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cover story for lotto win

lotsobear

Following on from a pub talk/debate at the weekend we came to the conclusion that it would be very hard for the average PAYE worker to enjoy and spend a big lotto win (â‚¬10m) and still keep it secret. Buying new house, holidays and upgrading from average car to something nice without raising eyebrows would be nearly impossible. All we came up with was inheritance from wealthy uncle or aunt abroad or prizebonds.....

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Wanderer78

tedpan wrote:

Did they win a few million themselves or share a few million. Did it change their life?

Shared a few million, all got a nice pay out, cleared some mortgages, holidays, new cars etc.

Son0vagun

My cover story was that I stuck a Fiver on a double of a Trump win and a Leave Brexit!

RobbingBandit

Where'd you get the new house there boss, fell off a house truck, where'd you get the new truck there boss, fell off a truck truck..

razorblunt

Wanderer78 wrote: »

Shared a few million, all got a nice pay out, cleared some mortgages, holidays, new cars etc.

That's the thing, life would be some much easier with no mortgage to pay off!
Just another 25 years to go!

Wanderer78

razorblunt wrote:

That's the thing, life would be some much easier with no mortgage to pay off! Just another 25 years to go!

Mortgages are a ****, our housing markets are fcuked, they are over priced

GreeBo

Minderbinder wrote: »

Maintaining, furnishing, upgrading a €3.4m property over your lifetime will probably cost you a fair chunk of what’s left.

I would definitely be taking the long term approach. Being flash is stupid and won’t bring fulfilment. Earning money is a lot more exciting than spending it. Whatever I won I would just think about ways of increasing it.

I think I’d get into the property game -flipping houses but I wouldn’t invest more than €250,000 of my winnings and after that only invest the profits.

250k won't get you get far in house flipping.
Possibly setup a nice cow tipping business mind.

Momento Mori

Wanderer78 wrote: »

Mortgages are a ****, our housing markets are fcuked, they are over priced

While expensive, I wouldn't say overpriced. There are plenty of people willing to pay the asking prices or even go beyond that. It's the people who have mortgages they can't really afford that I worry for.

OP, I would invest it all in an ETF and live on a small % a year with the happy thought that my family is taken care of for generations to come. That way I doubt anyone would notice.

fxotoole

It’s none of anyone’s business

If any nosey fxcker asks, just tell them you’re cheating on the missus/hubby with a millionaire sugar daddy/sugar mammy who likes to buy you nice things

That’ll shut them up quick fast in a heartbeat

Wanderer78

Momento Mori wrote:

While expensive, I wouldn't say overpriced. There are plenty of people willing to pay the asking prices or even go beyond that. It's the people who have mortgages they can't really afford that I worry for.

Ah our housing markets are a train wreck, with no clear solutions, common across the developed world to, we ll eventually have to accept this as well, and try resolve it

fima

tedpan wrote: »

Does anybody know someone that has won any sort of millions on the lotto apart from the people in the news? I don't...

I knew one guy who won 3.8 mil and a girl I went to school with recently won 6 mil with her husband. My friends dad won 1 million years ago, it was life changing at the time but it’s all gone now apparently.

Cee-Jay-Cee

I'd wait 3 or 4 months before spending anything and then do it subtly, no flash cars from the start off. Most people wouldn't ask as they know its none of their business, they can keep guessing but wont ask.

I'm convinced a family member of mine has won something fairly substantial, new cars, doing up the house, 3 or 4 holidays a year all costing €3-5k whereas a year ago, I know they were struggling with existing loans and only had a single holiday every other year at most, it doesn't add up as they are still in their same jobs and nothing else has changed, so they most definitely have won some reasonable amount of money but its none of my business, i'll never ask them and so i'll never know.

Badger2009

I know somebody who won 7 million. The guy bought the ticket but he had a big tax bill outstanding so it was put in his girlfriends name.

Completely life changing. He has donated to a number of local groups and charities and bought lots of property locally (pretty much a full street). Not necessarily the way I would do it but each to their own.

Cee-Jay-Cee

Badger2009 wrote: »

I know somebody who won 7 million. The guy bought the ticket but he had a big tax bill outstanding so it was put in his girlfriends name.

Completely life changing. He has donated to a number of local groups and charities and bought lots of property locally (pretty much a full street). Not necessarily the way I would do it but each to their own.

But did he pay his tax bill???

Badger2009

Cee-Jay-Cee wrote: »

But did he pay his tax bill???

Nope.

valoren

If we won 10 million and how to keep it a secret?
We'd keep it between ourselves and not tell anyone. Yet.

I'd be looking at opening an account with a few wealth management companies. Not just one.
Give 3 of them 2 million each and it would be execution only instructions.
Next up would be a tax adviser who would become our new best friend.
The management companies would get intermittent orders to buy blue chip dividend payers when they're at fair value.

When the 6 million is completely invested over the course of two years, with a 4% yield, we'd be taking in just under a quarter of a million per year. As it would be in companies that annually raise dividends, then 240k would be a baseline amount. It would increase year on year. As we have 4 million alone earning interest, that money would be re-invested over and over. That's the boring part done, and our financial future (and our daughters future, and her families future etc etc) would be secured first and foremost. One hundred years from now, the 'valoren' family would be an 'old money' type family.

With the remaining 4 million, I'd hand in and work my notice. I wouldn't go ****ting on any desks. Karma is a bitch. If asked why, I'd simply say it was time and leave it at that. So with the 4 million, we can do whatever we want with to splurge. I've travelled 1st class once (got an upgrade) and having experienced it, so called 'luxury' is not all it's cracked up to be. I'm not into Ferarris etc but would certainly rent one for a full day on a track sort of thing. Everything luxurious would be hired. For example, staying on a yacht in Monaco, spending $10k or so for a couple of nights as opposed to actually trying to buy something that ridiculous. It would be all about experiences rather than stuff. We'd have a roving itinerary every year for things to do and 'exotic' places to go.

The 6 million would be working away silently increasing and compounding into millions more.

Momento Mori

valoren wrote: »

I'd be looking at opening an account with a few wealth management companies. Not just one.
Give 3 of them 2 million each and it would be execution only instructions.
Next up would be a tax adviser who would become our new best friend.
The management companies would get intermittent orders to buy blue chip dividend payers when they're at fair value.

Why not invest passively yourself and save on the often high managment fees/commissions?

valoren

Momento Mori wrote: »

Why not invest passively yourself and save on the often high managment fees/commissions?

True. Would be a nice problem to have though. :pac:

Ken.

Would anyone but their work place?. I love where I work. Makes a tidy profit every year and will only go up. I reckon you'd buy it for 6 or 7 million and after tax and expenses be pulling in 300,000 a year.

I'd stay working here and just take holidays

cstaff

I have been running a lotto syndicate in work for a few years now and have had a couple of big but not massive wins. In my last job we won 25k between 11 of us so that was just over 2k each but in my current job we had a win of 320k between 16 of us so that was 20k each - very nice thanks very much.

feartuath

Just buy a small farm and try to live off it.

The money would be all gone in a few years.

[Deleted User]

I'd have a seriously nice house. Build my own design, somewhere close to home but far enough to have my own space.

Keep my current house and rent it out to a friend or something. Definitely wouldn't sell it, just incase anything ever went assways (like it did for the Trotters).

Thankfully my dream car would be something like a VW Amarok Canyon or Kia Sorrento or such, and I'd be wearing comfortable slacks or tracksuit pants, so I don't think anyone would actually pass any remarks to me if they seen me in day-to-day life at all. I wouldn't be Mr Obvious Lotto Winner anyway. You could throw me a billion Euro, but i'd probably end up looking like a farmer in day to day life.

Would probably buy a struggling business to see could I turn it around, on a small scale, but don't think I'd be interested in a normal 9-5 job ever again. Wouldn't be mad into drink or drugs, thankfully, so I suppose it'd be lots of high end prostitutes and breaks away around the world. :pac:

Either way, if I won the €10million, i'm sure i'd still be shopping around for cheap car insurance and switching my ESB to get a better deal. Having the money would be great, but after a few months normal life would be bound to resume.

freshpopcorn

Putinbot wrote: »

Would anyone but their work place?. I love where I work. Makes a tidy profit every year and will only go up. I reckon you'd buy it for 6 or 7 million and after tax and expenses be pulling in 300,000 a year.

I'd stay working here and just take holidays

From bits a pieces I read in the past if it does get out you won the money. You are meant to be driven mad at work with people turning up looking for money.

the_pen_turner

freshpopcorn wrote: »

From bits a pieces I read in the past if it does get out you won the money. You are meant to be driven mad at work with people turning up looking for money.

this is why i think you need to say you won 2 mill if you acctually won 10. then you can spend .5m on yourself, .5m on family and friends and invest the rest to make more.
if they knew you had 10 m they would hound you

freshpopcorn

the_pen_turner wrote: »

this is why i think you need to say you won 2 mill if you acctually won 10. then you can spend .5m on yourself, .5m on family and friends and invest the rest to make more.
if they knew you had 10 m they would hound you

The impression I got was the hassle came from strangers. Who came to your work place looking for money for charity, etc. Even if your win was around €1 million sur the attitude is. You can give use €1000.

Montgolfier

It would be hard not to lash a lot if the money. Family I'm talking brothers and sisters would be expecting probably a million each then that leaves you with 6mill if you ever want to see your friends you will have to throw them a 200k gift each. Money is no good if you become isolated you don't want a entourage of hangers on you just met.
I probably would end up broke but glad I looked after the right people.

freshpopcorn

Montgolfier wrote: »

It would be hard not to lash a lot if the money. Family I'm talking brothers and sisters would be expecting probably a million each then that leaves you with 6mill if you ever want to see your friends you will have to throw them a 200k gift each. Money is no good if you become isolated you don't want a entourage of hangers on you just met.
I probably would end up broke but glad I looked after the right people.

We were talking about this recently and take for instance if myself or my parents won the Lotto. We'd happily help out my siblings with a house/car/etc.
However my sister would probably refuse to take it and down grade the car she currently has so she could play the I'm poor and their rich card.

NIMAN

I have always said that a massive win could ruin an entire family cirlce.

Not sure of the amount, but say you won the Euromillions, €50m - €100m.

You'd be filthy rich for the rest of your life, and you'd sort out all your siblings, and maybe a few cousins/uncles etc if you were close to them.

But all this wealth could easily create a 'we dont have to work atttitude' among the younger generations, and you could end up turning your whole family circle into a bunch of lazy good-for-nothings.

Gannicus

Keplar240B wrote: »

Your not going to win the lottery, no one is, statistically speaking . It's a scam, a tax on people that cannot do maths, A Form of social control,
designed to keep the proles entertained and passive.

It's too early for this sh!te.

I'd say nothing. If anyone asks say you got a new job with a few quid more in your paycheck.

For a newer/new car say you saved up or took a Credit Union loan etc.

If you move gaf then the neighbours don't have a breeze who you are so there's no need to explain anything to them.

Personally if i won circa €10,000,000 I'd just lay low and make small needed improvements to my life like, slightly newer car, maybe move house, instead of splashing the cash like there's no tomorrow.

Tzardine

If I won 10 million on the lotto I would probably spend 9 million on coke and hookers ...... and just waste the rest I guess.