What would you do if you won €130 million?

sbsquarepants · 18-02-2019 9:04am

This thread has spurred me in to action resulting in a big win on Fridays euromillions........€5.

Problem is it cost me €10.50 to play, but I'm looking on it as a warm up round. Tuesday is the guts of €200m and it has my name written all over it!

El_Bee · 18-02-2019 10:53am

175million is too big to fail right? I mean no one with that much money ever lost it all.

gmisk · 18-02-2019 11:09am

El_Bee wrote: »

175million is too big to fail right? I mean no one with that much money ever lost it all.

https://en.wikipedia.org/wiki/Jack_Whittaker_(lottery_winner)

This makes pretty grim reading

mickdw · 18-02-2019 12:54pm

Anyone walking around with half million in cash and no doubt making that well known by throwing money around is an idiot. No surprise things went wrong.

El_Bee · 18-02-2019 1:48pm

I think I'd be driven to drug-fueled self destruction trying to find a decent builder once I won.

Bigbagofcans · 18-02-2019 1:56pm

I'd give up my job and spend a considerable amount of time gloating on Boards of my new found wealth a la Aongus Von Bismarck.

JustMe,K · 18-02-2019 2:01pm

Give up work, look after the people I like, donate to a few charities, go on a fab holiday.....then think about what I want to do with the rest

mikemac2 · 18-02-2019 2:03pm

Stovepipe wrote: »

I saw a Traveller walk into a Hiace dealership once and the salesman was obviously sneering him until the Traveller says "How much is dat, Boss? For cash", pointing at a new Hiace. The salesman rattled off a figure and the Traveller left, much to the sneering delight of the salesman. A few minutes later, the traveller comes back in, dragging a milk churn. he lifts off the top and its full of crumpled pound notes. He stands up the churn and starts dropping notes on the floor, "Wan, too, tree.....". The salesman was all over him after that, eyes wide open.....

The traveller and the milk churn

I heard that story 20 years ago

It was replaced by the African lady who left the pram at the bus stop

The Princess Bride · 18-02-2019 2:23pm

I would tell nobody.
I'd anonymously send my extended family and friends a bank draft, on condition they'd tell nobody they'd received it. Not a huge amount, enough to make a difference.
None of them have ridiculous debt, so even €50-80k each would help.

I'd help my children, probably set up a fund for when each turns 25. Or buy them a house when they're ready to settle.
I'd hate to think any of them would go off the rails with too much money at their disposal.

As for me?
I used to think I'd keep working if I won the lottery.
Now, I know I'd give up for definite.
I'd stay living where I am, very happy here.
I'd have regular holidays and go to all the gigs and have lots of laughs.

Simple isn't it?

Sleepy · 18-02-2019 5:10pm

I'd create a "syndicate" of my close family and friends, quit work and enjoy a nice life.

storker · 18-02-2019 5:34pm

I'd do like many have already said...share it around, pay off the mortgage, quit work, and have nice holidays. I'd get a new car, but nothing flash, no Ferraris or Porsche for me...too impractical. The one concession I'd make to the rich lifestyle though would by flying first or business class whenever possible. Feck flying economy. And maybe a family pied-a-terre in the city for after an evening out. And a villa in Tuscany. Ooops...I'm sensing lifestyle creep...

We did have a conversation about it once with our daughters who basically told us we weren't allowed to move house or make any big changes if we got a big win, because they like everything as it is, although I suspect that might change with the first house viewing where their bedrooms would be a lot bigger. I asked them if we would be allowed to take some of the money out and just roll around it, but I just got "the look" as a reply.

Seriously though, the biggest challenge, I think, would be handling what you tell the kids and how you ensure their financial well-being without ruining them, or turning them into targets for gold-diggers. Maybe sort them out with a house, an allowance, and if they want anything more, let them earn it.

ohnonotgmail · 18-02-2019 5:52pm

gmisk wrote: »

https://en.wikipedia.org/wiki/Jack_Whittaker_(lottery_winner)

This makes pretty grim reading

the crazy thing is he was rich before he won the lotto.

OU812 · 18-02-2019 5:57pm

4% on €180m (I’m assuming I won the lot on my own), is about €7m a year so I’d probably take that option and get each of the 11 family members a bank card off the account that feeds into and they’d have an average of €54,000 a month available to each of them for the rest of their lives.

Enough to never want for anything ever again

They’d never have to wonder if they could afford something because they’d always have that amount due.

If they wanted a larger sum, they could leverage a loan off the future draw down.

ohnonotgmail · 18-02-2019 6:06pm

OU812 wrote: »

4% on €180m (I’m assuming I won the lot on my own), is about €7m a year so I’d probably take that option and get each of the 11 family members a bank card off the account that feeds into and they’d have an average of €54,000 a month available to each of them for the rest of their lives.

Enough to never want for anything ever again

They’d never have to wonder if they could afford something because they’d always have that amount due.

If they wanted a larger sum, they could leverage a loan off the future draw down.

you are forgetting the cut that the taxman will take. For any relation other than children they can only receive 32,500 from you before they have to pay tax on it.

Markcheese · 18-02-2019 6:13pm

ohnonotgmail wrote: »

you are forgetting the cut that the taxman will take. For any relation other than children they can only receive 32,500 from you before they have to pay tax on it.

Unless it's a group win,... I'm sure a good tax accountant could help to set up a syndicates shares and rules before you'd go to collect your winnings

storker · 18-02-2019 6:15pm

ohnonotgmail wrote: »

you are forgetting the cut that the taxman will take. For any relation other than children they can only receive 32,500 from you before they have to pay tax on it.

So pay it for them...or is there then tax due on the tax paid on their behalf with if you pay in turn requires another tax payment...etc... :eek:

mikemac2 · 18-02-2019 6:15pm

ohnonotgmail wrote: »

you are forgetting the cut that the taxman will take. For any relation other than children they can only receive 32,500 from you before they have to pay tax on it.

Just do the usual shenanigans which many do

Someone has the winning ticket and then gets the family to all sign it before claiming

Yes Mr taxman, this is a longstanding family syndicate so we won't pay gift tax

Tis fraud but meh, no way to disprove it

OU812 · 18-02-2019 7:57pm

ohnonotgmail wrote: »

you are forgetting the cut that the taxman will take. For any relation other than children they can only receive 32,500 from you before they have to pay tax on it.

I’m not forgetting anything. Taxes are between them & the taxman.

I’m giving them €54k a month. I’m sure the taxes due on income of that size is negotiable.

ohnonotgmail · 18-02-2019 8:50pm

OU812 wrote: »

I’m not forgetting anything. Taxes are between them & the taxman.

I’m giving them €54k a month. I’m sure the taxes due on income of that size is negotiable.

30%

El_Bee · 18-02-2019 10:30pm

mikemac2 wrote: »

Just do the usual shenanigans which many do

Someone has the winning ticket and then gets the family to all sign it before claiming

Yes Mr taxman, this is a longstanding family syndicate so we won't pay gift tax

Tis fraud but meh, no way to disprove it

What happens if it's an online ticket?

Tell me how · 18-02-2019 11:44pm

mikemac2 wrote: »

Just do the usual shenanigans which many do

Someone has the winning ticket and then gets the family to all sign it before claiming

Yes Mr taxman, this is a longstanding family syndicate so we won't pay gift tax

Tis fraud but meh, no way to disprove it

Downside with that is that each can claim an equal portion of the ticket. Maybe that was your intent but you might have been better to just pay over to the tax man.

Itssoeasy · 18-02-2019 11:51pm

El_Bee wrote: »

What happens if it's an online ticket?

That's something I've wondered. I do it online some times and I've wondered on the very unlikely event I'd ever win the lottery. I mean with a physical ticket you can get others to sign it but with the online one, it's my details on it and it's my debit card details on it. So how could you claim it's a syndicate ?

Paddy Cow · 18-02-2019 11:56pm

The Princess Bride wrote: »

I would tell nobody.
I'd anonymously send my extended family and friends a bank draft, on condition they'd tell nobody they'd received it. Not a huge amount, enough to make a difference.
None of them have ridiculous debt, so even €50-80k each would help.

Simple isn't it?

That's a big contradiction

It's not simple at all. There is no way you could hide that you'd won. You could maybe lay low for awhile and pretend you had won a smaller amount on the Irish lotto but there's not a chance you could fool people forever.

Have you ever heard the expression "a problem shared is gossip"? All it takes is one blabbermouth to say that you gave them money and the cat is out of the bag. Your family and friends could swear blind they wouldn't tell anyone (and they could mean it at the time) but when questioned about where they got the money, someone is going to crack and say "well I'll tell you but you have to swear you won't tell anyone else" and that person tells one more "in secret" and so on until everyone knows.

That's the thing about winning such a huge amount. Even if you don't do the official going public thing, everyone in your area is going to find out at some stage. It's inevitable. That's why I'd much prefer to win €500,000. I could give my siblings some (no kids here), buy a house and a car and still have some left over for a rainy day fund. It's not so much that people would resent me or try to scab off me and would set me up.

Paddy Cow · 18-02-2019 11:58pm

Itssoeasy wrote: »

That's something I've wondered. I do it online some times and I've wondered on the very unlikely event I'd ever win the lottery. I mean with a physical ticket you can get others to sign it but with the online one, it's my details on it and it's my debit card details on it. So how could you claim it's a syndicate ?

You couldn't but if you won €175 million or whatever it is now and you wanted to share it with your family, you could take the tax hit!

El_Bee · 19-02-2019 5:46pm

Paddy Cow wrote: »

You couldn't but if you won €175 million or whatever it is now and you wanted to share it with your family, you could take the tax hit!

No fecking way I'm losing 333k for every million I give to my family.

Paddy Cow · 19-02-2019 7:23pm

El_Bee wrote: »

No fecking way I'm losing 333k for every million I give to my family.

But they need it for the children's hospital :pac:

Richard Hillman · 19-02-2019 7:28pm

El_Bee wrote: »

No fecking way I'm losing 333k for every million I give to my family.

Just give your family "Jobs". Keep them tiding over with a decent salary and for large purchases, like cars and homes etc purchase them for "yourself".

mariaalice · 19-02-2019 7:33pm

I would give most of it away to people and causes I would like to help and lots to family and extended family and to people I work with. I would rather make a 100 people happy than 1.

dxhound2005 · 19-02-2019 10:09pm

Who won the €175 million?

Dontfadeaway · 19-02-2019 10:12pm

dxhound2005 wrote: »

Who won the €175 million?

Wasn't me anyway. We'll see if the irish winner goes public.

What would you do if you won €130 million?

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