Must have been awful winning 7 figures and then pissing it all away, through boredom from not working and not doing anything productive, my heart goes out to him.
It’s quite sad to think it’s that common because you might end up doing it yourself. But shows that we are creatures of habit.
Definitely shows that you shouldn’t tell a soul about any windfalls. Just quietly help people with little amounts if that’s your style but never actively show your bank balance to anyone.
I fantasise about how sensible I will be after I win the lottery
My family and I would live comfortably and I would find purpose by starting a business or animal shelter. I think the idea of winning then sitting around all day is a receipe for disaster.
Pay off a few basic expenses e.g. your mortgage.
Make sensible one-off big purchases e.g. remodel your kitchen or get a sensible new car.
Invest the rest for income. The rough rule of thumb is that, pre-tax, you can get £1000pcm income for every £200k invested. Investing £6m, that’s something like a £300k gross ‘salary’. You can live very nicely on less than half of that.
Any leftovers can simply be reinvested and your original £6m would likely be growing anyway.
Buy your house.
Bank 1mil for when you retire if you fuck up everything else. At least you can fall back to this point when you are wiser.
Get money to people you decide:to friends, family. Ideally housing or education then tell then to fuck off that’s the lot.
Then try to live just travelling/ in your big house spending limited money every year. But at a rate you won’t exceed before you die
I do feel like I will be better with money that most. I also feel like the people that have won the lottery that are best as dealing with it wouldn’t have gone public ever so all you see are the idiots.
The real people good with money wouldn’t have bought a lottery ticket though
Follow the r/ukpersonalfinance flowchart is the sensible answer.
7 comments
Must have been awful winning 7 figures and then pissing it all away, through boredom from not working and not doing anything productive, my heart goes out to him.
It’s quite sad to think it’s that common because you might end up doing it yourself. But shows that we are creatures of habit.
Definitely shows that you shouldn’t tell a soul about any windfalls. Just quietly help people with little amounts if that’s your style but never actively show your bank balance to anyone.
I fantasise about how sensible I will be after I win the lottery
My family and I would live comfortably and I would find purpose by starting a business or animal shelter. I think the idea of winning then sitting around all day is a receipe for disaster.
Pay off a few basic expenses e.g. your mortgage.
Make sensible one-off big purchases e.g. remodel your kitchen or get a sensible new car.
Invest the rest for income. The rough rule of thumb is that, pre-tax, you can get £1000pcm income for every £200k invested. Investing £6m, that’s something like a £300k gross ‘salary’. You can live very nicely on less than half of that.
Any leftovers can simply be reinvested and your original £6m would likely be growing anyway.
Buy your house.
Bank 1mil for when you retire if you fuck up everything else. At least you can fall back to this point when you are wiser.
Get money to people you decide:to friends, family. Ideally housing or education then tell then to fuck off that’s the lot.
Then try to live just travelling/ in your big house spending limited money every year. But at a rate you won’t exceed before you die
I do feel like I will be better with money that most. I also feel like the people that have won the lottery that are best as dealing with it wouldn’t have gone public ever so all you see are the idiots.
The real people good with money wouldn’t have bought a lottery ticket though
Follow the r/ukpersonalfinance flowchart is the sensible answer.
I would get SO bored if I was jobless and minted.