Winning the Lotto. Why go public?



What A Waster said:
Not read the full thread, but when I won I didn't go public.
Wouldn't like to look like a show off for a start. Plus, your friends might look at you differently, or want money from you or people who you barely know start acting like they've been your best mate for years.
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Did I ever tell you what a great lad you are @What A Waster ? Easily the best poster on here with your wise and reasoned posts, and as someone influenced by Mod Style I have every confidence that you are the epitome of sartorial elegance too.
Fancy a pint?

What A Waster said:
£64.
Got 4 numbers back in 1998
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Errrr ... never mind I’m a bit busy these days.
 
chunksafc said:
Remind the kids that they still have to find jobs and that I would match their annual salary with a payment once a year. If they only earn £5000 a year they only get £5000 a year on top from me
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Thats what Peter Jones (of Dragons Den fame) has said he's going to do with his kids. And also if they do something 'worthwhile' like being a nurse in NHS he'll treble it.
 
chunksafc said:
Remind the kids that they still have to find jobs and that I would match their annual salary with a payment once a year. If they only earn £5000 a year they only get £5000 a year on top from me
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Seen that said a few times, always seemed odd as you're just incentivising your kids to chase money rather than something they're passionate about.
 
Some Random Guy said:
Seen that said a few times, always seemed odd as you're just incentivising your kids to chase money rather than something they're passionate about.
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I see it the other way as allowing your children to do whatever they want in life without having to concern themselves about the wage. They may then do something with their life that they love for half the pay of something they would simply tolerate but pay more.
 
Le Chuck said:
Who says i wouldnt do some good deeds? I would pay what taxes im due, and if a load goes on IHT when i die, then so be it as im wouldnt be a hypocrite in moaning over tax avoidance, then doing it myself.
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The IHT bit is a really basic example. By not taking advice you winning the lottery is basically the government getting a windfall to spunk away on various things you might not agree with or be massively against. The government have set up schemes such as EISs & VCTs which they want you to invest in & in turn will give you tax relief. Relief not avoidance. It’d be idiotic to not get advice if you’re sitting on a load of cash/assets when you don’t have the knowledge of how to use it in the right way.
 
Id look after some family but I wouldn't give them lump sums

maybe set up a driect debit to give my sister and brother a grand a month into their bank accounts.. enough to take the pressure off them.

when you have £21m you do really need someone to help advise to be tax efficient etc and to make sure that it earns its keep. you wont maintain the balance too easily at current interest rates.

gibe yourself 6 million to get the house, car etc and living funds then tie the other 15 million up for 5 years. done right in that 5 years time you could release another million every year and sorted for life with 20k a week and have the whole capital to hand down top the kids
 
Epping said:
Id look after some family but I wouldn't give them lump sums

maybe set up a driect debit to give my sister and brother a grand a month into their bank accounts.. enough to take the pressure off them.

when you have £21m you do really need someone to help advise to be tax efficient etc and to make sure that it earns its keep. you wont maintain the balance too easily at current interest rates.

gibe yourself 6 million to get the house, car etc and living funds then tie the other 15 million up for 5 years. done right in that 5 years time you could release another million every year and sorted for life with 20k a week and have the whole capital to hand down top the kids
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I’d not move from up here, a £1m house in Cleadon would be top of the range for the Sunderland area. I’d pay of friends & families mortgages & set up a plan to pay myself & family income for life. Not saying I wouldn’t give lump sums, but the idea of sorting someone for life is nice.
 
Epping said:
Id look after some family but I wouldn't give them lump sums

maybe set up a driect debit to give my sister and brother a grand a month into their bank accounts.. enough to take the pressure off them.

when you have £21m you do really need someone to help advise to be tax efficient etc and to make sure that it earns its keep. you wont maintain the balance too easily at current interest rates.

gibe yourself 6 million to get the house, car etc and living funds then tie the other 15 million up for 5 years. done right in that 5 years time you could release another million every year and sorted for life with 20k a week and have the whole capital to hand down top the kids
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You win 21 mill and you'd only give your sister and brother a grand each month?! Tight arse!

Even if you stuck it all in a bank with a 3% interest rate, you'd be raking approx £630k each year.
 
Linny said:
You win 21 mill and you'd only give your sister and brother a grand each month?! Tight arse!

Even if you stuck it all in a bank with a 3% interest rate, you'd be raking approx £630k each year.
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show me a bank account that pays 3%

630-k taxed at 40% so down to 400k.

its all hypothetical anyway. I might give them fuck all I might give them loads.

they might get a grand a month plus free use of nice holiday homes.. great gifts such as a nice car or whatever. If my family won 20 million I wouldbt expect anything from them. If I got anything then I'd be appreciative
 
Epping said:
show me a bank account that pays 3%

630-k taxed at 40% so down to 400k.

its all hypothetical anyway. I might give them fuck all I might give them loads.

they might get a grand a month plus free use of nice holiday homes.. great gifts such as a nice car or whatever. If my family won 20 million I wouldbt expect anything from them. If I got anything then I'd be appreciative
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Tesco current account (although only on balances upto £3k) ;)

You can get over 2.5% on a 5 year fix, but max deposit of £1m
 
Epping said:
Id look after some family but I wouldn't give them lump sums

maybe set up a driect debit to give my sister and brother a grand a month into their bank accounts.. enough to take the pressure off them.

when you have £21m you do really need someone to help advise to be tax efficient etc and to make sure that it earns its keep. you wont maintain the balance too easily at current interest rates.

gibe yourself 6 million to get the house, car etc and living funds then tie the other 15 million up for 5 years. done right in that 5 years time you could release another million every year and sorted for life with 20k a week and have the whole capital to hand down top the kids
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Well over £200k annually before tax even at very conservative rates. May just scrape by.

Edit: seems I’m late to the game.
 

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