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

[dcsarge]

i forgot to buy a ticket. now some other knobber is running round with my 200 mil in their bank account.

You are not the only one, I was going to buy a couple of tickets on the app and got sidetracked with family life. Looked at the time and it was gone 8pm .

 

[Stu999]

You are not the only one, I was going to buy a couple of tickets on the app and got sidetracked with family life. Looked at the time and it was gone 8pm .

Online my friend, online.

 

[dcsarge]

Online my friend, online.

You would think it would help but I still miss the deadline .

 

[Raymond Lin]

Awww didn't win.

That's it for this month's lottery budget

 

[dowie]

Do people need financial advisors?

I'd like to think I would be sensible enough to understand where my money was going.

Yes, some people who play the lottery absolutely should have financial advisors for their own good and the ticker purchaser do skew a bit towards chav demographics.

Michael Carroll (lottery winner) - Wikipedia

en.wikipedia.org

Though for whatever reason he was advised to put just under 4 million into some investment bond, I don't know whether an annuity was offered to him instead too - maybe it was and he turned it down but he'd have still been a millionaire with a regular six figure income stream if he'd gone with that instead.

Though for the regular (non-chav) people - see some of the replies in this thread from people who might just be unfamiliar with what's available (or indeed a couple of people who seemingly had fantasy notions of what "the rich" can do). Even basic things like where to safely put all that money, that maybe needs an IFA or similar to sit down and explain "this is a bond" etc.. and worth through how much to put in bonds, how much to expose to stock markets etc.. based on age and personal preferences re: risk etc.

Not that IFA types are necessarily gurus when it comes to telling you what investments to pick, they're certainly not in the business of picking stocks (or at least shouldn't be) but they can give the general guidance re: these funds charge this much and give exposure to X, putting Y amount into bonds is safer if you're risk averse/old etc.. and indeed a big focus of advice would be things like estate/tax planning. A big part of private banking is trying to sell clients advisory services including from tax consultants and if you've got 200 million+ and (unlike the king of chavs) don't have a criminal record then places like Coutts can provide that.

Also, the people the lottery might refer you to or indeed some of the major private banks will have dealt with winners many times before - they'd be able to advise on things like handling family members or charity donations - they know what others have done before and how that worked out - things like do you set up a foundation to direct (deflect) all charity requests to, do you set up trusts or not (these days funds are taxed going into Trusts but the lottery win is tax-free and IHT doesn't apply if you're young enough to live for merely 7+ years after a gift - so some alternative arrangements might need to be constructed like family investment companies or offshore entities even).

In the latter case, even people who should know a bit about finance can get screwed over if trying too hard to outsmart the tax man, especially if using shady advisors who are promising a bit too much:

Great frauds in history: the Hound of Hounslow

"Flash crash" trader Navinder Singh Sarao made around $70m from manipulating the futures market.

moneyweek.com

Regulators estimate that he made $879,018 from the flash crash alone, plus $70m from his trading between 2009-2015, though they accept that some of this came from legitimate trades. Ironically, Sarao lost most of his fortune after he invested in a tax-avoidance scheme that proved to be a front for an investment scam.

So yeah, I think almost everyone would probably benefit from talking to advisors (*from a reputable firm*) of some sort as even with some finance experience no one is going to know everything about tax, investments, estate planning and how current regulations apply to those things, or what past winners have done - there's always some specialist professional you could speak to who will have a better understanding or more experience - and if that's 'only' going to cost a reassuringly expensive hourly fee then it's probably well worth it to help protect a fortune worth millions.

 

[Combat squirrel]

Is it too much?

UK EuroMillions ticket-holder claims £111.7m prize

The winner becomes the 18th UK player to win more than £100m in a EuroMillions jackpot.

www.bbc.co.uk

Should it have been 111 people win one million?

Would they sell more or less tickets?

We should use your attitude to tax everyone with more than 111 million quid - especially the billionaires, they need taxing back to millionaires NOW.

 

[G-MAN2004]

I think I'd genuinely die within a month if I won that.

 

[sanaxe1]

I think I'd genuinely die within a month if I won that.

I wouldn't tell anyone I had won but there would be signs.

 

[Combat squirrel]

What Sanaxe1 said + I'd buy the most insane PC from OCUK with 2x 5090 GPU's (one for each monitor) then use it to check emails

 

[Derek W]

I wouldn't tell anyone I had won but there would be signs.

A continual scratching in your groinal region?

 

[Jim99]

Do people need financial advisors?

I'd like to think I would be sensible enough to understand where my money was going.

You have a totally different set of problems with that kind of money.

Tax considerations, the confidence you have in your bank remaining solvent, liquidity vs return, short vs long term financing requirements, estate planning etc.

Even someone extremely competent with handling money could easily cost themselves more than the fees through mistakes, or take on way higher risk that they ever realised they were.

It would be a bit like handing your gran some LN2 and going for a record OC on the basis that she can use MS Office.