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Is it too much? UK EuroMillions ticket-holder wins £111.7m
- Thread starter Baldbloke
- Start date
You're right to acknowledge just how expensive these are - technically, you could have a plane, but a brand new top-of-the-range private jet* of the sort that people might imagine when thinking of private jets would be hard to justify. So, like a brand new G650 for £60M is 1/3 of your winnings and then you'd probably need to charter it to offset the annual running costs too, lest it ends up using all your investment income from the remaining capital you've not spent. There are cheaper models available though for low 8 or 7 figures + obviously people buy second hand etc..
The CEO of my old firm had two or maybe even three (at one point) jets at his disposal but he (or the company) was worth single-digit billions at the time and they weren't actually owned directly by him rather they were owned by a subsiduary - [same company name]-aviation Ltd and used by other execs too. I understand that's quite a common arrangement in businesses, people don't buy these things for fun, they tend to be owned by their company and they'll make good use of them else they're a pointless money sink. Popstars, DJs and F1 drivers can perhaps justify owning them too and actually making good use of them.
A lottery winner on the other hand, would typically have no business owning one, big pointless money sink, unless they have good reason for them and their family to be travelling very frequently. They can just get a Net Jets card instead and have a jet available when they need it, without needing to worry about anything.
*(and that's not including the ones that are basically converted airliners by Boeing/Airbus)
There is no citizenship of the IoM, they're British Citizens too, you just need to establish residency* there.
*there's various criteria that varies how much time you can spend in the UK vs IoM and links to the UK etc.. like time spend working in the UK, spouse/kids living in UK, still owning residential property you make use of etc.. and the first two - three years are stricter.
Ooh! I knew they’re subjects of His Majesty as Lord of Man.
Yup, like AFAIK, you can retire there, or if you're a lottery winner, then just move there - so long as you have means of supporting yourself.
To work there, though, you need a work permit, which apparently isn't too hard to get, it takes 5 years to be considered a permanent resident and exempted from that criterion, eligible for benefits etc.. so rather unsurprisingly, they don't have an issue with loads of illegals that the UK and Ireland has.
It’s not really the purchase price that’s the issue. There is a reason why those that can own a private jet buy (lease) new, it’s because only those who can afford to buy a new one can afford to actually run it.
The running costs doing get any cheaper on an older plane and you’ll not be doing any of the work yourself. You’d need a team of people so deal with all the requirements of operating a plane of that size and can travel internationally.
It costs £lol per year just to have parking space for it at a local airfield.
That’s why even the rich and famous don’t tend to ‘own’ their planes, they lease time on them from a company that operates a fleet and benefits from the scale that brings. They rely on the staff from that company to do all the administration, booking landing slots and air traffic routes, fly the planes, maintain the planes etc.
If you want a little single engined Cessna or something like that, sure that’s achievable but it would be so much easier and cheaper to fly first/business anywhere on an existing route and do the odd charter if that’s what you really want.
The same applies to super yachts, it’s only really those that can afford to buy new who can afford to run them and why they are effectively bespoke to each owner.
There really isn’t much of a market for a used super yacht, most just end up as charters for corporate events once the original owner is done with them (think Monaco GP etc).
Once they are no longer profitable on that circuit, they are scrapped. As pointed out above, if you can afford the cash burn of a super yacht you can afford a new one.
Someone who ‘only’ has £100m once can’t really afford the cash burn. The kinds of people who have these toys are on £50m+ per year absolute minimum.
Nah £60 million for a new plane is definitely an issue for someone who "only" has £180, it's 1/3 of their net worth!
The running costs don't need to be a huge issue as they can be offset signifciantly by chartering the plane - it's just that if you don't have good reason to use one regularly then it's somewhat pointless as you're still taking a loss to some extent and you might as well then get a Net Jets card.
Soldato
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i tend to enter the lottery when it's a must win, or 10 UK millionaires to be made
so if it was 111 millionaires to be made i'd likely enter.
so if it was 111 millionaires to be made i'd likely enter.
Seeing as that figure only applies to the original date and tomorrow's is 185million will you be having a flutter?
Associate
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Don’t forget to buy some raccoons too.
Caporegime
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Everyone has their own opinions and feelings. You have the guy from Iron Maiden and John Travolta who fly their own jets all around the world and you have other celebrities who just couldn't give a dam.
Personally if I won that money I would buy my own plane and fly around the world for 5-10 years just visiting where ever I wanted.
1 million as a backup and a couple more for my kids would be more than enough for me to live my life. I could quite easily blow 177 million with nothing to show for it at the end.
A trip in a Soyuz is 60 million which I would happily pay.
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The difference is Travolta and others are earning 10’s of millions per year from passive income (royalties in their cases) on top of their existing massive pile of money which is also generating investment income. They are also generating other income from new firms and songs/tours every now and then too. In other words, they are considerably richer than a lottery winter with £180m.
With a lottery winner it’s basically once and done, you’ve got what you’ve got and you aren’t getting any more. A huge number of lottery winners blow their entire winnings far faster than they ever imagined because they think they have enough to live a Taylor Swift lifestyle while not realising those celebrities are much more wealthy than them due to their active and passive incomes.
£1m isn’t much backup money either but I guess it depends how old you are. Once you get used to the jet set lifestyle, reigning it back in is difficult. Just look at how many sports starts are going bankrupt in retirement.
Inflation is also the enemy and most the interest you get off your back up money will need to be reinvested just to maintain its value.
A middle earner winning £1m wouldn’t need to worry about money again but they couldn’t expect a material change to their lifestyle unless they were well into their 50’s let alone even think about retiring. At my age (30s), couple of middle earners would probably need at least £3m before they could even consider it.
With a lottery winner it’s basically once and done, you’ve got what you’ve got and you aren’t getting any more. A huge number of lottery winners blow their entire winnings far faster than they ever imagined because they think they have enough to live a Taylor Swift lifestyle while not realising those celebrities are much more wealthy than them due to their active and passive incomes.
£1m isn’t much backup money either but I guess it depends how old you are. Once you get used to the jet set lifestyle, reigning it back in is difficult. Just look at how many sports starts are going bankrupt in retirement.
Inflation is also the enemy and most the interest you get off your back up money will need to be reinvested just to maintain its value.
A middle earner winning £1m wouldn’t need to worry about money again but they couldn’t expect a material change to their lifestyle unless they were well into their 50’s let alone even think about retiring. At my age (30s), couple of middle earners would probably need at least £3m before they could even consider it.
I used to loosely work with someone who won £100m+ on the lottery and frankly it made their life miserable.
Their old friends just tried to use them, and they didn't fit in with people of comparable wealth.
They ended up with lots of nice cars, nice houses, and totally isolated.
Their old friends just tried to use them, and they didn't fit in with people of comparable wealth.
They ended up with lots of nice cars, nice houses, and totally isolated.
Agree with your post.
1M would change things for me, but it wouldnt make things outrageous.
3M would ensure I never work again.
185M ensures my mum, GF, my sister, her partner, my nephew will never work again. Whilst allowing a couple of friends and extended family to enjoy a better and easier life style.
This is the problem of not vetting your friends and ensuring you got good friends before something like this happens.
I have a few sort of friends who would bug me, but at the same time, they'd never know id won it until I showed them as such.
Totally isolated from the leeching poor idiots who should not be you friend, free to make friends with other people of wealth or know you as such first.
Doesn't sound like a bad problem to have.
At this point, I'd happily take £250k which would pay off mortgage, and sort two new-ish cars for me and my wife, as well as maxing out both of our ISAs for this financial year.
If I won mega money like tomorrow's £185m, I have absolutely no idea what I'd do with it, other than basically having anywhere in the world to choose to live, as I'd like to leave the UK as soon as practically possible. While not great from a money standpoint (read: taxes) I'd be considering Norway. I don't like warm weather
If I won mega money like tomorrow's £185m, I have absolutely no idea what I'd do with it, other than basically having anywhere in the world to choose to live, as I'd like to leave the UK as soon as practically possible. While not great from a money standpoint (read: taxes) I'd be considering Norway. I don't like warm weather
Caporegime
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I'd be happy with £1mil....I am not going to say no to £185mil obviously. For that money you probably won't see me around for a while. I will be on the road seeing the world, any "friends" will have to wait a bit lol, they are not going to be around to try to scam me for any money really. I'll just be gone.