Would a lottery win massively improve/impact your life?
Discussion
Bit of a strange thread I guess buuuuut..... would a lottery win massively improve/impact your life?
One the face of it the obvious answer is "...pish man, don't be daft! Of course it would...", the thing is though I'm not convinced that it would for us.
Let me get it out there straight away that we are not 'wealthy' (by that I mean we've got to think about what we spend money on) but I was looking at the property pawn page earlier thinking that most massive houses do nothing for me so a doubling of our nominal 'next house budget' would make a difference (obviously) I'd not place it in the dream houses or lifestyles of the rich category. I'm pretty much there with my cars - that is to say if I was 'stuck' with them forever I'd not be in the slightest bit upset.
One place it'd make a difference is in holidaying - though given these last 18 months, possibly not even that! The other difference would be in being able to help family more readily which really would be nice to be able to do.
I guess these last year or so have made me realise how totally content I am.
One the face of it the obvious answer is "...pish man, don't be daft! Of course it would...", the thing is though I'm not convinced that it would for us.
Let me get it out there straight away that we are not 'wealthy' (by that I mean we've got to think about what we spend money on) but I was looking at the property pawn page earlier thinking that most massive houses do nothing for me so a doubling of our nominal 'next house budget' would make a difference (obviously) I'd not place it in the dream houses or lifestyles of the rich category. I'm pretty much there with my cars - that is to say if I was 'stuck' with them forever I'd not be in the slightest bit upset.
One place it'd make a difference is in holidaying - though given these last 18 months, possibly not even that! The other difference would be in being able to help family more readily which really would be nice to be able to do.
I guess these last year or so have made me realise how totally content I am.
I wish that was the case! The worst that might be said for the above, I hope, is that I have modest tastes. No desire to own a supercar/hypercar etc. Never flown business class/first class etc, DodgyGeezer said:
Let me get it out there straight away that we are not 'wealthy' (by that I mean we've got to think about what we spend money on) but I was looking at the property pawn page earlier thinking that most massive houses do nothing for me so a doubling of our nominal 'next house budget' would make a difference (obviously) I'd not place it in the dream houses or lifestyles of the rich category.
I may have (deliberately 
) misread this, but if a lottery win would only double your 'next house budget', I'd take that to mean your current 'next house budget' is equal to a lottery win amount, at which point I would take issue with your "we are not 'wealthy'" statement But anyway, to actually answer your question, I don't think it would improve it much, simply as the areas of my life I'd like to improve aren't impacted by money, but it'd impact my life a bit in terms of probably have a few more car parts on the shelf waiting for me to fit as opposed to strictly enforcing a 'one project at a time' policy as I am currently, and as you say, some sillier holidays once things get closer to normal.
SturdyHSV said:
I may have (deliberately ) misread this, but if a lottery win would only double your 'next house budget', I'd take that to mean your current 'next house budget' is equal to a lottery win amount, at which point I would take issue with your "we are not 'wealthy'" statement .
Git! Let's put it this way then - our house is worth under 1m, a gaff of 2mil would be more than ample (not London/S.E.)) misread this, but if a lottery win would only double your 'next house budget', I'd take that to mean your current 'next house budget' is equal to a lottery win amount, at which point I would take issue with your "we are not 'wealthy'" statement .I'd like a second home, with easy quick access, on the UK coast. If we did move our main home too I'd like the minimum hassle, buy/fix up whilst still living in current house. If it incurs additional tax, sobeit.
Otherwise I'm fairly happy with my lot.
ETA
Fairly unlikely, you've gotta be init to win it.
Otherwise I'm fairly happy with my lot.
ETA
Fairly unlikely, you've gotta be init to win it.
Edited by How u doing on Wednesday 9th June 15:29
Yes it would make a massive difference, but perhaps more from a mental perspective than tangible assets.
I would still work, but have the ability to say "f*** you" at any point. While I don't for one minute think I ever would, the ability to be able to would have a big psychological impact, if that makes sense. Knowing you have to work is the killer, even if you enjoy the job.
We all know someone who's had a bit of a rough time financially over the last 12 months. Being able to help them, along with other friends and family would be cool.
The knowledge that if anything happened to you the people that rely on you would be financially secure (yes I know that's what life insurance is for, but who has insurance running into the £millions?)
As someone above mentioned, a second (and even third/fourth) property would be a real game changer right now. The last year has been tough, it isn't looking that much rosier in the short term in terms of holidays, so having a nice house sat on the south coast fully paid for would be wonderful. I'm sure there are a couple of other places in the UK I could find too.
I would still work, but have the ability to say "f*** you" at any point. While I don't for one minute think I ever would, the ability to be able to would have a big psychological impact, if that makes sense. Knowing you have to work is the killer, even if you enjoy the job.
We all know someone who's had a bit of a rough time financially over the last 12 months. Being able to help them, along with other friends and family would be cool.
The knowledge that if anything happened to you the people that rely on you would be financially secure (yes I know that's what life insurance is for, but who has insurance running into the £millions?)
As someone above mentioned, a second (and even third/fourth) property would be a real game changer right now. The last year has been tough, it isn't looking that much rosier in the short term in terms of holidays, so having a nice house sat on the south coast fully paid for would be wonderful. I'm sure there are a couple of other places in the UK I could find too.
£10m is my retirement number (aged 31)
£1m each to my parents, in laws and sister to help clear off mortgages and spend the rest however they like (without being morbid, chances are we'd get a chunk of it back)
£2m for frippery - house / cars / travel
£5m invested to draw down an income whenever needed, but mainly to pay my future children's school fees and give them the best possible start.
£1m each to my parents, in laws and sister to help clear off mortgages and spend the rest however they like (without being morbid, chances are we'd get a chunk of it back)
£2m for frippery - house / cars / travel
£5m invested to draw down an income whenever needed, but mainly to pay my future children's school fees and give them the best possible start.
Of course a nice big house, cars I have always wanted, holidays when ever would be amazing. But I think for me the big thing would be not having to work / worry about money = spend as much time watching my kids grow up and making sure they get the best education/ help to succeed in life.
THUD...
currently sat in my mk1 Ford Focus that hasn’t got air conditioning and the drivers window regulator is stuck shut.
That fall back to reality hurt a little.
THUD...
currently sat in my mk1 Ford Focus that hasn’t got air conditioning and the drivers window regulator is stuck shut.
That fall back to reality hurt a little.
Statistically, in the US at least winning the lottery makes you far more likely to get divorced, become bankrupt, be killed, or indeed kill someone, become an alcoholic or drug addict and generally have a really horrible, and shorter life.
The problems, in the UK aren't massively different, but thankfully less violent. When I worked for RBS, I'd speak to the guys in Coutts, they shared a back-office with us, they used to have a deal with the National Lottery to give 'free' financial advice to jackpot winners, not many took them up on the offer, and it was rarely a springboard into joining the Elite classes, a good outcome was a couple of years of the highlife and then either a more modest lifestyle or back to having a job.
Most Working and Middle Class (I'm of the school that Middle Class is a myth) people aren't used to having a large pile of money and no income, plus it doesn't really matter if you're flipping burgers or a 'City Boy' most people in those classes aspire to something they can't afford and will give into temptation fairly quickly, they say if you survive the honeymoon period you'll be okay, but lots of people underestimate how much money they need to live for the rest of their lives or what a 'millionaire lifestyle' really means if you've got £2m and 60 years left (I'll save you the calculator, that's £33k a year if you can't devise an income from it).
How would it impact my life? Divorce probably, We both make a nice salary, nothing excessive and we have a nice, but not flash lifestyle, but we've got no savings and a couple of grand on credit cards, it's all very affordable and net we're worth a decent amount.
I'm a man of pretty modest tastes, I'd don't covet Supercars or Mansions, I wouldn't be seen dead in Dubai and I've no taste for blingy watches, it's just not me. I value time more than things, and would love to work less and do more. If we were both like me, we'd have savings and no debt, but less 'things'
My Wife is more materialistic, she spends her evenings looking at Lady Porn (Rightmove) and she thinks she 'needs' a lot of consumer thing. If we were both like my Wife, we'd have LOTS of things, and be up to our eyes in debt.
I'm 41, she's 36, so we've got 50+ years left with some good fortune and good health. If we won say £3m which seems to be about the going rate for a Saturday draw these days, Left to her own devices She'd do £1m on a house, another £1m in a year easy on god knows what and left unchecked would be signing a mortgage by year 3 to keep the party going, and we'd be working again. I'm not sure I'd live in the same house, but I wouldn't spend much more, and I'd be happy to enjoy more time with the kids and enjoying my hobbies with an income of £60k a year (tax free) at least until interest rates raise. I can't see us finding an equilibrium with that, which is sad, but for me £1.5m in the bank and the 2nd half of my life worry free and easy is fine by me, I can imagine to the stereotypical PHer, that's dangerously close to Socialism or something.
I've got a friend who is a very fringe member of the Aristocracy, he doesn't talk about the ghastly subject of money, but he's worth about £8m-£10m Net, he works more than I do. The difference between him, me and my Wife is that, his kids will be worth £10m+ and his Grandkids even more, well at least once they've worked out who stabbed who in the back last, they're live by a different code to me. I don't think you can learn that mindset, he lives very well, lovely house, lovely cars, but it's all carefully managed that his total net worth never goes down, ever. The rest of us plebs who know him, wonder why he hasn't got an F40 or a P1 (my mates, not me as such) or even why he works at all, never mind why he works so hard, it's that mindset.
The problems, in the UK aren't massively different, but thankfully less violent. When I worked for RBS, I'd speak to the guys in Coutts, they shared a back-office with us, they used to have a deal with the National Lottery to give 'free' financial advice to jackpot winners, not many took them up on the offer, and it was rarely a springboard into joining the Elite classes, a good outcome was a couple of years of the highlife and then either a more modest lifestyle or back to having a job.
Most Working and Middle Class (I'm of the school that Middle Class is a myth) people aren't used to having a large pile of money and no income, plus it doesn't really matter if you're flipping burgers or a 'City Boy' most people in those classes aspire to something they can't afford and will give into temptation fairly quickly, they say if you survive the honeymoon period you'll be okay, but lots of people underestimate how much money they need to live for the rest of their lives or what a 'millionaire lifestyle' really means if you've got £2m and 60 years left (I'll save you the calculator, that's £33k a year if you can't devise an income from it).
How would it impact my life? Divorce probably, We both make a nice salary, nothing excessive and we have a nice, but not flash lifestyle, but we've got no savings and a couple of grand on credit cards, it's all very affordable and net we're worth a decent amount.
I'm a man of pretty modest tastes, I'd don't covet Supercars or Mansions, I wouldn't be seen dead in Dubai and I've no taste for blingy watches, it's just not me. I value time more than things, and would love to work less and do more. If we were both like me, we'd have savings and no debt, but less 'things'
My Wife is more materialistic, she spends her evenings looking at Lady Porn (Rightmove) and she thinks she 'needs' a lot of consumer thing. If we were both like my Wife, we'd have LOTS of things, and be up to our eyes in debt.
I'm 41, she's 36, so we've got 50+ years left with some good fortune and good health. If we won say £3m which seems to be about the going rate for a Saturday draw these days, Left to her own devices She'd do £1m on a house, another £1m in a year easy on god knows what and left unchecked would be signing a mortgage by year 3 to keep the party going, and we'd be working again. I'm not sure I'd live in the same house, but I wouldn't spend much more, and I'd be happy to enjoy more time with the kids and enjoying my hobbies with an income of £60k a year (tax free) at least until interest rates raise. I can't see us finding an equilibrium with that, which is sad, but for me £1.5m in the bank and the 2nd half of my life worry free and easy is fine by me, I can imagine to the stereotypical PHer, that's dangerously close to Socialism or something.
I've got a friend who is a very fringe member of the Aristocracy, he doesn't talk about the ghastly subject of money, but he's worth about £8m-£10m Net, he works more than I do. The difference between him, me and my Wife is that, his kids will be worth £10m+ and his Grandkids even more, well at least once they've worked out who stabbed who in the back last, they're live by a different code to me. I don't think you can learn that mindset, he lives very well, lovely house, lovely cars, but it's all carefully managed that his total net worth never goes down, ever. The rest of us plebs who know him, wonder why he hasn't got an F40 or a P1 (my mates, not me as such) or even why he works at all, never mind why he works so hard, it's that mindset.
...pish man, don't be daft! Of course it would...
I'd retire earlier, spend more time with family and friends instead of working all hours (to try to retire earlier), go on more than the 2 week skiing holiday every 2 years, and the odd weekend city break...only to come back to tonnes of emails and having to work even more hours to catch up.
I'm nearly 55, but don't plan on taking any of my pension yet, and a £10m+ lottery win would (assuming zero interest from saving/investing), and assuming I decided to splurge a bit at the beginning by 'sorting out' family & friends and buying a few nice cars (not luxury or exotic) and a decent house, I figure I'd still have half of that left.
So £5m over say 40 years would equate to £125k/annum - which is probably 4x what I take home now - but of course that would be worth much less in 40 year's time.
I'd retire earlier, spend more time with family and friends instead of working all hours (to try to retire earlier), go on more than the 2 week skiing holiday every 2 years, and the odd weekend city break...only to come back to tonnes of emails and having to work even more hours to catch up.
I'm nearly 55, but don't plan on taking any of my pension yet, and a £10m+ lottery win would (assuming zero interest from saving/investing), and assuming I decided to splurge a bit at the beginning by 'sorting out' family & friends and buying a few nice cars (not luxury or exotic) and a decent house, I figure I'd still have half of that left.
So £5m over say 40 years would equate to £125k/annum - which is probably 4x what I take home now - but of course that would be worth much less in 40 year's time.
Edited by mmm-five on Wednesday 9th June 15:51
It would change my life a lot. But i think there is a serious question how much you let it change your life.
Would you be seen as just the lottery winner? Would you end up doing things your friends can't, unless you pay for them to tag along?
Is it wise to spoil my kids?
How much should I give friends and family?
Nice problems to have of course, but still problems!
Would you be seen as just the lottery winner? Would you end up doing things your friends can't, unless you pay for them to tag along?
Is it wise to spoil my kids?
How much should I give friends and family?
Nice problems to have of course, but still problems!
The Ferret said:
... have the ability to say "f*** you" at any point. While I don't for one minute think I ever would, the ability to be able to would have a big psychological impact, if that makes sense. Knowing you have to work is the killer, even if you enjoy the job....
In fairness I'm petty much at that point - and I kid you not when I say it's probably saved me from a nervous breakdown. Knowing that you can tell your a
hole boss to stick it very liberating - that said I'm also approaching my 60s so I guess that that makes a huge difference tooI was pondering the same whilst watching a bit of World's Most Expensive Hotels (or something similar) thinking that I go on holiday to see a place, not to sit in a hotel room, so even if I were a multi-millionaire, I'd be happy with a Premier Inn for short breaks. 
I don't think I'd move. I'd like the idea of a McLaren or Ferrari, but in reality I think I'd feel a bit of a berk driving it about so probably wouldn't bother. I'd buy a second home and help our family/friends and donate to a couple of charities that are close to us. With what's left I would invest for the future and just enjoy life without having money worries.
So yes it would both improve and impact my life but not in a 'livin' it large' kind of way.
I don't think I'd move. I'd like the idea of a McLaren or Ferrari, but in reality I think I'd feel a bit of a berk driving it about so probably wouldn't bother. I'd buy a second home and help our family/friends and donate to a couple of charities that are close to us. With what's left I would invest for the future and just enjoy life without having money worries.
So yes it would both improve and impact my life but not in a 'livin' it large' kind of way.
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