I won a million now what?

[HopefulMummy90]

Hello
Name change for this. I won 1 million in the lottery. I know is not a lot but it's a lot for me. The lottery company are sending someone to see me but I'm very anxious thinking about the future.
I'm a single mum, I don't have savings and I rent a HA small flat. I'd like to buy a small house so my child can have a garden but my ex partner is jealous and dangerous, I'm afraid of his reaction if he knows I have now some money...
I don't want to leave my job as 1 million is not a lot. Where I live a 2 bedroom flat is 300K and a 3 bedroom house 500-600K..
How can I improve our lives without people knowing I won the lottery ( specially my ex)? Anymore financial tips please?

Thank you.

Congratulations, I agree it is a huge amount of money but not a HUGE amount when you factor in buying a house etc.

Definitely buy a house but as that is public information, including the sale price, just tell him you have a mortgage. Remember he's an Ex. so any questions, answer with a question e.g "Sorry Steve, why do you need to know that?" and repeat.

(Stick £50K in Premium Bonds to try and win your next million 😀).

Once the kids are grown up I would take great pleasure in telling him you did win the lottery 😆.

If I were you, I wouldn’t tell anyone at all. Definitely not your child in case they tell their father.

Buy a property that you absolutely love that people could believably accept that you have a large mortgage on. Maybe that’s a garden flat rather than a house? And invest the rest, that can be your retirement.

Perhaps you can take a few subtle trips that no one has to know how nice they are - upgrade the odd hotel etc. But nothing your ex could suss out.

When your child grows up and your ex is largely out of your life, you can openly have a few more lovely trips.

Don’t leave your job or move away! Just very quietly, modestly and subtly upgrade your life. Perhaps splurge on the really nice quality ingredients in the supermarket or something! Or start a hobby you’ve always wanted to.

Out of curiosity - because I’ve always wanted to know to furnish my own daydreams - how did you find out you’d won? Did you get an email the usual way when you’ve won a few quid, or did the lottery call you?

Well I am 30 years old and live off £25k a year.

On that amount £1million would last me 40 years. So not even potentially my full lifespan. Thats without buying a car- having holidays and then if you look into property that could be reducing the amount significantly.

Of course a million is a lot of money but these days if you were relatively young, wanted to buy a home, a car and spend some on frivolities its not enough for you to never worry about money in your life ever again or set your kids up.

Do not tell a single soul. Take your time to plan what to do, but keep it completely (and I mean completely) to yourself.

You need an independent financial advisor to talk you through the options. These should include:

Buying a property
Money in a SIPP
Maxing out your ISA allowance
Opening a JISA and a JSIPP for your child

At the very least right now, even if just for 6 months breathing space, you should be putting the money in a high interest savings account so that it is working for you. A stocks and shares GIA would give you a better return than cash savings over the longer term (5 years minimum) but due to volatility and if you are likely to want to use the money for other things in the short term it's not the best option for right now.

If you want to think about investing in the longer term, take a look at Rebel Finance School which is a free course run by a British couple who retired aged 35 and 40. They have a series of videos on YouTube, as well as a website, and there is absolutely no catch or upselling - you listen and either follow their advice, or don't.

Just make sure you stay away from St James Place advisors!

I think she means it´s not like she could give up her job and never work again, for instance. It is a lot of money but she can´t live off it for the rest of her life (maybe another 50-60 years) for instance.

Do nothing at all for a couple of months, no new car/clothes/holidays etc. Let yourself get used to the money in the bank.

Then buy a house for sure, invest the rest and the gains might give you a decent extra income without reducing the invested amounts.

Great news though and although a million is 'not a lot' it's still a life changing amount if you're careful with it.

People can tell from Land registry whether or not a house is mortgaged though
(I mean most people aren't going to go hunting around but it is publicly available information)

congratulations! If you were ever married make 100% yiu have a finance order in place separating your finances and giving ex no claim

Exactly. DH and I are relatively low earners and have 50,000 outstanding on our mortgage. We´re 50, so could easily live another 30 years. If you add up paying off the mortgage and having the same or similar income as now until we die it doesn´t go nearly as far as you think.

Congratulations!

My only useful advice is: tell nobody.

Is it an ex partner or an ex husband? If ex-husband, are you divorced with a financial consent order?

Hilarious.....not a lot. That has given me a laugh. Really.

pop me a pm, I'm skint.

I would buy and furnish a nice 3 bed house - one that is manageable in terms of living costs, and have a nice holiday. Then invest the rest as you can get a nice supplement to your income from the interest. You would still need to work but it could give you the breathing space to retrain and/or put less pressure on how much you need to earn given you will be mortgage-free.

@HopefulMummy90 congratulations, I'm really pleased for you

I would say, don't tell anyone at all

In terms of how you improve your life without it being obvious to other people, there's no way for me to answer that without knowing details that you should not give online!

But they will give you plenty of advice, I would put as much away for your child as you possibly can.

People won't really notice much on this unless you suddenly start wearing Chanel!

In terms of buying a property, you could always have a long-distance relative who needs their property looked after. This is genuinely a thing. I've got a work contact living in a three bedroom flat because her uncle has gone to work abroad and he didn't want to rent it to a stranger.

All sorts of things happen

Don't worry about it for now. Just enjoy.

How did you find out?

Was it online or a paper ticket?

I play out the scenario in my head all the time of winning the lottery!

Tell no one. Too many chancers and family will pop up making requests
buy property outright
take any financial advice lottery group offer you

That's absolutely fabulous, congratulations!

Congratulations!

how old are you? And your DC?

My priorities would be to max out NHS pension, buy a property, book a special summer holiday for next year eg Australia, Florida, depending on age of child - you can keep it quiet meantime.

Then invest the rest.

And I would not share information with your ex. Or DC depending on age. Just get used to it before you tell others.

Buy freehold! Do NOT buy leasehold.
Do NOT splurge a load on a holiday, carry on as you were, but without the stress of worrying about the bills each month.
Congratulations and good luck!

Just checking, are you married?

Congratulations!

Personally I would make sure you have a will so if anything happens to you your ex won’t get his hands on the money via your dc.

You can buy a few extras from Vinted of course or it was second hand. I wouldn’t tell your dc about the win. Could your parents treat you to a holiday (assuming you tell them?) Also remember you don’t need to tell anyone how much you won. £50k could be a deposit on a house and for a new car and if your parents know they could be very generous

Dont rush with any massive decisions as long as the money is safe. It is better to wait and use it wisely that to have the wrong people knowing.

So 40 years of salary isn't a lot to you?

Buying a house that would usually take decades to pay off outright isn't huge and life changing?

Do not tell ANYONE.

Find a suitable property nothing too flash - id get a small house not a flat

say nothing and if anyone asks say its rented and you got a good deal.

Don't rush to spend it but equally dont leave it sitting around money should work for you.

consider a financial adviser we use IMO a very good one (holder and combes)

Congrats!!!

What do you mean it's not a lot?!
If you don't want your ex to know about it and you're happy in the house you're in now I would buy a property and rent it out and invest the rest in some high interest account to supplement your monthly income. When your child is an adult you can sell the investment property and buy a lovely house that you can live in (with or without DC!) and enjoy it!
If you want to move now, I'd buy a nice modest house and if anyone asks say you saved a deposit and have a large mortgage. Nobody will question that.

I didn’t realise that. Can they tell how much? Could the OP take out the teeniest, tiniest mortgage to make it look like she has one?