Would a lottery win massively improve/impact your life?
Discussion
alorotom said:
MikeM6 said:
You may laugh, but whether you drive a LADA or a Lamborghini, it will be much more enjoyable if you worked hard for it. Money and nice things will not make you happy for long.
It's also not just PH, I think there is a well published link between winning the lottery and being unhappy.
Yes … There a few very public examples of this link … however considering the lottery has made nearly 6000 millionaires the majority of which you never hear from as they stay privet and there is zero reason to believe they are unhappy.It's also not just PH, I think there is a well published link between winning the lottery and being unhappy.
pablo said:
webstercivet said:
MikeM6 said:
I have no interest in winning millions, as I am certain it would not make me happy and likely do the opposite.
Winning money means you haven't earned it and so the pride and satisfaction that comes with having nice things isn't there. All you are left with is the 'pleasure' of having things that others can't have, which I don't get, as the things themselves would not satisfy for long.
You could give up work and not worry about things, but there are only so many holidays you can go on before that no longer satisfies.
You could give it all away I suppose. That would be a good thing to do, but how many really would and not then later regret it? Might as well have not won it in the first place?
Like all gambling, the lottery is a mugs game and I think anybody playing it should be very careful of what they wish for.
Lot of sympathy with this view. If the lottery gives you cash and toys but takes away much of the purpose, structure, drive, discipline and sense of genuine achievement from life, then you're better off without it. Every conversation with people of your wealth level you'd be on the back foot knowing you hadn't done anything to earn it or truly belong. It could also bring out the worst traits in family and friends.Winning money means you haven't earned it and so the pride and satisfaction that comes with having nice things isn't there. All you are left with is the 'pleasure' of having things that others can't have, which I don't get, as the things themselves would not satisfy for long.
You could give up work and not worry about things, but there are only so many holidays you can go on before that no longer satisfies.
You could give it all away I suppose. That would be a good thing to do, but how many really would and not then later regret it? Might as well have not won it in the first place?
Like all gambling, the lottery is a mugs game and I think anybody playing it should be very careful of what they wish for.
But I think you undersell the merits of giving it all (or almost all) away. Don't just write one big cheque and walk away, but really get involved in charities and figure out what you care about, what makes a difference to peoples' lives, put your own stamp (but not your nameplate) on your giving. I think that could be incredibly rewarding.
I don’t understand the issue with worrying about disclosing the origin of the wealth either, I’ve met lots of people who are very wealthy and never once even considered asking them how they earnt it.
I like how this thread gives cause to think and reflect on something, even though it will of course never happen.
I think what I take from this, is the most cogent argument for the positive long term benefit of winning the lottery comes from giving the money away. It enables philanthropy on other words, and I accept that this would be a good aspect of winning a large sum of money.
Maybe the correlation between philanthropic lottery winners and depression is the answer, i.e. those that don't give money away are more prone to depression and longer term unfulfillment.
Call me cynical, but I wonder for how many the principle to play the lottery to give it away holds true, and how many of those already give good chunks of money or resources away?
I think what I take from this, is the most cogent argument for the positive long term benefit of winning the lottery comes from giving the money away. It enables philanthropy on other words, and I accept that this would be a good aspect of winning a large sum of money.
Maybe the correlation between philanthropic lottery winners and depression is the answer, i.e. those that don't give money away are more prone to depression and longer term unfulfillment.
Call me cynical, but I wonder for how many the principle to play the lottery to give it away holds true, and how many of those already give good chunks of money or resources away?
I'm 54. I'm pretty sure that with £1/2 million extra in the bank I could and would retire. At the start of Covid in March 2020, I worked out that we need £1000 a month. So let's live on £40k a year. Now 500k divided by £40k takes me to retirement age. When I can claim.the old age pension..
Which is plenty ?
Am I doing this wrong?
Which is plenty ?
Am I doing this wrong?
hotchy said:
pablo said:
webstercivet said:
MikeM6 said:
I have no interest in winning millions, as I am certain it would not make me happy and likely do the opposite.
Winning money means you haven't earned it and so the pride and satisfaction that comes with having nice things isn't there. All you are left with is the 'pleasure' of having things that others can't have, which I don't get, as the things themselves would not satisfy for long.
You could give up work and not worry about things, but there are only so many holidays you can go on before that no longer satisfies.
You could give it all away I suppose. That would be a good thing to do, but how many really would and not then later regret it? Might as well have not won it in the first place?
Like all gambling, the lottery is a mugs game and I think anybody playing it should be very careful of what they wish for.
Lot of sympathy with this view. If the lottery gives you cash and toys but takes away much of the purpose, structure, drive, discipline and sense of genuine achievement from life, then you're better off without it. Every conversation with people of your wealth level you'd be on the back foot knowing you hadn't done anything to earn it or truly belong. It could also bring out the worst traits in family and friends.Winning money means you haven't earned it and so the pride and satisfaction that comes with having nice things isn't there. All you are left with is the 'pleasure' of having things that others can't have, which I don't get, as the things themselves would not satisfy for long.
You could give up work and not worry about things, but there are only so many holidays you can go on before that no longer satisfies.
You could give it all away I suppose. That would be a good thing to do, but how many really would and not then later regret it? Might as well have not won it in the first place?
Like all gambling, the lottery is a mugs game and I think anybody playing it should be very careful of what they wish for.
But I think you undersell the merits of giving it all (or almost all) away. Don't just write one big cheque and walk away, but really get involved in charities and figure out what you care about, what makes a difference to peoples' lives, put your own stamp (but not your nameplate) on your giving. I think that could be incredibly rewarding.
I don’t understand the issue with worrying about disclosing the origin of the wealth either, I’ve met lots of people who are very wealthy and never once even considered asking them how they earnt it.
The trouble is the lack of time prevents getting more involved with charities I’d like to support. As much as I enjoy it, there’s a difference between being able to run around with some Cubs for 90 minutes on a Tuesday night and then use a big lottery win to provide big financial support to loads of worthwhile causes and see the benefits of the investment.
Pit Pony said:
I'm 54. I'm pretty sure that with £1/2 million extra in the bank I could and would retire. At the start of Covid in March 2020, I worked out that we need £1000 a month. So let's live on £40k a year. Now 500k divided by £40k takes me to retirement age. When I can claim.the old age pension..
Which is plenty ?
Am I doing this wrong?
That really is the best approach if you come into money. Big houses, holiday homes, cars, boats etc just become a monkey on your back. Invest wisely and conservatively and enjoy your fWhich is plenty ?
Am I doing this wrong?
k you money!https://m.youtube.com/watch?v=xdfeXqHFmPI
dmahon said:
That really is the best approach if you come into money. Big houses, holiday homes, cars, boats etc just become a monkey on your back. Invest wisely and conservatively and enjoy your fk you money!
https://m.youtube.com/watch?v=xdfeXqHFmPI
I think if I won the first thing I would do is have the house gutted and completely redone. Its ok now but would be nice to completely upgrade everything at the same time. Also get my classic BMW E30 up to scratch and possibly a respray as bored of silver after 17 years. Probably buy a camper van to travel around the UK and europe, possibly with a covered trailer and a Ginetta G40r in the back. Lots of traveling.k you money!https://m.youtube.com/watch?v=xdfeXqHFmPI
Just stick a lot in the bank and live off the interest. Im about to retire so will have pension money to top things up as well.
Maybe buy my nextdoors house and tell them to f
k off 
GadgeS3C said:
alorotom said:
MikeM6 said:
You may laugh, but whether you drive a LADA or a Lamborghini, it will be much more enjoyable if you worked hard for it. Money and nice things will not make you happy for long.
It's also not just PH, I think there is a well published link between winning the lottery and being unhappy.
Yes … There a few very public examples of this link … however considering the lottery has made nearly 6000 millionaires the majority of which you never hear from as they stay privet and there is zero reason to believe they are unhappy.It's also not just PH, I think there is a well published link between winning the lottery and being unhappy.
An yes £2m win would pay my mortgage an allow me to give up work at 42 the income left over post mortgae would be less than I am on now but I would not have to lift a finger so I could cope with that.
It would change me for sure.
I’m 42, the other half is 33. Being honest I’d probably retire. I’d like to be young enough to enjoy the free time, travel, spend more time with family and friends.
We also currently aren’t homeowners so a decent house purchase relative to the size of win would be an obvious place to start.
Also putting money aside to secure the kids’ future would put a huge smile on my face.
People say you’d get bored retiring. I’d happily do some volunteering. We can’t have dogs as the OH is allergic, so I’d love to potter to the local dog rescue home a few times a week and help out there.
I’m fairly confident that if I retired now I could happily fill my days with a balance of leisure/travel, voluntary work, socialising and doing bugger all!
If the win was large enough, I’d build up a small property portfolio for the rental market. Get it managed by a estate agent. Yea, you take the financial hit for doing that, but a small mortgage free portfolio will make a nice monthly income to offset the daily expenses of life, hopefully keeping the lotto money for fun times!
I’m 42, the other half is 33. Being honest I’d probably retire. I’d like to be young enough to enjoy the free time, travel, spend more time with family and friends.
We also currently aren’t homeowners so a decent house purchase relative to the size of win would be an obvious place to start.
Also putting money aside to secure the kids’ future would put a huge smile on my face.
People say you’d get bored retiring. I’d happily do some volunteering. We can’t have dogs as the OH is allergic, so I’d love to potter to the local dog rescue home a few times a week and help out there.
I’m fairly confident that if I retired now I could happily fill my days with a balance of leisure/travel, voluntary work, socialising and doing bugger all!
If the win was large enough, I’d build up a small property portfolio for the rental market. Get it managed by a estate agent. Yea, you take the financial hit for doing that, but a small mortgage free portfolio will make a nice monthly income to offset the daily expenses of life, hopefully keeping the lotto money for fun times!
Edited by wiliferus on Sunday 13th June 15:10
I don't think it would make much difference to me!
I took workplace pensions early in 2010 and 2014 but had no mortgage after 2014. While I won't get a State pension until 2025 (assuming I get there) that's just down to stastistics!
I own a home outright that works for me (albeit small), 2 cars I really like and I can have a lie-in whenever I want.
But I do realise how lucky I am, especially after Covid appeared on the scene!.
I took workplace pensions early in 2010 and 2014 but had no mortgage after 2014. While I won't get a State pension until 2025 (assuming I get there) that's just down to stastistics!
I own a home outright that works for me (albeit small), 2 cars I really like and I can have a lie-in whenever I want.
But I do realise how lucky I am, especially after Covid appeared on the scene!.
Jasandjules said:
MikeM6 said:
You may laugh, but whether you drive a LADA or a Lamborghini, it will be much more enjoyable if you worked hard for it. Money and nice things will not make you happy for long.
It's also not just PH, I think there is a well published link between winning the lottery and being unhappy.
I have worked fairly hard in my life, I have a TVR, E Class Cabrio and a C Class estate. I will however never be able to afford a DB11 Volante but if I won the lottery I would get one and love it just as much as the other cars I have I am sure. It's also not just PH, I think there is a well published link between winning the lottery and being unhappy.
You also seem to ignore the fact that money can help others, there are so many things I could do. 30k per year to my local animal rescue for example would make the world of difference to them. Friends need 10k to try for a baby, I would happily give it them. Can you imagine if it worked? I mean, how much joy would that give?!?!
I am not hugely materialistic, I won't be looking at 100k watches etc but being able to ensure my kids have a solid backing would be a weight off my shoulders and being able to help out others - I mean, the other day I saw a dog needed 2k worth of surgery and the funds had made 1k, imagine being able to say to the owner "I will match the 1k, get the dog the surgery he needs)... A decent sum of money would enable me to do all sorts of things like that.
The whole live like an oligarch thing is a massive turn off. as I said earlier, rather have a few nice cars, mortgage paid and travel time and share the money with family and friends. Push some cash into local charities - small ones like the volunteer cat rescue, the local hospice, a few quid into our local pub which as just been bought by the community.
Without sounding overly virtuous, there is much greater pleasure to be had from giving someone a hand up, than staring at a Richard Mille watch or trying to live a gilded existence in Dubai.
Couple of million (less than £5m) would be ideal it would be easy to hide you could change your family’s lives by paying off their mortgages buy a normal house for yourselves and have plenty left to see you retire on a normal retirement not a millionaire lifestyle retirement.
A big win especially the Eiromillions £100m would be a nightmare as that’s the sort of money that gres your children kidnapped and the draw to really splash the cash would be overwhelming.
A big win especially the Eiromillions £100m would be a nightmare as that’s the sort of money that gres your children kidnapped and the draw to really splash the cash would be overwhelming.
BoRED S2upid said:
A big win especially the Eiromillions £100m would be a nightmare as that’s the sort of money that gres your children kidnapped and the draw to really splash the cash would be overwhelming.
I don't see it that way.If you are sensible, patient and organised, there's no reason why £100m should be a burden versus £5m.
People forget that there's no obligation to tell people how you came in to money, nor how much you have. Do you tell your friends/family how much money you have in the bank now?
If you spend loads in the first months then, yes - it would be an issue. But that's where the patience part comes in.
I have a fairly comfortable life, in a nice part of the country. I live in a very nice house, in a very nice road and my family are happy and healthy. The only fly in the ointment is that I have to sell 40-50 hours of my time every week to keep all of this going, and I hate it.
So yes, a lottery win would massively change my life as it would remove the fly from the ointment.
As for the few comments suggesting that it feels better to earn the money to buy a nice car, rather than be gifted it, I really don't think it would bother me in the slightest. I really couldn't see myself cruising the cote-d'zur in a 288 GTO, weeping uncontrollably because I hadn't spent years slaving to pay for it, and having to spend further years slaving to maintain it. I'm not a proud man.
So yes, a lottery win would massively change my life as it would remove the fly from the ointment.
As for the few comments suggesting that it feels better to earn the money to buy a nice car, rather than be gifted it, I really don't think it would bother me in the slightest. I really couldn't see myself cruising the cote-d'zur in a 288 GTO, weeping uncontrollably because I hadn't spent years slaving to pay for it, and having to spend further years slaving to maintain it. I'm not a proud man.
For me, the main benefit of having money is the fact that you no longer have to think or worry about it anymore. I am 47, if I had enough to allow me to retire and keep my current standard of living I would be very happy.
I don't care about big houses or flash cars, but having enough to not have to answer to anyone ever again would make me very happy. Enough money to have no mortgage and pay me a passive income of say £50K a year without having to get out of bed for the rest of my life would be more than enough.
If I won tens of millions I would actually worry more about how it would potentially affect my children's lives. If you are not bought up around that sort of wealth from birth it must be difficult to cope with when you are a teenager. I would worry that they would thing "What's the point of school now dad's got millions" and possibly end up getting into drugs and who knows what.
So enough to retire but not enough that people treat me differently would be perfect. Actually add enough to buy my children a house each outright but not tell them until they have left university.
I don't care about big houses or flash cars, but having enough to not have to answer to anyone ever again would make me very happy. Enough money to have no mortgage and pay me a passive income of say £50K a year without having to get out of bed for the rest of my life would be more than enough.
If I won tens of millions I would actually worry more about how it would potentially affect my children's lives. If you are not bought up around that sort of wealth from birth it must be difficult to cope with when you are a teenager. I would worry that they would thing "What's the point of school now dad's got millions" and possibly end up getting into drugs and who knows what.
So enough to retire but not enough that people treat me differently would be perfect. Actually add enough to buy my children a house each outright but not tell them until they have left university.
Edited by anonymous-user on Monday 14th June 13:39
Edited by anonymous-user on Monday 14th June 13:40
MikeM6 said:
You may laugh, but whether you drive a LADA or a Lamborghini, it will be much more enjoyable if you worked hard for it. Money and nice things will not make you happy for long.
It's also not just PH, I think there is a well published link between winning the lottery and being unhappy.
I recall reading a study some years back. It suggested that aftet six months or so, a lottery winner's mood and outlook returns pretty much to how it was pre-win.It's also not just PH, I think there is a well published link between winning the lottery and being unhappy.
ETA..
I think this is the one.
https://medium.com/the-post-grad-survival-guide/wi...
Edited by Blib on Monday 14th June 13:50
Blib said:
I recall reading a study some years back. It suggested that aftet six months or so, a lottery winner's mood and outlook returns pretty much to how it was pre-win.
ETA..
I think this is the one.
https://medium.com/the-post-grad-survival-guide/wi...
That anybody would be surprised by this is the surprise. With the relatively low level of financial literacy in this country it's perfectly understandable. You do not become financially literate by having a large sum of money, it merely allows the illiterate to demonstrate the fact on a greater scale.ETA..
I think this is the one.
https://medium.com/the-post-grad-survival-guide/wi...
Edited by Blib on Monday 14th June 13:50
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