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.

See a financial advisor and invest as much as possible so you can use the interest for as long as possible! That’s what I’d do 😊 congrats!

I think what she means is it's not enough to chuck in your job, buy a nice house, new car and spend the rest of your days lying around in the sun. Because it isn't.

Unless to late i wouldn't tell your child you won it.
Just incase she tells people. Especially her dad.
I would keep it to myself personally.
I think a lot of people never tell any friends or family.
It saves a lot of hassle/stress. And can ruin relationships. So best keeping it to yourself.
And as others have said if anyone does mention how can you afford a house. Just say mortgage.
And dont go overboard with buying lots of things in a short time .

Congrats! IMO Reddit has better communities for this sort of thing. Try r/FIREUK

There is a difference between ‘it’s not a lot’ versus ‘ I know it’s not a lot but it’s a lot for me’.

I don’t think an adult needs explaining the difference in meaning.

Congratulations!

Investing in property is sound. Get some financial advice about how else to invest..
You could invest in a three bedroom property but only live in it if it is where you wanted to live.
You don't need to tell anyone, not even your child.

You could rent it out and go there for a holiday each Summer.
Include details of your investments with your Will and financial documents kept with your lawyer so in the event of your death family will know.

If you live in the home, you could say you rent it with another single woman. (You could take in a female lodger.)

I went down a ChatGPT rabbit hole last week about how much I could spend a month if I won £1m without eating into the capital. It was an interesting read! In your situation I'd spend half to buy a house mortgage free, keep your job and invest the rest, supplementing your income (offsetting higher pension contributions?) or allowing your pot to grow each month. Then when the kids are older you could gift them a house deposit. Don't do anything flashy and don't tell your ex! No one but you needs to know how much mortgage you do or don't have.

Buy the house, save what you spend on rent usually, live the same careful live you've been living, with the odd small purchase that you mightve thought twice about before.

Congratulations!!

Don't be silly - you aren't comparing the same thing! You're paying interest on your mortgage (if you have one) or you're paying rent out of that £25k. The £1m is worth orders of magnitude more than £25k salary x 40 years. If you buy a property outright you're already far wealthier than you would have been paying a mortgage for 25 years.

I never said it wasn't huge and life changing! Of course it is!

I was simply saying that i live frugally on 25k and a million living exactly the same as I am now would last 40 years, and she might spend a third of it on a property etc

Lots of very wise advice that I can’t really add to, I just wanted to say congratulations on your win. I hope that you really enjoy life with a bit more financial security for you and your DC. You seem very switched on and realistic about managing the money. Make sure you take a little moment to enjoy it!

Get yourself a financial advisor if the lotto one doesn’t answer all of your questions. Your bank will usually give you one session with one free of charge.

Buy a house, be vague with your ex and others. Say inheritance from a distant relative/ family helped and that you have a mortgage. Or tell them to mind their own bloody business!

Make a will.

Start putting money into a savings account for your child from the lotto winnings. Look up how much you can put in annually without your child being on the hook for inheritance tax. Your financial advisor will tell you about this. Ask them about a trust fund for your DD too as an option.

Start a private pension. No harm in having a top up to your NHS pension.

Keep a good amount of cash for an emergency fund and to top up your income. At least 50k but depends on your lifestyle and how expensive cost of living is in your area.

Take out health insurance for you and your DD

Buy a nice car

Have a fab holiday or two.

Start investing, get advice and nothing high risk that sounds dodgy or that you don’t understand.

Congratulations!!!

Surely she means it could be easily frittered and wasted and won’t set her up for life without careful planning. She doesn’t mean it’s not amazing and isn’t grateful!

Congratulations OP it is a lot of money but you still have to be savy. First of all can you buy within the area you dont need to go to court to move within? This will keep your ex out of your finances. Secondly if he questions you say you bought the house and are paying the mortgage or tell him its none of his business.

Finally tell nobody you have won the money as it safeguards you from him finding out.

Personally I would be buying a house outright, having a dream holiday with the kids and then investing the rest.

I would sit tight and do nothing for the moment. Put it in the bank in a savings account which will give you an income of about 1200 a month and possibly more. I think the National Lottery will have an advisor. Tell nobody. Enjoy having a bit of extra income each month before deciding what you want to do. Don't rush to make any decisions. Then maybe you might have 'saved enough' to buy a house. It really isn't anybody else's business how you might have managed to save so much.

1 would definitely but a house. That is long term security for you and your child. No one needs to know its mortgage free. Another way to keep your money hidden yet grow it would be to buy a second house to rent out. Know one would know about this second house. You could buy a new build or relatively new build so there would be no maintenance problems. The rent would give you extra income to live on and it would gradually increase in value so the money invested in it is secure and doesn't get frittered away. Many congratulations op. Wish it was me 😄🥂😀🥂😄🥂

It is still a lot of money to receive regardless of how long it will last

I would buy the house, tell ex you are renting it. I ld also buy an apartment (or another house if possible) and rent that out. Don't tell ex about either purchases.

Not sure why you keep saying it's not a lot, it makes you sound really ungrateful.

Even if you put it into a 5% bank account the interest would be £50,000 a year. You might have to pay tax on that but it would still be way more than the average UK salary, without ever touching the capital.

Congratulations! I would highly recommend you doing the School of Rebel Finance course. It’s fantastic and the Facebook page is amazing for advice. Of course see the lottery advisor but do take your time and I’d suggest sitting on it for a bit while you decide how to proceed. You need a high interest safe place for it. Do have some immediate treats for you both. I really hope this brings you security and happiness and with the right advice it will. Good luck.

You could buy a house but tell others that you are renting? Savings are important - particularly for your kids later education. You could funnel a small amount extra into your monthly pay to make every month easier. Funnel some into your pension monthly. Pay for better buit not extravagent holidays... I think you could make your life much easier and more pleasant without anyone else seeing you as someone who has had a big windfall.

Fantastic!

Hope your ex was a partner and not a husband, or if he was the latter that the divorce has completed.

How old are the DC?

I wouldn’t tell them, personally, until they’re almost adults and can handle the information without blabbing.
And I wouldn’t tell anyone else.

That said, your ex if you’re not married would have no claim at all on the money and no way of getting to it? So even if you bought a nice house it’s none of his business. But I appreciate you probably just don’t want the trouble of him potentially being spiteful and jealous.
Could you say you had an unexpected small inheritance from distant relative allowing you to put a deposit down on a house.

Congratulations OP! What amazing news! I would:

1. Not tell anyone, not even my child so that it doesn’t get back to ex H
2. Buy a house that’s big enough for what you need without being over the top
3. Pay off any debt
4. Stick the rest in some kind of savings
5. Carry on working but with the knowledge you’ve got a lovely stash of money and will be financially secure

Wishing you all the best xx

It’s a lot of Money,absolutely but not a never work again sum of money
For context in London you could not buy a terrace house in good area for 1 million.