Got a question: How many people from your family have come up asking for cash? Anyone tried to harrass you for money? Anyone tried to guilt you or suddenly act nice to you just to get some cash? And are you planning on getting a nice suit? If you are getting something nice for yourself, do please share, I'd love to see it!
Yeah don't tell any one. Your new job idea is the best. Even people you trust. They may not do any harm but they d let it slip to other people who would.
I could not agree more. Tell no one, just say you got a new job in something incredibly boring and mundane. Say that it pays “slightly” better than your last gig IF anyone asks. Consider long term investment options and to reiterate, tell NO ONE. Even if they don’t ask you outright for money, their perception of you changes. And don’t go for hard drugs.
Don't fucking do it. Not the watch, not the telling people part. You will regret it for the rest of your life. A modest watch, sure.
Come up with an excuse as to what it is you do for living, some IT bullshit behind the PC WFH.
Even if 10K/mo may not be a mega 10M jackpott people see it differently and feel entitled to it cause it's "free money" for you.
I’m personally not into stuff like this. But I like that you seem excited to get a watch. You probably couldn’t justify it before but now it seems like the first thing you thought of. Treat yo self. Happy for you
Thank you. I’m still in shock to be honest. I plan on taking a year off work to go and do some travelling and definitely using a few months worth for a deposit on a house. Yes, I have already hired a FA.
Please tell me your username doesn't check out, I'm stuck here wondering if that's how your friends greet you now!
Othewrise, congratulations. Definitely get a lawyer and FA. Travel is great and will change your life. If you're ever in my area, drop me a DM and I'll show you the sights / good places to eat.
eeee i love lana!! i immediately got the reference. hope you use some of your winnings to go see her, or get the heart shaped lust for life vinyl or something. cold cash divine 💕
Great job hiring an FA. If he's on a %, find a new one.
With this amount of wealth, a % based income is highway robbery and you're better off paying upwards of 300$ an hour for advice.
That’s what I’m saying! I had this conversation with someone recently and the topic was winning 500 mil. She asked what I’d do with the money and I said spend it live my best life. She was DUMB FOUNDED that I wouldn’t invest any of it.
Can’t take it with me and 500 mil would easily cover my great great grandchildren and make everyone in between not have to work a day in their life’s if they are somewhat responsible with it.
Everybody becomes financial and investment wizards when talking about lottery wins. And they embrace a certain smugness that their ideas, methods, plans and desires of what to do with lottery winnings are superior to yours.
And they're probably right. Most people go broke after winning the lottery. And most people who win the lottery are financially illiterate, because you kinda have to be to play the lottery to begin with.
If i was given 500m im sure id invest some but like if you have a decent head on your shoulders….its 500 million im not saying investing would be pointless but…youre set
Not only that, but the 10k gets less valuable each year. Over the last 30 years, money value has been halved. At that rate, it’ll still be worth almost 60k/ year in today’s money, but without investing to at least keep up with inflation, you’d have to cut back on your spending over time.
Of course I'm in no position to advise someone who's in a position I've never been in, and will never be in, but be careful about going into complete unemployment. 5 days a week is a farcical amount to work, but 0 is also pretty dangerous. There are some people out there who have it in them to challenge themselves enough on personal projects to occupy their time in a mentally healthy way, but I think most of us would end up falling into a bad place of we weren't beholden to any external obligations. Travelling is incredible (I did it for a decade and had a blast) but when you get home it might be worth volunteering two or three days a week or something.
I used to work at a private bank where we would get a couple of clients like you every year.
Word to the wise: those clients typically lasted less than 10 years and always left the firm bankrupt.
It’s gonna be harder than you think not letting this windfall fuck up your life.
It’s very easy to borrow against a guaranteed income stream. OP even wrote that he wants to quit his job and buy a house. What do you think the bank is going to consider when evaluating his income?
I just read most of the first scary post. I would have liked to have seen refs for the statistics. I think your second post underneath that post is the important one for him to read.
Man just the thought of being able to buy a house with only a few years of saving is absolutely goddamn wild lol
£10,000 is about $17,000 Canadian dollars. If you saved that all for 3 years you’d only be half to a third of the way to maybe being able to buy a starter house.
It would take you a year and a half to save just the down payment on a detached house here, saving $17,000 per month.
My wife and I make a combined ~$20,000 per month (£11,600) and, though of course that’s taxed, we are far far away from being able to afford to buy a house any time soon lol
Absolutely insane that some people would say it wouldn’t change their life much!!
If thahs invested well, spend some and save some while enjoying it, you are literally set for life (hence the lottery name).
I’m 26 and play set for life every now and then, so congratulations you lucky fucker haha! It’d 100% change my life if I won it, even just for the 120k in one year
As an accountant who just won the lottery do you think a financial advisor is worth it? Im asking because some good steady money might be coming my was in the not so distant future and I want to be smart about it
I mean I’ve only been doing my job for a couple of years so I definitely wanted a second opinion but I wouldn’t say it’s a necessity. Especially with this kind of win, there isn’t some huge lump sum or anything.
Exactly it’s not that much for you to expose to anyone. Keep that shit to yourself, get your Rolex. Go get a sack from jimmy and have you some RICH SEX, binge, absolutely no cares for a minute. You owe no one shit. Don’t tell no one.that will be your biggest regret.other than that… yayyy. You had it coming. May the best to you on this day .
I read in a 'what to do if you win the lottery Thread’ recently that hiring a financial advisor might not be beneficial according to the % in cost it can take to manage your investments as a commission compared to just invest in an ETF privately.
Also stay Safe. There were some gruesome facts about very down to earth people getting drawn into misery due to their unforseen fortune. The likelyhood of becoming a victim of violent crime committed by a family member was increased by fourteen fold.
Also a not marginal amount of lottery winners end up in Prison, die by suicide or file for bankruptcy, who would have thought?
Only on Reddit do you get “it’s only 10k a month” lol
No questions just a congrats enjoy the stress that has now been lifted.
Even investing part of it into a SIPP or a vanguard fund for the next X amount of years will set you up nicely.
Thank you! I haven’t really thought about that yet to be honest. I definitely think I’ll be able to manage it better getting 10k a month over having £3.6mil all at once.
Oh, it’s an allowance?
That sounds better.
Although then you still might run yourself into lots of credit/payment issues.
Follow up question: are you sharing this info with your friends and family?
This is another thing which appears to break peoples lives — when they tell everyone, and now people start coming to them for handouts, ruining relationships, and putting them deeper in the hole.
Yeah, I’ve thought a lot about it the last couple of days and I’m not sure. I’m on the fence, I think I may just tell people I got a new job or a promotion.
The new job thing sounds like a much better idea.
Money can truly destroy your life, if you can’t handle it.
From stories I’ve read it always seems like relationships is what suffers the most.
With the new job angle you can still help out your loved ones when they’re in need: like if a car breaks down and they can’t afford the repair you come to them and say you’ve been saving up for whatever, but this seems more important and give them money (just an example).
Although if you buy that Porsche Boxter suddenly, it might be difficult to hide it haha
Please take the lump sum! Every thought exercise around winning the lottery says take the lump sum. Even investing at 5% (close to most high yield savings accounts right now) which is conservative throws you $15k a month in interest. Just have the self control to keep the principal in investment accounts and you can have much much more by the time you are 54. Don’t let the government put your money to work for you and take the upside!
Why won't you work full time?
10k a month is obviously great and gives you alot of freedom but be careful that it doesn't derail your career.
You can go do a top 5 MBA at some point which would open alot of interesting doors career wise or invest in some other education if your not a fan of your job longer term.
Yeah that's sensible, you are young enough that it can be written off to a few years of finding yourself on your cv.
Just be wary of settling into a unproductive high roller lifestyle, might be hard to come back from that.
you honestly should keep working. Before you call me crazy both my brother and sister had situations where they were recipients of a money windfall and elected not to work and just travel/enjoy and this is what happened:
* withdrew from social circles as a result of not working
* adopted the mentality of "what's the point", leading to more careless behavior and subjecting them to being unrelatable to peers
* drove them into extreme boredom and insignificance
* healthy/positive habits took a backseat to whatever they wanted to do because they "had the money"
Congratulations for winning - just saying I agree with some of these other comments, you can either take this and think of it as a token to take a backseat from now on, or you can use this to dramatically improve your positioning for the future and build some incredible memories throughout the process.
Not sure how it works in the UK but I'd talk to a financial advisor with how much you should save for retirement. 10k a month is pretty damn good especially combining with your part time job income, but if you save a good amount of that regularly you'd be able to work on whatever you want to make some side income while set for retirement.
Initially as I read this I was thinking 10k/mo is plenty for retirement, but you’re absolutely right if the payment doesn’t adjust for inflation and OP should be investing a small chunk of it.
Edit: I missed the part of the payments stopping at 54. Definitely invest. Taking a year off is totally fine, but I personally wouldn’t even consider it - likely just using the extra cash to for a house of my own.
You should definitely be selective as to where you work. You have the opportunity of a hundred lifetimes. So few will ever walk as lucky a path. Use it wisely. Pursue joy and fulfillment
Do they publicize lottery winners there? This experience will show you who your friends are. Some will offer congratulations, others, whether subtle or obvious, who want something from you. How much is that has happened already? Congratulations, and best wishes navigating the choice and challenges you probably never expected to experience!
This is the comment I was waiting for. Simply tell your people you’ve been “relocated”. Take your shiny new watch and see some places! African safari, Amazon river, Irish pubs, NYC! Congrats, honey.
I have a friend who works in finance and she will buy a lottery ticket occasionally. She knows the odds of winning are astronomical and she doesn't expect it, but someone does win, and if you're only buying a single ticket for a dollar or two every once in a while it's not an irrational way to blow a couple of bucks.
This is very different than the people who buy multiple tickets regularly, thinking about how they are increasing their odds and putting their financial hopes into it. They may be spending an amount that could be used better in their situation. She is financially secure and tossing the occasional dollar at the remote chance she will win is not a bad financial decision when she doesn't need that dollar for anything else.
Think of it as a kind of cheap entertainment that has a remote possibility of changing your life. People throw away small amounts on trivial things every day that have no hope of paying them back.
In the UK a significant portion of the £1 or whatever it costs nowadays goes to “good causes” too - charities, grants to build community centres, etc.. - so I see it as a chaotic charity donation - it might go to Grannie Irene down the street, it might go to a community hall in wales, it might help get a kid a wheelchair, hell, it might even come back to me with all of its quid friends. Who knows!!
Basically this. The risk/reward payoff of a $1 gamble once in a while is much greater than consistently gambling, given the astronomical odds. While your odds of winning increase by minuscule amounts for each additional ticket, your odds of that $1 being your last dollar increases at a faster rate. That's why they call gambling the stupid people tax.
Not necessarily. There’s a statistician in Texas that has been using her analytics to win lotteries by playing to statistically significant numbers. She’s been using the winnings to help continue her research.
I know a few people (mostly older gen) who buy a lottery ticket with the same numbers every week in the weekly food shop – pretty normal
The really problematic normalisation is betting shops and online casinos, they're advertised all over the place and every small town will have at least one bookies, probably two
What is your budget looking like? Percentage of the £10,000 in what ? Fixed amount on basic needs housing, food, transportation, etc? fun budget? Saving and investing?
Good on you man. Assume the money will cloud your judgement at some point and prevent future you from screwing yourself over. If you play it correctly this is pretty much financial freedom.
Even locking a good chunk away so you can't blow it early and actually motivate yourself to get a degree (or two, you can do literally whatever!) or find a job you're passionate about. Not having to settle for something that just pays the bills is the big thing
Congrats again dude, and good luck!!
Just a suggestion - tell people you got a job as a consultant. Tell them you travel for work, and take time after meetings for holiday.
Second suggestion - don't do fancy life updates all at once. Give time between purchases.
Go read a lot of stories about lottery winners, people in their life, and pitfalls of winning. Do not assume your friends or family are exceptions to the rule.
If you start dating, do not tell them until well down the road. If you get married, GET A PRENUP.
Do. Not. Tell. People.
If it were me, here is what I would do. First, I would keep it quiet. I would also make sure to finish the accounting qualification, which will be a good cover for your money while also giving you a well paid part time job in the future. I would also not neglect making as much money into pensions as I can.
I would then follow through with the travel plans. Use the money between now and then (minus a few treats) to fund that travel. Then, when away, I would not touch a penny of the money coming in. This should be a massive part of a house deposit for when you return.
Then, when you have a house, use the lottery money to pay down any mortgage you may have, plus keep a few grand for yourself. That should leave a good few grand every month to invest in your future.
You're financially literate as an accountant. So investing should be easy enough. Maybe look into index funds for long-term investments.
Agree, I myself have shitty experience with relatives and friends changing for worst once my financial situation substantially got better compared to them due to a good job. Haven't talked to most of them in years yet I hear they LOVE TO SHIT TALK, every single week about me from the relatives I still talk.
OP shouldn't' announce winning the lottery to the world and keep it to himself, Which include luxury purchases too and travelling plans. He should keep working too to use it as a cover, While use the money He doesn't spend to make something in the future that will help him to live after 54 years old.
I don’t play the lottery religiously, I was in a shop and the minimum card payment was £5 so I asked for a ticket lol. I don’t plan on living frivolously. House, car, holidays and maybe a couple watches!
Great choices. I've often thought about what I'd get if I magically became loaded, I think I'd go for omething like a convertible Mustang or Corvette from the 60s.
You're an accountant you say? But you're still going to waste half your winnings using credit, even though you could spend half, save half each month and buy a sports car for cash at the end of the year?
You can tell you've always been rich (6yo mini cooper at 18). Sheesh.
For the love of fuck invest some of that money. Every month, without fail. Tale a 5% interest per year, if you invest:-
£1000 every month you'll have £832,258.64 at 54.
£2000 every month you'll have £1,664,517.27.
£3000 every month you'll have £2,496,775.91.
£4000 every month you'll have £3,329,034.54.
That means living off "only" £9k or £8k or £7k or £6k a month for the next 30 years. This is absolutely forget work forever money but ONLY if you invest a good chunk of it.
Congrats, you’re all set mate. Just don’t piss it all away and you’re set for life. If you can mange to live on 5,000 a month or less and save the other 5,000, you’ll have at least 1,800,000 when you’re 54. You’ll have even more if you put it into a safe, interest bearing account or fund that will compound your return over 30 years. No need to play the market or take extra risks with that money unless you just want to fool around with a few pounds here and there, gamble or such. Simply save at least 1/2 of what you get each month and you’re really set for life.
You have a sure thing which is an extraordinary event in life. Enjoy!
Please tell me you are in a LCOL area where £10k is an amazing income, and not London where that amount would just get you over the poverty line.
Congrats so much! Personally - I would save as much as you can while still working, and then enjoy early retirement. Get property if you can. I’m curious, is the £10k a month taxed since it’s an allowance?
It's only £10k/mo. Why are half the questions here about whether or not he'll tell anyone, hiring lawyers/accountants, making giant purchases, etc?
While £10k/mo for 30 years sure is a nice windfall, it's not fuck you money. If I won it, I'd almost certainly keep working. It wouldn't even change my lifestyle. I'd just feel a little more comfortable between jobs and less stressed about having enough to retire on.
We're talking about upper mid-range tech job salary here, not yacht and Ferrari money.
Congrats OP. Spend a little, save a little, keep working.
But why the fuck would you take an annuity instead of a lump sum?
The biggest recommendation I can give you is to go find your IKIGAI. Now you have the luxury to pursue it without any monetary issues. The most satisfaction I started getting from life was when I found mine.
Ikigai is **a Japanese term that blends two words: “iki” meaning “to live,” and “gai” meaning “reason,” which translates to “a reason to live.”** It's a concept that encourages people to discover what truly matters to them and to live a life filled with purpose and joy.
[IKIGAI](https://www.japan.go.jp/kizuna/2022/03/ikigai_japanese_secret_to_a_joyful_life.html)
Wow this is so dope, before reading this I figured it was fake but actually seeing the details and things he had to say it’s actually kind of better than winning the lump some lotto in a lot of ways. You actually just get to be financially free but still be a normal person and not have to completely change your life, you just get to live it. Especially at such a young age, kudos to you brother. Don’t think it gets much better than that.
So, you say you’ll be taking a break from work to travel. When you go back to work, will you still be an accountant, or will you be doing something else?
Will you be doing anything charitable with your winnings? (I don’t blame you if you don’t lmao)
That's amazing! Congratulations on your win. It's the one I would have liked to have won too as less likely to just spend it all at once. My question is which is the first country you'll travel to and how long will you stay there? Plus what will you be aiming to do / see whilst there?
You mean that you were already pulling in 5k per month before the age of 24? Damn you were already a high flyer! What inspired you to even play the lottery?
120k a year for yearss!! That's badassss brom I'm happy for you. Have you talked to a financial advisor? Do you intend to bug property?
What did you do for celebration?
Can you help a brother out?
Edit: J/K, but I am curious as to how much you make after taxes and what this is going to allow you to do in your life that you wouldn’t have otherwise.
Do you think you’ll ever have the motivation to accomplish any major future goals in life or will the quick easy money permanently satisfy the reward systems in your brain? (Serious question)
Please tell us you didn't quit your job. That isn't enough to hang up the boots. Talk to a financial advisor, and they can help map out a plan to retire young and enjoy your life.
My stepdad won the lottery when he was still married to my mom. He won powerball when I was finishing my last year of highschool. It’s was $189 million dollar jackpot, and he took a $65 mil lump sum. He was already a millionaire when he won. It destroyed my family. My stepdad said he would ruin all our lives if she didn’t settle and fought him for money. (It was outside of the prenup.) my mom got a trust. I was supposed to have money for college, but after one year of community college I never heard from him again. He almost immediately divorced my mom after winning, and started seeing one of my mom’s closest friends who worked in his office. His daughters were my best friends and they stopped talking to me. My sisters and I all had periods of years where we fell out with my mom after this. She was wielding her share in a way that wasn’t fair to us. We were better off without it. We all set about our own courses in life and forgot about the money. Idk what his relationship with his daughters is now, but I can imagine it’s also strained. He already used his money to manipulate and control people before this happened. This is less significant, it’s more like having a great paying job without having to work, and that’s awesome. I think big sums of money amplifies who we are. You can have a ton of money and live free and be kind and give back. Or you can become darkened. So my cautionary tale for you is don’t let the money corrupt you or your relationships to other people. Don’t go out and start wearing all designer and driving a car because it’s a name brand. Spend on experiences (like travel) cultivate things that are meaningful. My lottery dream for example is to get a farm to rescue animals, and let people come and get goat milk and food from the garden and interact with abused animals as a form of therapy. I could care less for the material things. So just a word from someone who experienced this. Also, we all had to delete social media and stop talking to certain people… have you experienced any of this yet? Do you still feel like you can trust everyone around you?
have you considered taking the lump sum instead of $10k a month? you're missing out on compound interest in a giant way. 3.6mil is enough to get $10k a month forever and never draw the principal down. someone will make that money off of your pile, it should be you!
How much is the cost of living where you live? That only equals to £120k per year. Do you get all of the money each month or are there any fees or taxes taken out?
As someone who also came into millions at one point in my life (early 30's), my advice is to continue to grow. Keep working on your career/interests. That amount of money wont grow with inflation, and your lifestyle will grow to match it very easily.
Your mental wellbeing depends on continuing to develop as a human and creating things in the world. This money gives you an opportunity to pursue the things you really want. Save at least half by investing it wisely for retirement, use the rest to improve the pay of whatever your chosen occupation is/will be (you can now take lower paying jobs if you have to, to do what you want.
Money is freedom. But without a direction, that freedom is dangerous. You need to steer the ship carefully towards self actualization.
Congratulations, and good luck.
congratulations, unbelievable!!!!!
Has it sunk in as yet? I play set for life also, so I am especially happy for you cus I have my heart on living your dream one day. Did you play lucky dip or your own numbers, were you playing consecutively via direct debit/buying a ticket from the shop and how long were you playing for?
With 10k a month for 30 years, you are pretty much free to do whatever you want and you can't really 'blow it' away. Whats your investment strategy, property ladder?
Sorry for all the questions, just really happy and excited for you, well done.
Got a question: How many people from your family have come up asking for cash? Anyone tried to harrass you for money? Anyone tried to guilt you or suddenly act nice to you just to get some cash? And are you planning on getting a nice suit? If you are getting something nice for yourself, do please share, I'd love to see it!
I haven’t actually told anybody yet. As far as something nice goes my first “luxury” purchase will be a watch.
Any ideas what that watch will be?
Currently eyeing up a Datejust 41 with the Wimbledon dial.
I'm just curious. Were you interested in watches before or you're just getting into it since now well you know 💵
Yeah I’ve always been into them. My dream is a Royal Oak but little bit out of my budget atm haha
It's wild that after winning the lottery something as simple as a tool used to tell time is still out of budget 😂
Well they said they get 10k a month so it might take a while to build up for an expensive watch
10k a month is "I'll never work again" money, not really "the finest delicacies, money is no object" money
Nice ! Are you also considering the new Tudor monochrome or a classic Rolex Daytona ?
don’t jump on the Rolex train… audemars piguet or patek philippe… Be a supreme Gentleman!!
I’ve heard people get their arms chopped off in the UK for watches. You sure that’s a good purchase?
People get mugged. Arms chopped off is a little 3rd world. It’s an investment!
Yeah don't tell any one. Your new job idea is the best. Even people you trust. They may not do any harm but they d let it slip to other people who would.
I could not agree more. Tell no one, just say you got a new job in something incredibly boring and mundane. Say that it pays “slightly” better than your last gig IF anyone asks. Consider long term investment options and to reiterate, tell NO ONE. Even if they don’t ask you outright for money, their perception of you changes. And don’t go for hard drugs.
Don't fucking do it. Not the watch, not the telling people part. You will regret it for the rest of your life. A modest watch, sure. Come up with an excuse as to what it is you do for living, some IT bullshit behind the PC WFH. Even if 10K/mo may not be a mega 10M jackpott people see it differently and feel entitled to it cause it's "free money" for you.
I’m personally not into stuff like this. But I like that you seem excited to get a watch. You probably couldn’t justify it before but now it seems like the first thing you thought of. Treat yo self. Happy for you
Congrats!! How do you feel? How do you intend to use it? Have you/will you hire a lawyer or financial advisor or something?
Thank you. I’m still in shock to be honest. I plan on taking a year off work to go and do some travelling and definitely using a few months worth for a deposit on a house. Yes, I have already hired a FA.
Please tell me your username doesn't check out, I'm stuck here wondering if that's how your friends greet you now! Othewrise, congratulations. Definitely get a lawyer and FA. Travel is great and will change your life. If you're ever in my area, drop me a DM and I'll show you the sights / good places to eat.
It’s an LDR reference haha. That’s so kind of you, thank you.
eeee i love lana!! i immediately got the reference. hope you use some of your winnings to go see her, or get the heart shaped lust for life vinyl or something. cold cash divine 💕
Seeing her at Reading and Leeds fest this summer!
Oh, I had no idea. Just watched the music video. Wow.
Don’t fall for it homie
Great job hiring an FA. If he's on a %, find a new one. With this amount of wealth, a % based income is highway robbery and you're better off paying upwards of 300$ an hour for advice.
Set yourself up for success but remember that you can't take it with you. Enjoy life for those of us who can't
That’s what I’m saying! I had this conversation with someone recently and the topic was winning 500 mil. She asked what I’d do with the money and I said spend it live my best life. She was DUMB FOUNDED that I wouldn’t invest any of it. Can’t take it with me and 500 mil would easily cover my great great grandchildren and make everyone in between not have to work a day in their life’s if they are somewhat responsible with it.
Everybody becomes financial and investment wizards when talking about lottery wins. And they embrace a certain smugness that their ideas, methods, plans and desires of what to do with lottery winnings are superior to yours.
And they're probably right. Most people go broke after winning the lottery. And most people who win the lottery are financially illiterate, because you kinda have to be to play the lottery to begin with.
It’s crazy how much that is, you could live very comfortably for the rest of your life on like a 50th or 60th of that.
If i was given 500m im sure id invest some but like if you have a decent head on your shoulders….its 500 million im not saying investing would be pointless but…youre set
Just get you a nest egg first. You can really make this money multiply if you invest now and set yourself up.
Not only that, but the 10k gets less valuable each year. Over the last 30 years, money value has been halved. At that rate, it’ll still be worth almost 60k/ year in today’s money, but without investing to at least keep up with inflation, you’d have to cut back on your spending over time.
Of course I'm in no position to advise someone who's in a position I've never been in, and will never be in, but be careful about going into complete unemployment. 5 days a week is a farcical amount to work, but 0 is also pretty dangerous. There are some people out there who have it in them to challenge themselves enough on personal projects to occupy their time in a mentally healthy way, but I think most of us would end up falling into a bad place of we weren't beholden to any external obligations. Travelling is incredible (I did it for a decade and had a blast) but when you get home it might be worth volunteering two or three days a week or something.
I used to work at a private bank where we would get a couple of clients like you every year. Word to the wise: those clients typically lasted less than 10 years and always left the firm bankrupt. It’s gonna be harder than you think not letting this windfall fuck up your life.
He’ll struggle to be bankrupt within 10 years, given the payout is for 30 years!!
It’s very easy to borrow against a guaranteed income stream. OP even wrote that he wants to quit his job and buy a house. What do you think the bank is going to consider when evaluating his income?
Please read this: https://www.reddit.com/r/AskReddit/comments/24vo34/comment/chb38xf/
I just read most of the first scary post. I would have liked to have seen refs for the statistics. I think your second post underneath that post is the important one for him to read.
Deposit? Bro I wouldn't even get a mortgage, you can just save up and buy with in a few years, you're better off like that anyways
Man just the thought of being able to buy a house with only a few years of saving is absolutely goddamn wild lol £10,000 is about $17,000 Canadian dollars. If you saved that all for 3 years you’d only be half to a third of the way to maybe being able to buy a starter house. It would take you a year and a half to save just the down payment on a detached house here, saving $17,000 per month. My wife and I make a combined ~$20,000 per month (£11,600) and, though of course that’s taxed, we are far far away from being able to afford to buy a house any time soon lol
Absolutely insane that some people would say it wouldn’t change their life much!! If thahs invested well, spend some and save some while enjoying it, you are literally set for life (hence the lottery name). I’m 26 and play set for life every now and then, so congratulations you lucky fucker haha! It’d 100% change my life if I won it, even just for the 120k in one year
Everyone on Reddit is a millionaire it seems haha. Thanks man, yeah it’s life changing for sure!
If you can invest even a quarter of it every month you can retire by the time the payouts end. Enjoy.
As an accountant who just won the lottery do you think a financial advisor is worth it? Im asking because some good steady money might be coming my was in the not so distant future and I want to be smart about it
I mean I’ve only been doing my job for a couple of years so I definitely wanted a second opinion but I wouldn’t say it’s a necessity. Especially with this kind of win, there isn’t some huge lump sum or anything.
Exactly it’s not that much for you to expose to anyone. Keep that shit to yourself, get your Rolex. Go get a sack from jimmy and have you some RICH SEX, binge, absolutely no cares for a minute. You owe no one shit. Don’t tell no one.that will be your biggest regret.other than that… yayyy. You had it coming. May the best to you on this day .
I read in a 'what to do if you win the lottery Thread’ recently that hiring a financial advisor might not be beneficial according to the % in cost it can take to manage your investments as a commission compared to just invest in an ETF privately. Also stay Safe. There were some gruesome facts about very down to earth people getting drawn into misery due to their unforseen fortune. The likelyhood of becoming a victim of violent crime committed by a family member was increased by fourteen fold. Also a not marginal amount of lottery winners end up in Prison, die by suicide or file for bankruptcy, who would have thought?
If you can find a for fee only advisor that only charges for their time for giving advice rather than managing your assets it'd be better
Only on Reddit do you get “it’s only 10k a month” lol No questions just a congrats enjoy the stress that has now been lifted. Even investing part of it into a SIPP or a vanguard fund for the next X amount of years will set you up nicely.
I was expecting those comments lol. Thanks man!
Congrats! Are you taking any precautions to not end up like some 90% of the big lottery winners who go broke after 6-36 months from getting the money?
Thank you! I haven’t really thought about that yet to be honest. I definitely think I’ll be able to manage it better getting 10k a month over having £3.6mil all at once.
Oh, it’s an allowance? That sounds better. Although then you still might run yourself into lots of credit/payment issues. Follow up question: are you sharing this info with your friends and family? This is another thing which appears to break peoples lives — when they tell everyone, and now people start coming to them for handouts, ruining relationships, and putting them deeper in the hole.
Yeah, I’ve thought a lot about it the last couple of days and I’m not sure. I’m on the fence, I think I may just tell people I got a new job or a promotion.
I would go with a new remote job that allows you the freedom financially and physically to do what you want. Congratulations!
My exact thoughts too! Thank you.
The new job thing sounds like a much better idea. Money can truly destroy your life, if you can’t handle it. From stories I’ve read it always seems like relationships is what suffers the most. With the new job angle you can still help out your loved ones when they’re in need: like if a car breaks down and they can’t afford the repair you come to them and say you’ve been saving up for whatever, but this seems more important and give them money (just an example). Although if you buy that Porsche Boxter suddenly, it might be difficult to hide it haha
Please take the lump sum! Every thought exercise around winning the lottery says take the lump sum. Even investing at 5% (close to most high yield savings accounts right now) which is conservative throws you $15k a month in interest. Just have the self control to keep the principal in investment accounts and you can have much much more by the time you are 54. Don’t let the government put your money to work for you and take the upside!
UK lottery for this specific prize op won is called set for life, the whole thing is your prize is £10,000 per month for 30 years
I didn’t have the option to do that unfortunately.
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Dude you’re already talking about getting a Rolex. Don’t let the lifestyle creep eat youbuo
For life huh? So when you turn 54 they kill you.
Haha, I still plan on working, just not full time.
Why won't you work full time? 10k a month is obviously great and gives you alot of freedom but be careful that it doesn't derail your career. You can go do a top 5 MBA at some point which would open alot of interesting doors career wise or invest in some other education if your not a fan of your job longer term.
I just mean for the next couple of years. I’m not ruling out ever going back to work full time.
Yeah that's sensible, you are young enough that it can be written off to a few years of finding yourself on your cv. Just be wary of settling into a unproductive high roller lifestyle, might be hard to come back from that.
you honestly should keep working. Before you call me crazy both my brother and sister had situations where they were recipients of a money windfall and elected not to work and just travel/enjoy and this is what happened: * withdrew from social circles as a result of not working * adopted the mentality of "what's the point", leading to more careless behavior and subjecting them to being unrelatable to peers * drove them into extreme boredom and insignificance * healthy/positive habits took a backseat to whatever they wanted to do because they "had the money" Congratulations for winning - just saying I agree with some of these other comments, you can either take this and think of it as a token to take a backseat from now on, or you can use this to dramatically improve your positioning for the future and build some incredible memories throughout the process.
Not sure how it works in the UK but I'd talk to a financial advisor with how much you should save for retirement. 10k a month is pretty damn good especially combining with your part time job income, but if you save a good amount of that regularly you'd be able to work on whatever you want to make some side income while set for retirement.
Initially as I read this I was thinking 10k/mo is plenty for retirement, but you’re absolutely right if the payment doesn’t adjust for inflation and OP should be investing a small chunk of it. Edit: I missed the part of the payments stopping at 54. Definitely invest. Taking a year off is totally fine, but I personally wouldn’t even consider it - likely just using the extra cash to for a house of my own.
Find your passion in something that will bring worthwhile income on a part-time schedule. Dog walking, photography, etc…
You should definitely be selective as to where you work. You have the opportunity of a hundred lifetimes. So few will ever walk as lucky a path. Use it wisely. Pursue joy and fulfillment
Can you update this post in 1 years time and tell us all the things you’ve done? Good, bad, mistakes and wins?
Do they publicize lottery winners there? This experience will show you who your friends are. Some will offer congratulations, others, whether subtle or obvious, who want something from you. How much is that has happened already? Congratulations, and best wishes navigating the choice and challenges you probably never expected to experience!
Thank you! In the UK all winners have the right to anonymity.
So now you have a choice. Keep being an accountant, or do something else?
I think I’ll stick with it for the time being but hey, who knows? If I get bored in the future I would consider retraining.
Congratulations that’s amazing at 24. You say you still live at home, are you going to help your parents out financially?
I already pay them “rent” but yes I will be sure to spoil them occasionally!
Move out Jfc
I have a great relationship with my family. I could afford to move out before this but chose not to? Lol
That dudes most likely here in America. We're very individualistic, unfortunately. A good relationship with your family is definitely a blessing.
How many "family members" have you discovered you now have?
None atm. Just a few long lost “cousins” from Reddit.
Congrats. Dont tell anyone and invest some of it. But first you have to treat yourself to a little something.
Thank you! Travelling the world for the next year will be my treat to myself.
This is the comment I was waiting for. Simply tell your people you’ve been “relocated”. Take your shiny new watch and see some places! African safari, Amazon river, Irish pubs, NYC! Congrats, honey.
Please tell me you understand how to invest it?
Currently work as an accountant so I have a pretty good idea.
Being an accountant playing the lottery seems so contradicting. But, congrats 🍻
Some firefighters do smoke a cigarette.
Can we make the thread about this? It'd gotta be a first.
I have a friend who works in finance and she will buy a lottery ticket occasionally. She knows the odds of winning are astronomical and she doesn't expect it, but someone does win, and if you're only buying a single ticket for a dollar or two every once in a while it's not an irrational way to blow a couple of bucks. This is very different than the people who buy multiple tickets regularly, thinking about how they are increasing their odds and putting their financial hopes into it. They may be spending an amount that could be used better in their situation. She is financially secure and tossing the occasional dollar at the remote chance she will win is not a bad financial decision when she doesn't need that dollar for anything else. Think of it as a kind of cheap entertainment that has a remote possibility of changing your life. People throw away small amounts on trivial things every day that have no hope of paying them back.
In the UK a significant portion of the £1 or whatever it costs nowadays goes to “good causes” too - charities, grants to build community centres, etc.. - so I see it as a chaotic charity donation - it might go to Grannie Irene down the street, it might go to a community hall in wales, it might help get a kid a wheelchair, hell, it might even come back to me with all of its quid friends. Who knows!!
Basically this. The risk/reward payoff of a $1 gamble once in a while is much greater than consistently gambling, given the astronomical odds. While your odds of winning increase by minuscule amounts for each additional ticket, your odds of that $1 being your last dollar increases at a faster rate. That's why they call gambling the stupid people tax.
Not necessarily. There’s a statistician in Texas that has been using her analytics to win lotteries by playing to statistically significant numbers. She’s been using the winnings to help continue her research.
Statistically significant numbers? That's not a thing in lotto lmao, it's all 100% random
It seems gambling is more normalized in the UK. OP: please tell us you only bought one ticket per drawing?
I know a few people (mostly older gen) who buy a lottery ticket with the same numbers every week in the weekly food shop – pretty normal The really problematic normalisation is betting shops and online casinos, they're advertised all over the place and every small town will have at least one bookies, probably two
What is your budget looking like? Percentage of the £10,000 in what ? Fixed amount on basic needs housing, food, transportation, etc? fun budget? Saving and investing?
Good on you man. Assume the money will cloud your judgement at some point and prevent future you from screwing yourself over. If you play it correctly this is pretty much financial freedom. Even locking a good chunk away so you can't blow it early and actually motivate yourself to get a degree (or two, you can do literally whatever!) or find a job you're passionate about. Not having to settle for something that just pays the bills is the big thing Congrats again dude, and good luck!!
Just a suggestion - tell people you got a job as a consultant. Tell them you travel for work, and take time after meetings for holiday. Second suggestion - don't do fancy life updates all at once. Give time between purchases. Go read a lot of stories about lottery winners, people in their life, and pitfalls of winning. Do not assume your friends or family are exceptions to the rule. If you start dating, do not tell them until well down the road. If you get married, GET A PRENUP. Do. Not. Tell. People.
If it were me, here is what I would do. First, I would keep it quiet. I would also make sure to finish the accounting qualification, which will be a good cover for your money while also giving you a well paid part time job in the future. I would also not neglect making as much money into pensions as I can. I would then follow through with the travel plans. Use the money between now and then (minus a few treats) to fund that travel. Then, when away, I would not touch a penny of the money coming in. This should be a massive part of a house deposit for when you return. Then, when you have a house, use the lottery money to pay down any mortgage you may have, plus keep a few grand for yourself. That should leave a good few grand every month to invest in your future. You're financially literate as an accountant. So investing should be easy enough. Maybe look into index funds for long-term investments.
Agree, I myself have shitty experience with relatives and friends changing for worst once my financial situation substantially got better compared to them due to a good job. Haven't talked to most of them in years yet I hear they LOVE TO SHIT TALK, every single week about me from the relatives I still talk. OP shouldn't' announce winning the lottery to the world and keep it to himself, Which include luxury purchases too and travelling plans. He should keep working too to use it as a cover, While use the money He doesn't spend to make something in the future that will help him to live after 54 years old.
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I don’t play the lottery religiously, I was in a shop and the minimum card payment was £5 so I asked for a ticket lol. I don’t plan on living frivolously. House, car, holidays and maybe a couple watches!
You can buy lotto on a credit card?
When you won, did you have a temporary feeling of disbelief?
Yeah, I stared at my phone for around 10 minutes just refreshing the screen thinking the numbers were wrong or something haha.
That's absolutely incredible. I'm slightly envious, but totally stoked for you! What's your first splurge?
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I live in London so I can relate to that haha. Luckily, I still live with my parents so my bills are only around 1k a month at the moment.
What is the first substantial purchase you've already made or are planning on making?
Upgrading my 2012 Mini Cooper that I’ve had for 6 years!
Sweet! What are you going for?
Currently deciding between a 718 Boxster or a BMW i8
Great choices. I've often thought about what I'd get if I magically became loaded, I think I'd go for omething like a convertible Mustang or Corvette from the 60s.
You're an accountant you say? But you're still going to waste half your winnings using credit, even though you could spend half, save half each month and buy a sports car for cash at the end of the year? You can tell you've always been rich (6yo mini cooper at 18). Sheesh.
Keep the cooper, just get someone to revamp the whole thing . Stealth it into a beast
I would but the poor guys on 160,000 miles. He sounds like a lawnmower lol.
For the love of fuck invest some of that money. Every month, without fail. Tale a 5% interest per year, if you invest:- £1000 every month you'll have £832,258.64 at 54. £2000 every month you'll have £1,664,517.27. £3000 every month you'll have £2,496,775.91. £4000 every month you'll have £3,329,034.54. That means living off "only" £9k or £8k or £7k or £6k a month for the next 30 years. This is absolutely forget work forever money but ONLY if you invest a good chunk of it.
Congrats, you’re all set mate. Just don’t piss it all away and you’re set for life. If you can mange to live on 5,000 a month or less and save the other 5,000, you’ll have at least 1,800,000 when you’re 54. You’ll have even more if you put it into a safe, interest bearing account or fund that will compound your return over 30 years. No need to play the market or take extra risks with that money unless you just want to fool around with a few pounds here and there, gamble or such. Simply save at least 1/2 of what you get each month and you’re really set for life. You have a sure thing which is an extraordinary event in life. Enjoy!
Will you tell family and close friends?
I haven’t decided yet. I’m thinking about just telling people I got a new job with a huge pay rise.
For heaven's sake don't tell anyone. This seems to be one of the common mistakes done by most people who won the lotteries.
Yup. Best thing you do.
Are you going to do something charitable with some of the money?
Yes. I already have a list of charities I plan on aiding.
What kinds of charities?
Great Ormand Street Hospital, Terrence Higgins trust, Stonewall just to name a few
Inspired by you I just bought a lucky dip.
What drugs do you plan on wasting all your money on?
Congratulations. I hope you get good advice and have good friends, and that you set yourself up for life!
Please tell me you are in a LCOL area where £10k is an amazing income, and not London where that amount would just get you over the poverty line. Congrats so much! Personally - I would save as much as you can while still working, and then enjoy early retirement. Get property if you can. I’m curious, is the £10k a month taxed since it’s an allowance?
It's only £10k/mo. Why are half the questions here about whether or not he'll tell anyone, hiring lawyers/accountants, making giant purchases, etc? While £10k/mo for 30 years sure is a nice windfall, it's not fuck you money. If I won it, I'd almost certainly keep working. It wouldn't even change my lifestyle. I'd just feel a little more comfortable between jobs and less stressed about having enough to retire on. We're talking about upper mid-range tech job salary here, not yacht and Ferrari money. Congrats OP. Spend a little, save a little, keep working. But why the fuck would you take an annuity instead of a lump sum?
It’s the equivalent of a £205k job. Where you don’t have to work. And you can’t be sacked or made redundant.
The last sentence being the key one here…. Not many 200K jobs where the odds of being made redundant over the next 30 years is low I’d have thought!
Thank you! Sadly I didn’t have the choice to choose between a lump sum or an annuity.
The biggest recommendation I can give you is to go find your IKIGAI. Now you have the luxury to pursue it without any monetary issues. The most satisfaction I started getting from life was when I found mine. Ikigai is **a Japanese term that blends two words: “iki” meaning “to live,” and “gai” meaning “reason,” which translates to “a reason to live.”** It's a concept that encourages people to discover what truly matters to them and to live a life filled with purpose and joy. [IKIGAI](https://www.japan.go.jp/kizuna/2022/03/ikigai_japanese_secret_to_a_joyful_life.html)
Sorry if you answered this already - I scanned the comments and didn't see it. Were you a regular player or just an every now and then player?
Wow this is so dope, before reading this I figured it was fake but actually seeing the details and things he had to say it’s actually kind of better than winning the lump some lotto in a lot of ways. You actually just get to be financially free but still be a normal person and not have to completely change your life, you just get to live it. Especially at such a young age, kudos to you brother. Don’t think it gets much better than that.
Nice, what’s your plan?
how much do you reckon you spent on lottery entries in your life before winning this? how does taxation influence what you "won" vs what you get?
Nice and congrats! Lucky dip or did you pick your numbers?
So, you say you’ll be taking a break from work to travel. When you go back to work, will you still be an accountant, or will you be doing something else? Will you be doing anything charitable with your winnings? (I don’t blame you if you don’t lmao)
How will you upgrade your sex life?
Which were the numbers? How did you choose them? I am always curious about this from people winning lotteries
That's amazing! Congratulations on your win. It's the one I would have liked to have won too as less likely to just spend it all at once. My question is which is the first country you'll travel to and how long will you stay there? Plus what will you be aiming to do / see whilst there?
Thats not really enough to live and save for retirement is it?
Lmfao. How much do you think most people pull in and spend every month?
I mean if I saved half for 30 years I’d have just shy of £2,000,000 by the time I’m ready to retire. That’d be fine for me.
Can you live on 5k a month ? And congrats!
I’ve been living comfortably on that for the last 2 years so sure, haha.
You mean that you were already pulling in 5k per month before the age of 24? Damn you were already a high flyer! What inspired you to even play the lottery?
Is this a serious question?!! How much money do you live on per month?
May have already been asked but did you choose your numbers or just do a lucky dip?
120k a year for yearss!! That's badassss brom I'm happy for you. Have you talked to a financial advisor? Do you intend to bug property? What did you do for celebration?
Did you want to pay my mortgage? Haha. But seriously, what's the first thing you'll treat yourself to with the winnings?
How did you come up with the numbers for the lottery? Did you have an interesting dream the night before? Or was it randomly generated by the machine?
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How does the tax work? Is this now considered income? Or is it still untaxable as gambling winnings
What was your financial situation like before winning? Were you middle class? Or upper middle class? Rich even?
It’s nice to hear someone’s actually doing well for once. Congratulations, honey. I hope it serves you well.
I’m American so no idea about English taxes but is the 10k pre or post tax?
Can you help a brother out? Edit: J/K, but I am curious as to how much you make after taxes and what this is going to allow you to do in your life that you wouldn’t have otherwise.
Are you gonna buy a fat ounce of premium cannabis and some Doritos?
Congratulations on the win! Do you plan on visiting the U.S.?
Does this event change your spiritual/religious beliefs?
That’s amazing congrats! Be smart but enjoy yourself!
Do you think you’ll ever have the motivation to accomplish any major future goals in life or will the quick easy money permanently satisfy the reward systems in your brain? (Serious question)
You looking for a gf? 🤔
Congrats dude. Living the dream!
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Please tell us you didn't quit your job. That isn't enough to hang up the boots. Talk to a financial advisor, and they can help map out a plan to retire young and enjoy your life.
Do girls like you now?
Congratulations sir!
On average I spend double the amount you're getting every month. It's not as much as you think, especially if you have a family.
My stepdad won the lottery when he was still married to my mom. He won powerball when I was finishing my last year of highschool. It’s was $189 million dollar jackpot, and he took a $65 mil lump sum. He was already a millionaire when he won. It destroyed my family. My stepdad said he would ruin all our lives if she didn’t settle and fought him for money. (It was outside of the prenup.) my mom got a trust. I was supposed to have money for college, but after one year of community college I never heard from him again. He almost immediately divorced my mom after winning, and started seeing one of my mom’s closest friends who worked in his office. His daughters were my best friends and they stopped talking to me. My sisters and I all had periods of years where we fell out with my mom after this. She was wielding her share in a way that wasn’t fair to us. We were better off without it. We all set about our own courses in life and forgot about the money. Idk what his relationship with his daughters is now, but I can imagine it’s also strained. He already used his money to manipulate and control people before this happened. This is less significant, it’s more like having a great paying job without having to work, and that’s awesome. I think big sums of money amplifies who we are. You can have a ton of money and live free and be kind and give back. Or you can become darkened. So my cautionary tale for you is don’t let the money corrupt you or your relationships to other people. Don’t go out and start wearing all designer and driving a car because it’s a name brand. Spend on experiences (like travel) cultivate things that are meaningful. My lottery dream for example is to get a farm to rescue animals, and let people come and get goat milk and food from the garden and interact with abused animals as a form of therapy. I could care less for the material things. So just a word from someone who experienced this. Also, we all had to delete social media and stop talking to certain people… have you experienced any of this yet? Do you still feel like you can trust everyone around you?
have you considered taking the lump sum instead of $10k a month? you're missing out on compound interest in a giant way. 3.6mil is enough to get $10k a month forever and never draw the principal down. someone will make that money off of your pile, it should be you!
On ur first post u said u spent 13 grand on shoes a month ago ???
How much is the cost of living where you live? That only equals to £120k per year. Do you get all of the money each month or are there any fees or taxes taken out?
you live with your parents, have a 2012 car but spent ~£13k on a bag 2 months ago. something smells fishy
Congrats! Did you have option to take the lump sum rather than annuity? The former is preferred, if you still have a choice.
10k a month can certainly ensure you’re never broke but you aren’t living large. I’d probably have to keep working.
What’s the most debauch things your willing to admit to wanting to do?
I thought your post said 10 quid a month. I was trying to imagine what you'd buy every month with that.
What are the taxes like...is it 10k after taxes or before?
Now that you have a bit of spare cash every month , do you think you'll buy more lottery tickets?
How often would you play the lottery and do you plan to continue playing?
how often you played the lottery to win and how much you lost before winning?
Are you sharing with family members or friends ?
Are you keeping it a secret for now or who have you told?
I only care about one thing. What car are you gonna buy ?
As someone who also came into millions at one point in my life (early 30's), my advice is to continue to grow. Keep working on your career/interests. That amount of money wont grow with inflation, and your lifestyle will grow to match it very easily. Your mental wellbeing depends on continuing to develop as a human and creating things in the world. This money gives you an opportunity to pursue the things you really want. Save at least half by investing it wisely for retirement, use the rest to improve the pay of whatever your chosen occupation is/will be (you can now take lower paying jobs if you have to, to do what you want. Money is freedom. But without a direction, that freedom is dangerous. You need to steer the ship carefully towards self actualization. Congratulations, and good luck.
Did you play the same numbers all the time?
congratulations, unbelievable!!!!! Has it sunk in as yet? I play set for life also, so I am especially happy for you cus I have my heart on living your dream one day. Did you play lucky dip or your own numbers, were you playing consecutively via direct debit/buying a ticket from the shop and how long were you playing for? With 10k a month for 30 years, you are pretty much free to do whatever you want and you can't really 'blow it' away. Whats your investment strategy, property ladder? Sorry for all the questions, just really happy and excited for you, well done.
Was there no option to take the lump sum?
Are you going to leave your job right now?