Side note: In order to build up a buffer, I’m writing posts several weeks in advance right now. This post will be at least a month old when it goes live. When I’m into the habit of writing and posting more regularly, I might get rid of the buffer and write stuff that posts immediately.
This is a repeat of an old topic I’m afraid – but in my defence, at the time of writing, the lottery is *still* rolling over and unwon.
Don’t worry, I’ll schedule a second,more interesting post for today as well 😛
So the Euromillions is now up to £131 mill. An almost unimaginable sum of money, although I’ve read American lotteries can run into the billions, and frequently run into the centi-millions.
“If you really want something in life you have to work for it. Now quiet! They’re about to announce the lottery numbers.”
What would I do with that money? We’ll the boring answer is I’d provide a future for me and mine. A large chunk of it would be locked away in trusts and doled out in monthly instalments over 80 years.
Why 80 years?
Well obviously I plan to die at 104 😛 realistically, in 80 years the youngest of my siblings will be 98 – not an unachievable age but not particularly likely either. It just seems like a good round number that will almost certainly provide for a lifetime of leisure.
If I won that £131 mill I’d put away £5 mill per person. Over 80 years that equals a rough “income” of £60 thou pa (although I would hope to be able to assign money managers to invest and nurture the pot so it grows) – enough to live a life of considerable luxury even if they never work again. It wouldn’t be a millionaire’s lifestyle (it costs more than you think to live the classic millionaire’s lifestyle and I wouldn’t have the money to provide that for everyone) but they need never worry about bills or food or rent or mortgage. It would still be possible to run up debts and get into trouble on that income, but I feel at that point it’s their own fault 😛
This would apply to me and my other half (in case we eff up the rest of the money), four parents, five siblings, a charity, a friend of the family (F.O.F.), her two daughters, and a partridge in a pear tree.
That’s £70 mill so far.
I’d also give four parents, five siblings, and F.O.F. a one off payment of £0.5 mill each so they can buy themselves a house and a holiday and pay off any debts – another £6 mill
I also set aside £3 mill for extended family, to be distributed in one off payments of £50 thou. Aunts, Uncles, Grandparents, First Cousins. I’m not sure how many of those I have (my family is, uh… Fertile) but £3 mill would cover 60 people.
Then £5 mill to party! Pay off our own debts! Buy our own house!
And, omg, the travel… THE TRAVEL! If we could I’d go somewhere different for a week every month for a year (depends if other half quits his job entirely, he might not)(I would. Instantly).
The first place I’d go would be the classic holiday. You know the one. The one advertised on every lottery poster or travel agency or TV show ever… White sandy beach, blue, blue sea, hot sun, and scantily clad waiter/waitress bringing you cocktails…
But you’ll notice I haven’t actually spent £131 mill yet, more like £80-90 mill.
Well, basically I’d keep the rest at arms length for two years. I read somewhere that it takes two years for a lottery win to truly settle in, so I’d put the remainder money somewhere I cant accidentally spend it (but is still accessible if we really need it) whilst I learn how to live my new life. Maybe I turn half over to some money managers for some short term low risk investing.
I also have trouble planning beyond that. Every wildest dream, every want or need or desire I could ever possibly have, was fulfilled in that first £80-90 mill. I know the Euromillions is trying to get all fat and cuddly before it lets me have it but I honestly already love it as it is 😛
I sort of assume that if we won – especially if we won that much – we would eventually move into a mansion of some kind. I just can’t imagine it happening for a few years.
There are two problems – firstly, neither of us can drive, and most mansions tend be somewhat isolated. Yes, we could afford to have a driver on call or pay for a taxi every time we leave the house but that sort of ruins the spontaneity of it all and we’re not really “staff” kind of people (although I would hire a cleaner in a heartbeat. We’re slobs. The place is filthy). Secondly, we’re kind of in a sweet spot for location right now. We are ten minutes walk from town, fifteen minutes walk from his work, ten minutes walk from the station (i.e. my commute) and two minutes walk from our favourite social club. I can see us buying and moving into another property on this street (hopefully one of the ones with access to both a basement and a third floor) and filling it with some really nice furniture but I can’t imagine us moving away from here immediately.
Besides, in a mansion things like heating, electricity, council tax will increase and the lottery is a one off payment. Gotta budget! 😛
I’ve also put a little too much thought into whether or not to buy a private island. Short answer: No.
It’s mostly because I haven’t travelled much yet. If I had seen everywhere and was content to relax in the same beach hotel each year forever then maybe but I still want to see everything – meaning I’d only stay at the island 2 weeks a year at most. I feel like the upkeep wouldn’t be worth it.
But what if I won a smaller amount? The Euromillions usually starts at £11 mill. What if I “only” won that much?
Well I have a plan for that as well (I like playing with numbers)
If we won £11 mill, I’d still put aside £5 mill (in a trust and distributed out over 80 years yada yada) for me and my other half. Mildly selfish but, hey, I was the one who bought the ticket.
Then I’d give out £450 thou in lump sums to four parents, five siblings, my grandma (the one not in a home, basically) and F.O.F.
(Yes, I am aware that by going by the plans above I technically give Grandma more in the second scenario than in the first; however, in the first scenario I also have about £40 mill left unaccounted for so I’m sure I can figure something out, I just like the neatness of the numbers as they are right now)
Whatever’s left (I think about £600 thou?) is for me and my other half to party with.
So that all works out!
So what do I do with my new found free time?
I go to the gym and get hella buff 😛
I take some part time courses – economics GCSE should probably be my first shout, to learn a bit more about money, but I could learn a new language, learn to sing or dance…
I write my book. I’d have the money to pay for publishing myself now, and I’d actually have time to get it done
This is what I’m actually paying for when I buy a lottery ticket
Yes, obviously I’m hoping to win
But I get so much pleasure from daydreaming and imagining what it would be like if I won – the holidays, yes, but also the peace of mind that comes with complete financial security.
That’s worth £2.50 every now and then
Parting fun fact: One couple accidentally won two shares of a lotto jackpot when they both picked up a ticket with their favourite numbers on and didn’t tell the other! It’s not even the only time something like that has happened – this woman managed to forget she had already bought a ticket and bought a second one… scooping two shares of the jackpot all for herself!
And like before – if I actually somehow win the lottery I’ll nix this post before it goes live 😉
Edit: Yeah, someone else won the money instead. The jackpot’s back down to “only” £14 mill 😛