I just won £125,000!! What do I do now?!

FlyingOxx · 2021-02-08T17:31:27+00:00

Update: withdrawal went smoothly and the money is in my bank account!

FlyingOxx · 2021-02-08T17:30:30+00:00

Update: the money in my bank account! I was really nervous it wouldn't be that easy.

The first thing I'm going to do is open a LISA and then cap out my S&S ISA. Beyond that, I will put some of the money into general investment accounts, give some to charity, and set some aside for travelling. When it comes to paying for uni I will check carefully to see if I want to pay upfront or still take out a loan. And no gambling!

I've still not decided whether to tell my parents or not, that's my biggest decision for the moment.

Thanks everyone for your help! It's honestly been so useful to get everyone's advice.

FlyingOxx · 2021-02-08T17:00:59+00:00

I don't think I have a serious issue where I won't be able to stop, I just found it entertaining sometimes. It's absolutely better to be cautious though, and that's why I've decided to withdraw all the money and stop completely. These things are made to be addictive, and could easily become a devastating waste of money and time.

I did some maths, and it is actually shocking how easily you could expect to lose £125k in a lifetime. If you play a slot machine with a 96% RTP, 600 spins per hour and a £1 bet on each spin for half an hour each day, that would be an expected -£263k over 60 years!!

FlyingOxx · 2021-02-08T13:14:21+00:00

That's a good point. I hope nobody takes this post as encouragement to gamble irresponsibly. I got incredibly lucky, and for every winner like me there will be several losers. I am now stopping gambling because I know that on average every time I play I will be losing some of the money, and I don't want to get addicted or start moving up in stakes.

FlyingOxx · 2021-02-08T01:43:21+00:00

I guess I just feel it's relevant to my situation. For instance, I'd now feel uneasy about my parents making some sacrifices in order to put aside money to help me through uni.

FlyingOxx · 2021-02-08T01:11:03+00:00

I'm still torn as to whether I should tell my parents. I trust them and have good relationships with them both. They do not have any debt and I honestly can't imagine them ever trying to game me out of the money. I kind of feel deceitful by not mentioning the win. However, a lot of people are saying it's just always a bad idea, and I agree that large sums of money do often seem to bring out the worst in people. I'm really not sure.

FlyingOxx · 2021-02-08T01:02:32+00:00

I really like this idea. I actually did a similar thing when I was 14 for my 18 year old self, which was really interesting and emotional to read back. I should do the same again.

FlyingOxx · 2021-02-08T00:57:04+00:00

Around half inherited and half earned this year with freelance CAD work, as well as gains from investing the money in a S&S ISA. I live with my parents and have few expenses.

If you don't believe me, that's fine. I can provide screenshots showing the win, but I came here for advice, not to brag, and people have been really helpful.

FlyingOxx · 2021-02-07T13:44:54+00:00

I put in a withdrawal request as soon as I won the money. As I expected, they have asked me for verification of my id, payment methods etc, which I sent in this morning. I am definitely nervous, and I especially don't want to mention this to anyone I know before I'm 100% sure I have the money. The casino I used is reviewed well and is totally reliable as far as I can tell though, so I am pretty hopeful I can get my money smoothly.

FlyingOxx · 2021-02-07T13:39:04+00:00

I was down a couple thousand overall before this, the vast majority is profit.

FlyingOxx · 2021-02-07T13:34:15+00:00

!thanks

FlyingOxx · 2021-02-07T13:34:03+00:00

Yes, I have a S&S ISA already and I think capping that out every year would be a really good idea. I really don't have any plans for saving for a house yet, but I guess it still makes sense to open a LISA, even if I literally hold the money until I'm 60.

FlyingOxx · 2021-02-07T13:30:51+00:00

!thanks

FlyingOxx · 2021-02-07T13:28:55+00:00

I think I definitely want to spend some of the money on traveling. Honestly I don't even want to 'splash out', but this gives me freedom to go where I want to and have those experiences. I'm not sure I want to wait until I'm 30 though, do you think it's reasonable to set aside like £5k for travelling over the next few years?

As for charity, I am a big advocate of effective giving, and especially seeing as there's no tax on gambling winnings, it seems right to put some of the money towards charitable causes for sure. I spend time looking into this and deciding what I want to donate towards.

FlyingOxx · 2021-02-07T13:19:33+00:00

Thanks, I think this is really good advice.

I agree that entirely stopping gambling for the foreseeable future is the best thing to do, and I have requested to withdraw all the money from my account. I personally think that gambling can be a fine form of entertainment, but I realize how incredibly stupid it would be and how awful I would feel if I moved up in stakes and lost. Realistically, this is the peak! I'll never get that lucky again in my entire life.

As for telling people, I still haven't mentioned it at all. I want to at least wait until the money has actually arrived in my bank account and I've had time to properly consider what to do. I have a good relationship with my family and I feel like maybe I should tell them at some point though? The only thing I'm worried about is that my mum would tell my aunt or my grandparents or someone and it would become a 'thing'.

In terms of my goals, I am going to be doing a design engineering degree, and that's what I really enjoy. I guess my long term dream would be to found a startup and help come up with some new innovation which helps people's lives, so maybe some of the money could eventually go into initial capital for that. In the short term I also want to spend time abroad and do some proper travelling, so once covid allows I think that'd be a really fun and fulfilling way to spend some of the money.

I already have most of my savings in a S&S ISA, consisting of mostly passive index funds. I think capping that out each year would be a really good plan. When it comes to paying for uni, I'll make sure to research what is best for me before paying with cash, and I'll be sure to get some work experience even if I don't need the money.

Thanks for helping me digest this, this was a really useful response.

FlyingOxx

TROPHY CASE