No, it wouldn't. If you're paying for a good accountant, they won't bat an eyelid at it. They'll find a way to discreetly account for it. If they won't, you're hiring the wrong accountant.
Investing millions
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No, it wouldn't. If you're paying for a good accountant, they won't bat an eyelid at it. They'll find a way to discreetly account for it. If they won't, you're hiring the wrong accountant.
they don't need to account for it, lottery winnings are tax free, you don't need an accountant, you're not some self made business owner you're more likely to have a financial adviser to give advice on allocating your assets, how much you spend, invest where you invest etc.. what you actually spend the disposable bit on doesn't need to be accounted for
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Lottery winnings are tax free, but income from them isn't. I'm assuming that the person in this hypothetical case isn't just blowing their winnings until they have nothing left.
Can't link it due to sweary in the url so copy/pasta :
Purchasing or Leasing - which is better?
Many people ask their accountant which is cheaper - purchasing or leasing?
We'd like to help you decide by illustrating two charming stories of foolish men and cunning women.
Purchasing
The maths on the Paul McCartney - Heather Mills divorce is as follows:
After 5 years of marriage, he paid her $49 million.
Assuming he had sex with her every night during their 5 year relationship, it ended up with him purchasing her @ $26,849 per time.
This is Heather...
Leasing
On the other hand, New York Governor Eliot Spitzer's favourite hooker, Kristen charged $4,000 per night.
This is Kristen...
So, had Paul McCartney "employed" Kristen for 5 years @ $4,000 per night, he would have paid only $7.3 million in total for sex every night .
This represents a $41.7 million savings. What a shrewd cocksman Eliot is, compared to the ageing
Beatle.
Further valuable benefits of this Leasing option are;
* a (real) 22 year old
* no need for coaxing / pleading / begging
* never a headache
* happily agrees to all technical requests
* no complaining
* no “Honey - please do this” lists
* has two legs
Best of all, she leaves and returns when asked.
All 1/7th the cost and no legal fees.
Sometimes Leasing just makes more sense.....
Ask a real, concise and true question and I'm sure you'll get an answer!
Soldato
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I'd probably put most of it in property (and rent them all out) and pass it down when I get old.
Another barrel of laughs enters the thread, how do you manage to get out of bed with a dreary post like that
I'd do that too,
not going insane would be my only priority, so having professional people to just "deal with stuff" would be a big part of that.
Meanwhile I'd head off on a Grand Tour while other people handled the administration of such a fund. Then after I'd had six months to think about it (and possibility met some rich people), I'd be better prepared to listen to professional advice.
Money creates power, and people with power generally imagine they are right about everything, which is unlikely to be the case here.
I suspect even buying a house would be a wrong move. Possessions create responsibilities, and surely the whole point of this is to have as little as possible in the way of daily concerns. I don't want to be a millionaire and still be worrying about the guttering on my Georgian mansion.
you don't have to buy a huge mansion or go crazy spending on luxury items
a friend of mine has at least the sort of wealth talked about here and he lives in a relatively modest family home albeit with a large field for the horses... it is no mansion or anything, he also drives a fairly ordinary Volvo... I doubt his neighbours have any idea.
a friend of mine has at least the sort of wealth talked about here and he lives in a relatively modest family home albeit with a large field for the horses... it is no mansion or anything, he also drives a fairly ordinary Volvo... I doubt his neighbours have any idea.
One of my friends is a multi millionaire, he drives some knackered ford pickup truck which looks like it could break down at any moment and dresses like a tramp, spends most his time playing computer games.
He put 90% of it into properties and spent 10% on fun things and family (like paying off the mortgage on his parents house), now earns something like 25k a month after tax and agency fees.
I will never understand how people loose all there money.
Say you won 20mil.
5mil to parents so dad/mom can retire with the agreement that they are sensible with it or even manage it yourself.
Buy a decent house, slap it all into a savings account and life of the interest. Live your life the same you have already.
I would just get a one story house built with a large basement, turn basement into cinema / computer man cave, kitchen, bedroom and bathroom + storage on first floor and that's it.
The only money i would spend would be on computer stuff, blu rays, bills and food. Its not hard.
I am a relatively simple person though. I want a simple life.
Say you won 20mil.
5mil to parents so dad/mom can retire with the agreement that they are sensible with it or even manage it yourself.
Buy a decent house, slap it all into a savings account and life of the interest. Live your life the same you have already.
I would just get a one story house built with a large basement, turn basement into cinema / computer man cave, kitchen, bedroom and bathroom + storage on first floor and that's it.
The only money i would spend would be on computer stuff, blu rays, bills and food. Its not hard.
I am a relatively simple person though. I want a simple life.
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If I won £40m I wouldn't give money much thought, I'd just go out and do what I wanted each day and make sure my close friends and family could do the same
So with £40m you'd confine yourself to a basement living what you could do with the income of someone on benefits
So with £40m you'd confine yourself to a basement living what you could do with the income of someone on benefits
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Its more about not having to go to work that i find uterly mind numing and doing what i enjoy and being able to get a simple house built in a decent area.
But essentially yes
My biggest money spender would be a big blu ray collection and possibly figures.
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You'd need to spend more than £2,000 a day to go over the break even mark with that kind of money. Obviously you don't go out buying Yachts and Ferrari's all the time, but you can pretty much travel where ever you want and do whatever you want without really having to give much thought to your spending
lets see.... 40mil
give 10mil to parents/nan, if they want to share it with rest of family it's their choice.
put 2mil in secure account I can't access until I hit 'retirement age', at the very least I can retire with some cash left
put 1-2mil in trust for any children
spend 3-4mil on properties in UK and abroad including making primary home fully self sufficient off grid etc - for me not to rent (thinking doomsday)
put 1-2 mil into diamonds/gold etc - ie currency that doesn't rely on banks (yes another doomsday scenario lol)
put 5mil in non uk bank in case banks screw up again (somewhere like switzerland or Caribbean)
likely spend 1-2mil on cars and boys toys etc
Put 2mil into 'rental property' buy 1/2 and then mortgage to buy more, use left over from 2mil to offset interest etc on rental properties bought via mortgage(s).
Spend a few thousand on drawing up water tight a privacy contract/pre nups protecting my privacy and cash from money grabbers and attention seeking newspaper fodder. Give said contracts to 'friends and family' to weed out unwanted people, no matter how hard you try you'll always find one...
Then I'd be looking for the best country to bank the leftovers so HRMC don't get at it and it's value doesn't plummet if the pound does while still allowing me to access it easily.
give 10mil to parents/nan, if they want to share it with rest of family it's their choice.
put 2mil in secure account I can't access until I hit 'retirement age', at the very least I can retire with some cash left
put 1-2mil in trust for any children
spend 3-4mil on properties in UK and abroad including making primary home fully self sufficient off grid etc - for me not to rent (thinking doomsday
)put 1-2 mil into diamonds/gold etc - ie currency that doesn't rely on banks (yes another doomsday scenario lol)
put 5mil in non uk bank in case banks screw up again (somewhere like switzerland or Caribbean)
likely spend 1-2mil on cars and boys toys etc
Put 2mil into 'rental property' buy 1/2 and then mortgage to buy more, use left over from 2mil to offset interest etc on rental properties bought via mortgage(s).
Spend a few thousand on drawing up water tight a privacy contract/pre nups protecting my privacy and cash from money grabbers and attention seeking newspaper fodder. Give said contracts to 'friends and family' to weed out unwanted people, no matter how hard you try you'll always find one...
Then I'd be looking for the best country to bank the leftovers so HRMC don't get at it and it's value doesn't plummet if the pound does while still allowing me to access it easily.
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