Is it too much? UK EuroMillions ticket-holder wins £111.7m

If I were to win I probably wouldn't tell anyone, just quietly get a new car and after a while move to a new house so that no one links the move to a big win.

Mind you the Don's would probably find out after getting me drunk on half a pint of Shandy, or by arranging another brewery tour and having me walk through the fumes.
 
adidan said:
I mean where do you keep that much? Banks only cover £85k :)
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It's the FSCS that covers it but it doesn't mean you can't deposit more than £85k. If you want more protection you can save in NS&I products things for more than £85k for - various bonds and savings accounts are available for amounts up to £1 million or £2 million etc.. and those are fully backed by the government itself. And of course, even if you're a centimillionaire Euromillions winner then there are UK government bonds (also known as gilts). There's £2.6 trillion in those so no human alive is too rich to enjoy some GBP-denominated AAA protection if they simply wish to keep their fortune safe.

Raymond Lin said:
I think there are places for rich people that us mortals don't have access to.

Although I think most people would say you buy stocks where it give you dividends, so that becomes your income for life.
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It's kinda the opposite situation w.r.t protection - they don't typically have access to any special safe investments that us mere mortals can't access too, they have the same £85k deposit protection from FSCS even if they're with Coutts say (no different to if you had £85k deposited anywhere else in NatWest Group), same NS&I products and gilts are openly traded.

The things they can access that the average pleb can't are *riskier* investments rather than safer ones and you don't necessarily have to be all that rich - £100k per year or £250k net assets is the minimum to be a "certified high net worth individual" and you can forego consumer protections/take riskier bets. There's even a workaround - it seems somewhat contradictory but people can cite some relevant professional experience and be classified as a "sophisticated investor" (and treated in a similar way to certified high net worth individuals) if they don't have the min £250k in net assets.

(Obvs some investment vehicles - some hedge funds for example will have high minimum investments that could exceed £250k.)
 
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I always wondered how people manage this kinda wealth, I don't think I'd bother investing, it's more than enough for me to live out the rest of my life in insane fantasy levels of indulgence but are there safe savings accounts for the mega rich?

If I win this kinda money I have this insane fantasy of giving everyone on my team a year's wages and watching how that'd impact the company, not sure if that'd make me the hero or villain?
 
Stovepipes said:
I always wondered how people manage this kinda wealth, I don't think I'd bother investing, it's more than enough for me to live out the rest of my life in insane fantasy levels of indulgence but are there safe savings accounts for the mega rich?

If I win this kinda money I have this insane fantasy of giving everyone on my team a year's wages and watching how that'd impact the company, not sure if that'd make me the hero or villain?
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You have basically listed 2 reasons why people would go from this level of wealth to bankruptcy.

1 - They think it will last forever
2 - Vultures will suck you dry. People will come out of the woodwork, create insane stories, you think you have loads to give and you keep giving and they keep coming.

The investment route isn't really about making more money, but rather manage it in way so it is sustainable, with guard rails, to limit one self a spending limit, a VERY big spending limit. Enough for plenty of indulgence, but a safety net.

It is both protection from one's own idiocy and greed of others.
 
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dowie said:
It's the FSCS that covers it but it doesn't mean you can't deposit more than £85k. If you want more protection you can save in NS&I products things for more than £85k for - various bonds and savings accounts are available for amounts up to £1 million or £2 million etc.. and those are fully backed by the government itself. And of course, even if you're a centimillionaire Euromillions winner then there are UK government bonds (also known as gilts). There's £2.6 trillion in those so no human alive is too rich to enjoy some GBP-denominated AAA protection if they simply wish to keep their fortune safe.
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This is handy to know, it takes the initial 'i have to protect it!' panic away from the inevitable mahoosive win :)
 
Raymond Lin said:
You have basically listed 2 reasons why people would go from this level of wealth to bankruptcy.

1 - They think it will last forever
2 - Vultures will suck you dry. People will come out of the woodwork, create insane stories, you think you have loads to give and you keep giving and they keep coming.

The investment route isn't really about making more money, but rather manage it in way so it is sustainable, with guard rails, to limit one self a spending limit, a VERY big spending limit. Enough for plenty of indulgence, but a safety net.

It is both protection from one's own idiocy and greed of others.
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Very little chance I'd go bankrupt unless I absolutely lose my mind. My team is like 8-10 people and none of us earn over 30k so £300,000 max isn't gonna make a dent in £100+ million fortune. After buying houses and cars I'd be shocked if I spend more than £5-10 million, I also have no kids and keep myself to myself so I don't really have many people to give money away to and I'd never tell people exactly how much I'd won. Still you're probably right about investing, I guess I just struggle to imagine spending a million+ pounds a year.
 
It is too much, but people are attracted by the big prizes.

Have you looked at the smaller prizes? The ones you are likely to win? They are nothing. Even up to "impossibly unlikely" they are still nothing.
 
Will probably be a mug and enter , let's face it 1 mill doesn't cut it anymore , nowhere near paying off my daughter's houses , 10 mill yep ok but thinking about my kids grandkids and other family,don't need much myself, like I say more about leaving a legacy
 
Yeaaa..... I just bought a ticket.

I wouldn't have of it wasn't for this thread.

I haven't bought a lottery ticket in over 10 years.
 
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