job or people would know.

I've always told my dc that if I won big, they would get enough to do something but not enough to do nothing.
We all still need purpose in our lives, whether it be charity work or setting up your own business.

But why tell all and sundry?

But the feeling you could have anything you want would definitely go to the heads of someone with spendaholic tendencies.

I like to watch Superyacht Chefs YouTube.
Some of those yachts cost a MILLION a week to charter. So if you develop a taste for private superyacht cruises you will soon burn through a fair amount of the capital. One of the chefs posted about her hardest week - the family had chartered TWO yachts cruising as a pair to bring lots of friends and party big time. So that would definitely make a dent in £110m. (Don’t forget you are meant to tip 10-20% at the end so another £200k on the £1m cruise.

And beware buying your own superyacht - boat brokers advise the value of the yacht should be no more than 10% of net worth to allow for costs of running the thing. Of course ten million would still buy a pretty decent boat by mistake people’s standards but for context JKR spent about $150m on her second hand yacht.

J.K. Rowling's superyacht, named Samsara, has an estimated value of $150 million. 1]
Yacht Details

• Purchase Price / Value: Estimated at $150 million (purchased around 2022–2023 from Australian billionaire Brett Blundy).
• Running Costs: Estimated between $10 million and $15 million per year.
• Size: 290 feet (88.5 meters) long.
• Builder: Built in 2015 by the Dutch shipyard Oceanco (originally named Infinity and later Cloud 9).

The interest is only c£5m a year if you invest the £100m. Once you start buying property, giving it away etc. you reduce the capital so the interest drops.

I often think you would lose connection with a lot of your friends and family if they can't have the lifestyle you have. And there would be questions about how generous to be with them and whether each side thinks the other is being stingy or entitled. If I won I have thought I would want to keep it a secret and set up a charitable trust, not massively upgrading our lifestyle, maybe even gifting it anonymously to some close friends and family.

@CrookedEaredCorgi you are absolutely right chartering yachts is ruinously expensive but still better economically than owning a yacht = money pit.

A $1m a week charter is more like $3m when you add in fuel, port fees, food, drink and tips. A $150m yacht costs c$15m a year to run as the rule of thumb is 10% of the value.

I love a super yacht.

You are the ridiculous one saying that the poster's child could put down her a level book & never had to study again, due to being funded by their parents. What would that teach them? Budgeting is an essential life skill and they'd be up shit creek if the money disappeared. You should never be reliant on anyone for money

Of course I'd never see my children struggling financially but I wouldn't spoil them with money either

That's a great attitude to have

If you spend the money then people start to notice!

I'd buy a house for us, some land, and get some sheep and cows and employ a farmhand or two. I'd also buy a small property for each of my kids eventually. DH would keep working, and I'd raise the kids and animals.

We'd have nice holidays but not so crazy luxurious that it would raise eyebrows.. although I'd fly business class when going abroad 🤣

I'd probably be quite philanthropic... So build a new swimming pool for our town, and maybe something to do with families in the local area. Not sure what, but something.

We have found the ultimate Mumsnet "especially in London."

£110million doesn't go that far, "especially in London"!

Wow, your house is worth £650?

You must live in a pretty shitty area

If I decide to fly first instead of economy on my holidays no-one is likely to notice. Not interested in massive cars or yachts but I'd have private medical care - again most people are not going to notice that. I wouldnt want anyone to know if I'd paid off their mortgage but I suspect they might then start to figure it out. I might have to do some random paying off of their neighbours mortgages just to confuse the issue 😁Or maybe I'd just pay to install solar panels and other money saving things for random roads that they live in.

Perhaps I'll buy a lottery ticket, I could have so much fun with that.

🤣

I think there is a family in a French village that won a huge amount. They still live the life they have always done but fund things for their community anonymously. ( Old folks home, amenities…)

I understand what you mean. With that sum of money you could live the life you want, potentially never work again (if that’s your preference), and you could make life a lot lot easier for all of your loved ones. I’d rather have it than not.
But it also raises a lot of questions.
Where do you draw the line with people trying to mooch off you all the time after you’ve already helped them?
Would you feel bored and unfulfilled with never working again?
Do you want your kids to feel like they don’t need to try in education ever again because they’ll always be taken care of? How do you foster a good work ethic and desire to be independent?
Does it feel morally right and fulfilling to have lots of ‘things’ and ‘experiences’ you haven’t earned?
If you want to invest or give some to charity or do something philanthropic how do you decide what to do?
Not to mention the media scrutiny and trying to maintain some privacy through it all.

This in spades!

I have an old Uni friend who went into "the City", started his own company, recently sold it, evidently he's worth almost £100m now. He's a nice guy, and generous, I know he's supported in laws and some of his own family members - but it's also caused a lot of angst. Two of his siblings are not talking to him - they are committed lefties (evidently 🤷🏼‍♀️) LP members who don't think anyone should have that amount of money. (The fact they both live in detached houses in the S of England and have no mortgage and holiday abroad doesn't seem to register with them.)

Anyway - last time I saw him we had a coffee at his mum's, he said it was astonishing how many old friends and acquaintances came out of the woodwork when the sale was announced and word got around - all with ideas that needed finance.

£1m would suit me nicely as a lottery win!

Not skewed at all, different maybe, but absolutely normal for my area. It’s n any case I was reasoning to the poster who suggested the money wouldn’t last a lifetime because of spending 5-10 million on a house. So let’s say your area costs 3/4 times mine, that’s still nowhere near the amount of money that poster was suggesting

My SIL has already told us that if she ever wins the lottery she won't give us anything (DH is her brother), so I wouldn't have to worry about how much to give her, because it'd be £000!

Same here.

Yeah, so you spend 10m in your first year while investing the remaining 100m. After a year you have 5m (more in reality) and you limit yourself to spending that per year for the rest of your life. It might be a struggle to live off such a paltry sum but I’m sure most of us will find a way to cope.

I can think of literally 100 things right now that I would rather spend my time doing than working and while a lot might not have any actual purpose, I'd rather do them than work.