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Lotto Windfall, What Would You Do?

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I've been doing some reading online where lotto winners have blown all their winnings because they simple do not know how to handle/manage money.

 

It seems most lotto winners are incredibly poor and just go nuts without thinking of the consequences.

 

Do you think you could handle a lotto win and perhaps make money from it? Is it possible to learn more about lotto? - www.moreaboutwinninglottery.com.

Edited by adamhere

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Depending on the amount I'd won I have several plans. Investments etc.

 

But as daft as it sounds if it was 'only' around a million then it'd be spent pretty quickly. A million these days doesn't really get you a lot. Most people would buy themselves a house and maybe their parents a new house. With furnishings and all the moving costs, that's £600,000 gone if both houses are just moderate. I'd certainly buy myself and my partner a new expensive car each and a big holiday that's another 100,000.

 

So already down to £300,000. You couldn't win a million these days and afford not to work.

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So already down to £300,000. You couldn't win a million these days and afford not to work.

 

So if you won one million you couldn't think up an investment strategy to enable you to leave work and provide you with even just £50-£75k per year?

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if there was enough then...

 

i'd put aside enough to ensure a reasonable degree of comfort for me and my immediate family, spread some around the rest of the family and friends, donate a bit to local and regional charity and community projects.

 

i might move, but not very far.

 

i think the rest i'd use to set up or invest in a range of businesses. I wouldn't necessarily be looking for a big return or an immedate one. the business plan would have to be sound, provide for resilient long term growth and development and include decent pay and conditions for the staff.

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So if you won one million you couldn't think up an investment strategy to enable you to leave work and provide you with even just £50-£75k per year?

 

Not without great risk for that pay off.

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I've already worked out what I would with £4 million.

 

Would look after friends and family and then get a house for me, and then invest in property and rent them out, invest in a few businesses and keep some in the bank.

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I'd go places and buy things

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Depending on the amount, I would give to family and friends. St Lukes, Childrens hospital, and many animal charities particularly the smaller ones who really do struggle. But since I rarely do the lottery, it is merely a pipe dream!!!!!!

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I'd refit the kitchen, buy some new carpet for the stairs and replace the guttering on the front of the house. Then I'd probably buy a car since mine is leased and employ a gardener once a week to trim the hedge and do the weeding, and someone to help with things like the ironing which I find really difficult.

 

I may even be able to buy my clothes from new :)

 

My luxury would be a few bottles of really decent perfume and a proper big wine chiller for them to live in.

 

If I won loads then I'd like a house with stairs that are less steep than mine and off road parking (and more than one bathroom). It's not going to happen though, since I don't gamble.

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Why are you all so desperate for the approval of friends and family? What have they ever done for you to deserve such a big payout. Oh, do they love you. Love's got nothing to do with it. Have you never heard the saying, no good deed goes unpunished? Well you start handing out more than £100 for free and you'll soon learn all about it. They will just resent you in the end until they get what they consider to be a fair and EQUAL share of your loot. Try getting them to help you out in the future and you'll not see them for dust. Give them nothing or at best a little ride in the passenger seat of your Ferrari if they've got clean shoes on.

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Consult a financial adviser and see if it's possible to pay off your own mortgage and those of your close family.

 

Put some aside for your kids future, have a nice holiday and then see whats left.

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Depends how much of course, but if it was a lot it'd be the new house, new car, holiday, money gifts to family, and investments to provide an income.

 

After that it would all go in charity gifts and to good causes.

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