So you've hit the Jackpot !

Something similar happened me mid-Feb when a crypto investment went 25x in a few weeks and I wasn't sure what to do. I'd spent so much time arranging my portfolio to try reduce downside risk that I never prepared for a sudden spike upwards! Very little info online about what to do in that scenario too.

As with most answers here, it depends on your life situation and what the money means to you. Mine didn't jump to full-on retirement money, maybe 3/4 years worth of living expenses. From a psychological pov, when I started to have mini-heart attacks every time I opened the app to check the price, that was the time to trim it. For me, I cashed out my living expenses for the rest of the year, moved some around to other investments and kept about 15% of my original stake.

The bank max transfer amount shouldn't affect your decision when to sell. If it's very close to year end, you might be able to spread it over 2 years but not much you can do earlier in the year.

If it rises to quit your job/never work again type money, you can move country to somewhere that doesn't pay hefty capital gains tax, although you usually have to spend min 183 days in that country in that tax year. First day starts when you land in the country. Portugal is a handy spot with 0% cgt on crypto (28% flat rate for shares I think).

If it's later in the year and you won't have time to get to 183 days before the tax year ends, I think NZ has 5% cgt on global investments and their tax year is april 1st to March 31st and Australia's tax year is July 1st to June 30th (50% of gains are taxed as income at your marginal rate and first 18,200 is tax free). You'd need to get a working holiday visa for something like that, more complex but worth it to avoid huge irish taxes if that's where you live

Ixlandia wrote: »

Hi all, one thing I have noticed is the lack of discussion and planning should any person actualy make it big and hits the jackpot. For real. Seriously - outside of winning the lottery, what would you do when you find a substabnstial investment you have made is worth a six figure sum plus? After you hit that sell button what do you do and want to cash in?

We are all so pre occupied with making it big, enough to change you life from a financial point of view, but what would do you do with a six figure sum plus?

Banks will only allow a maximum amount to be transferred daily, and to where? They will be onto you in case they suspect fraud or other actvity. Is there a specialist bank account / trust that you can move this money into? and not to mention taxation :rolleyes:

Call me a dreamer, but it is a possibility, we have skin in the game and want to win. I suppose the easy default answer is 'go to a finacial advisor'

Genuine question, and just to note I don't have a six figure plus sum just yet :cool:one day, maybe one day

There are probably a good few here with six figure individual holdings. I'm just a small time investor but got close on 15th March, still hopeful for this year, hasn't been an overnight success though, over 20 years invested in what has been for most of the time a real dullard (but as safe as a house on fire as you can get), bought originally, bought the 2 rights issues, and took all the drips while they were doing them. They are hardcopy shares which is probably the reason I still have them (now if only the AMD shares I bought in 2014/15 had been in hardcopy). No great plans if/when the big day arrives.

It's certainly achievable

Don't mean to be a downer on this party, but this idea of hitting the big time, the "life-changing" amount doesn't exist in my opinion.

I worked for a small startup a few years ago. I was in my early twenties and the boss offered me a share option contract of 20000 shares at €0.001 per share. The company then sold for for an incredible sum at €5/share. So I got the 6 figure sum you speak about.


Straight away, 52% went the the greasy tax man. I bought a 6 month old second hand car for 20,000. I'm now down to <30,000 which would be enough to get a deposit on a bog standard house. Is this really that life changing? Even if it's the high end of 6 figures, it would still run out fast.

Then the whole, quitting your job and moving abroad thing. What are you going to do with your time? You would get so bored without having some kind of job to occupy your time. Then at this realisation, you would (like so many before) make some stupid investment in a property or pub or other business and then end up dying from stress trying to keep the place afloat.

My apologies if I've dragged down this thread, but I just don't see how money can really improve your life to a huge extent. It may make things easier but definitely not happier.

bfa1509 wrote: »

Don't mean to be a downer on this party, but this idea of hitting the big time, the "life-changing" amount doesn't exist in my opinion.

I worked for a small startup a few years ago. I was in my early twenties and the boss offered me a share option contract of 20000 shares at €0.001 per share. The company then sold for for an incredible sum at €5/share. So I got the 6 figure sum you speak about.


Straight away, 52% went the the greasy tax man. I bought a 6 month old second hand car for 20,000. I'm now down to <30,000 which would be enough to get a deposit on a bog standard house. Is this really that life changing? Even if it's the high end of 6 figures, it would still run out fast.

Then the whole, quitting your job and moving abroad thing. What are you going to do with your time? You would get so bored without having some kind of job to occupy your time. Then at this realisation, you would (like so many before) make some stupid investment in a property or pub or other business and then end up dying from stress trying to keep the place afloat.

My apologies if I've dragged down this thread, but I just don't see how money can really improve your life to a huge extent. It may make things easier but definitely not happier.

Telling someone the idea doesn't exist isn't helpful and hopefully doesn't deter them.

Sure, life-changing could mean quitting your job, going abroad, getting bored, buying a pub and dying from stress. But it can also give someone the freedom to do what they like right now, quit a stressful job and work part-time doing something they love, go travelling as much as you want, help out others, start a business etc
Money can't make you happy but it can help take care of a lot of the things that make you unhappy and makes your life easier.

Not sure I'd change too much to be honest, probably rotate some of the money into safer stocks, but then start reinvesting again trying to find the next jackpot.

I don't see myself every "cashing out". I'd love to get to the stage where my portfolio is growing as much each year as I need to live on. Go spend the winter somewhere sunny, check the portfolio every few days and login to "Share Picks 2030" thread to keep up to date. But do I look at it and think "$1m is enough to live on I'll put that in cash"? Why bother, take out what you need, keep 2/3 years of expenses somewhere very safe, and keep the rest invested.

From a tax perspective, maybe it's easy to say it now, but not sure I'd be looking to go out of my way to dodge tax. I think people like Bono are complete frauds for trying to talk about doing right and at the same time doing their best to avoid tax. This country helped get my education that got me into investing, I'll be happy to pay my dues.

There was a good post on Reddit a while back about what to do if you win the lottery. Might be relevant here:
https://old.reddit.com/r/AskReddit/comments/24vzgl/you_just_won_a_656_million_dollar_lottery_what_do/chba4bf/

I'm in fortunate position of having a tiny mortgage (€35k), retiring in 5 years time with good pension & AVC. I've just sold a piece of land and after CGT I've got a little over €100k. I heard a financial adviser on the radio saying that interest rates are so poor and ECB plan is to manage inflation to 2% per year over next 4 years, so €100k on deposit would still be worth less (reduced buying power because of inflation) at the end of the next 4 years.

I don't want to invest it into something risky because I have two in college and a third will be starting in 2022. Am I stuck with this inevitable loss?

Gorteen wrote: »

I'm in fortunate position of having a tiny mortgage (€35k), retiring in 5 years time with good pension & AVC. I've just sold a piece of land and after CGT I've got a little over €100k. I heard a financial adviser on the radio saying that interest rates are so poor and ECB plan is to manage inflation to 2% per year over next 4 years, so €100k on deposit would still be worth less (reduced buying power because of inflation) at the end of the next 4 years.

I don't want to invest it into something risky because I have two in college and a third will be starting in 2022. Am I stuck with this inevitable loss?

What interest rate is your mortgage? You could pay that off and guarantee yourself whatever percent that's at (likely to be better than any savings account rate anyway). As for the other portion, pop it in a savings account making as high return as you can get, depending on how accessible you need it to be.

massdebater wrote: »

What interest rate is your mortgage? You could pay that off and guarantee yourself whatever percent that's at (likely to be better than any savings account rate anyway). As for the other portion, pop it in a savings account making as high return as you can get, depending on how accessible you need it to be.

My mortgage is a variable tracker and I checked the interest rate with AIB last week. It's 0.6% which sounds tiny!

Are there any risk averse savings accounts I should consider?

The_B_Man wrote: »

I looked into managing a small bit of savings. Based on negative interest rates in savings accounts with the bank, they advised me to go with a 5 year MAPS investment plan with Irish life. Minimum deposit is 20k. It's definitely a better option than leaving your money in a savings account anyway.
The other thing was to stick a buffer in the credit union. Something like 10k.

Nobody can know that for sure. They could have been painting that product in a good light because will earn money from the annual charges, and any possible early withdrawal penalties. And painting deposit accounts in a bad light by telling you that there are negative interest rates.

Also the advice to put the 10K in a Credit Union is suspect. Credit Unions paid zero interest in 2020, and you have to wait until the end of each year for them to announce whether they are paying any interest.

If you were prepared to put the 10K on deposit for the 5 years, you could turn it into €10,300 DIRT free with Savings Certificates.