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

Baldbloke said:
Should it have been 111 people win one million?

Would they sell more or less tickets?
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If lottery companies thought they could make more money by awarding more top prizes then they'd probably do so. It's like the people in the Omaze house draw comments saying "why can't you award 10 normal houses instead of the big £4 million house" but there are prize draws out there for smaller houses and plenty of them don't even sell enough tickets to allow the house to be awarded.

Uther said:
I wouldn't say no to that amount, truly life changing. It got me thinking, where would you actually put that amount of money? I assume there are specialist banks for super rich people.
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Government bonds, equities/ETFs/funds. There are private banks but even then you'd not put most of it in those banks (they're sometimes owned by larger banking groups like RBS/Natwest which owns the Queen's bank; Coutts), they provide fancier/more personal customer service, give you financial advice, tax/estate planning advice and generally try to flog you a load of stuff.

You don't need a relationship with a private bank to get access to tax advisors though and they're perhaps more useful if you're the 5th Marquess of Blargh and you've got land and trust and some complicated estate planning and issues when trying to arrange a loan etc. That's the sort of customer they're typically used to, though these days they'll have people dedicated to celebrities/footballers etc.. too.

Baldbloke said:
Well, i'm no expert in handling that amount of money. Wish I was but that huge sum must bring worries with it too. Financial "advisors" ripping you off more than likely.
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They're generally not going to scam you or really rip you off to be fair (though I guess that's subjective) but they're not necessarily going to provide value for money for everyone. I guess it depends on the situation, for someone who is innumerate and at risk of blowing the lot within a few years they're going to be worthwhile simply by getting the client to not do that and invest/lock away some of it. On the other hand, you don't need to pay a load in commission or management fees to say throw a load of it into some gilts or into some ETFs or similar investments - it's not like these advisors are expert traders/investors or have any special insight into the markets either if they were they'd be big shot fund managers earning millions instead of dealing with clients all day.

SpellowHouse said:
Yes, it's a thing that some people don't realise - sums of money like that don't just evaporate. There will be wealth in winning families for many generations.
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Nope, there isn't generally, sums like that do generally evaporate within a couple of generations, not only does it get spent but it often gets split in multiple ways each generation. Exceptions are say being passed to a single male heir (worked out well for the Duke(s) of Westminster for example with a load of urban properties, less well for some other aristocrats with expensive countryside estates and large staff costs).

It is estimated that 70% of wealthy families will lose their wealth by the second generation and 90% will lose it by the third.
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adam cool dude said:
Even 100k would be life changing for myself. Pay off the rest of the Mortgage and take a year off and travel the world.

Even if you used that 100k to top up your salary it would give you an extra 5k a year for 20 years to do what you wanted with.
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Oh, absolutely. 100K tax-free is a huge sum of money to get in one lump.
 
I think I'd use most of it in helping the community in different ways.

I can already buy anything I want now. So apart from tying up some odds and ends I'd be looking to make an impact on society.
 
Uther said:
I wouldn't say no to that amount, truly life changing. It got me thinking, where would you actually put that amount of money? I assume there are specialist banks for super rich people.
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Multiple banks and investments, to minimise the risk of losing it all due a single bank, having a bank run/collapse. See all the unfortunate people in the SVB bank run.

gingergundog said:
If anyone on this forum won 100 million, would you announce in GD or just turn up in motors with the new Bugatti?
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Nope I wouldn't say anything but I would start having forum competitions.
 
Chuk_Chuk said:
Multiple banks and investments, to minimise the risk of losing it all due a single bank, having a bank run/collapse. See all the unfortunate people in the SVB bank run.
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What unfortunate people in the SVB bank run? They didn't lose anything.

UK bank guarantee is like £85k or something, that's great for ordinary people but if you've got 100 million it's kinda irrelevant and you'd not want it sat in cash in any bank anyway (save for what you need for living expenses) government bonds solve the issue of banks collapsing but some of it you're want to invest elsewhere too.
 
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I'd set up a trust fund for the schools my kids go/ went to, if that's possible. Provide school trips and so on, as it's a deprived area. As a school governor, I know what a difference even a small amount could make to people's lives here.

I wouldn't want to move, but security worries would probably force that.

I'm not that imaginative, so doubt I'd be drawn to a high-rolling lifestyle.
 
dowie said:
What unfortunate people in the SVB bank run? They didn't lose anything.

UK bank guarantee is like £85k or something, that's great for ordinary people but if you've got 100 million it's kinda irrelevant and you'd not want it sat in cash in any bank anyway (save for what you need for living expenses) government bonds solve the issue of banks collapsing but some of it you're want to invest elsewhere too.
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I said people but companies would have been the more accurate word for me to use. There were some companies who lost millions ( i think one lost 10's millions) in SVB. There is also the small start ups who would have been clients at SVB, who could have lost a good chunk of cash.

You are right that for the average person getting £85k back after a bank collapses would be great but considering the topic of the thread not the most relevant example.
 
adidan said:
Yeah I don't want much.

Doesn't have to be massive but would need an indoor pool and sauna. A bit of land and some private woods would do me. No neighbours.

Don't think a million would get that.

Edit: If it was £100m+ a lot would go to charity. I may even throw some at Just Stop Oil for the lolz in the thread. :cry:
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I wouldn't mind buying some land and building a house, or something dilapidated. Yeah having more money makes it less restrictive but with 1m(plus the equity in the current house) it would be a massive change to our life, maybe having a small or no mortgage. The other half will say now she wants a pool, and I know she would want horses, so maybe I would need a few million more :p
 
Chuk_Chuk said:
I said people but companies would have been the more accurate word for me to use. There were some companies who lost millions ( i think one lost 10's millions) in SVB. There is also the small start ups who would have been clients at SVB, who could have lost a good chunk of cash.
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Nope, they didn't the FDIC stepped in.

Chuk_Chuk said:
You are right that for the average person getting £85k back after a bank collapses would be great but considering the topic of the thread not the most relevant example.
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That was kinda the point, if you've got 100 million and you want to keep some portion of it safe then you put it in government bonds, you don't bother with cash deposits in multiple banks. Bonds can be segregated, your bank collapses but they're still your bonds.

Some of it you'll put at risk by investing in funds, individual stocks etc.. in the hope of a larger return, not sat as a ridiculously large deposit in a bank account.
 
Is it too much? LOL.

That's awesome for them, well done. Why on earth would you be complaining about someones success?
 
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