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

Semple said:
Tricky one really. I suppose it's akin to the same question the US winners face - do you accept a lump sum with tax on top, or accept it as a kind of annuity - not sure if this was tax free.

Winning 100mil+ is truly life changing, that puts you up there with a host of successful business people or actors/singers etc.

As sad as it sounds, in my thirties a million quid wouldn't really be life changing. It'd provide some financial security - i.e. paying off mortgage. But by the time you've bought a nice car and maybe a few luxury holidays it's pretty much gone - and the car will have an upkeep cost. So really it's just pay for the mortgage, a few smaller luxuries, and then invest the rest for retirement.
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Why get a mortgage? Buy the property outright or buy two outright or buy 2 3 4 outright and the last one with a small mortgage.

You could also find a way to put them into a company, then open another none profit company get a H.A license and rent it out, get the grants to do them up.
 
Mrwong said:
Why get a mortgage? Buy the property outright or buy two outright or buy 2 3 4 outright and the last one with a small mortgage.
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You read his post wrong, he wants to pay off the mortgage he already has.

However, there are people who have won vast amounts of money and still had a mortgage which I don't understand, just buy the thing.

On a smaller scale a workmate won £60,000 and he could sell his house for £25,000 (We're going back to the early 90s).
The house he wanted was £60,000 and it was a 4 bedroom detached in the countryside so just buy it with your winnings.
He decided to have a mortgage and put money in the bank that would pay off the mortgage which was again bad advice from experts in a bank.
So let's say he had £45,000 in the bank to pay off the mortgage over 25 years plus the £25,000 from his old house and within a year he spent the lot and he ended up having a mortgage he couldn't afford so sold it and went back to a £25,000 house :)
 
SexyGreyFox said:
You read his post wrong, he wants to pay off the mortgage he already has.

However, there are people who have won vast amounts of money and still had a mortgage which I don't understand, just buy the thing.

On a smaller scale a workmate won £60,000 and he could sell his house for £25,000 (We're going back to the early 90s).
The house he wanted was £60,000 and it was a 4 bedroom detached in the countryside so just buy it with your winnings.
He decided to have a mortgage and put money in the bank that would pay off the mortgage which was again bad advice from experts in a bank.
So let's say he had £45,000 in the bank to pay off the mortgage over 25 years plus the £25,000 from his old house and within a year he spent the lot and he ended up having a mortgage he couldn't afford so sold it and went back to a £25,000 house :)
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That is what I tried to explain, you have zero idea what many happen to you in the future, if you are able pay it off and be secure then do it.

One of the most important financial decisions for anyone, buy and payoff your property as fast as possible.

Once you do, the pressure of life would almost disappear.

You would have a level of freedom that most would love to have.

I know a person that is currently living with me.

She had accident but had some savings, she couldn’t get her mortgage paid or any state help because of her savings. So many rules against a person.

she would have lost all her savings etc. unfortunately under state rules she would need to use that up before getting any financial help, and possibly lose her home etc. then she may have to force sell and then end up with a large amount of money.
Therefore unable to get state help end up losing everything.

That would have set her back years, and would cause damage to her in many ways.

She rents her flat out, it pays her mortgage , she gets to keep her savings and has money.

I charge her 7k for a room , when she’s fit and ready she’ll move out.
I do salary sacrifice into pension of 7k more, I save not paying N.I and income tax. I use that 7k towards my living costs. Win win.

When she recovers she will return back where she left off.

If I did not offer this she would return poorer no home possibly no savings.
 
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Raymond Lin said:
A big chunk into S&P 500 companies that pays out dividends.....this would be my "wage" and this pot of money would be untouched once invested.

The rest, property here and there, help out immediate family, tell nobody else.

I might get a Porsche though lol
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There will be clues

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I only really need/want 2-5m, anything beyond that would be a headache, but i nice one.

The above would be enough to pay off the house, all debts, afford kids (we want 2-3) and effectively retire both me and my wife immediately. But we'd just be living a middle-class lifestyle without being showy. Which I'm perfectly happy with.

We wouldn't tell anyone if it's under 5m because no one will really notice any real changes in lifestyle. Over 5 then yeah it'll start to get hard to hide it and i will need to tell family
 
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£1M wouldn't really be life changing for me, and I wouldn't be able to really do much for family.


£10M would sort me and immediate family out. I could buy my mum a house, pay off my dads mortgage, sort my nan out and have enough capital to start up my own business.



So if they were going to split it, I'd rather it be split between 11, not 111.
 
I hope everyone realises that paying off families mortgages will be a lot more expensive than you think due to tax.

Of course, if your win is in three figures of millions, you won't really care about that, you just give them enough to cover both the mortgage payoff and the tax.
 
Feek said:
I hope everyone realises that paying off families mortgages will be a lot more expensive than you think due to tax.

Of course, if your win is in three figures of millions, you won't really care about that, you just give them enough to cover both the mortgage payoff and the tax.
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1 time life time gift - 7 years taper relief.

Should be zero tax....IIRC.
 
Raymond Lin said:
1 time life time gift - 7 years taper relief.
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Aye, if I pay off your mortgage when I win over £100,000,000 on the Euromillions, you'd better hope I live for seven years otherwise you're getting a bill.

When I win, I'm paying off all the mod team's mortgages, want me to add you to the list? Seeing as we've had ice cream together ;)

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Honestly whilst deep down I know it's too much I would be very happy with it.

I'd be able to move away from the UK. And have a "pied-à-terre" in a few of my favourite countries.
Offer my kids the best education possible.
Do the hobbies that I enjoy and the ones my kids are interested in.
I'd be able to support my extended family - although this can offer it's own problems but I'd navigate that.
I'd shove a tonne into my pension pot.
Also build up a little property portfolio.
Then I'd study because I'd be able to do courses without having to worry about working.
I'd also give a fair proportion of it to charities that I care about.

In short. It would be life changing and I'd be delighted.
 
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