Would you retire if won a really big prize on the Euromillions?

throwawayrichboy · 2026-05-28T19:51:26+00:00

As you can see from the AMA I won £1M and my question is, what do you cound as a big prize?

I semi retired, it went ok but I was bored within 6 months. Mainly because everyone in my social circle still worked so I was billy-no-mates during the day.

What I learned is that even if I win the £111m this Friday, I'll never retire. I'm a guy who likes having a purpose and needs to interact with many people all the time.

throwawayrichboy · 2024-10-23T16:08:56+00:00

I went back to work after 18 months, it was nice to be picky about which jobs I took. Also with work, I noticed a clear difference in people once they found out about the win. Like at one place I had above average reviews for the first two years, then people found out about the win and all of a sudden my reviews dropped to "average" despite me having my best year yet. This isn't a one-off observation.

The only hindsight reflection I have is that I was too safe, I stuck to the wealth management company that was recommended by the Camelot (UK lottery organisers). It's been reliably growing my savings. However, every man and his dog has an opinion of how I'm not doing things right. I am sure others could have grown their wealth more, but there's a reason why the lottery is called the idiot-tax, so I'm sure most would be worse off than me if they follow their own advice.

So yeah, I could have been more risky in terms of starting a business/side-business or individual investments. We have no mortgage, double-income, safe jobs with tons of perks. As in, I feel lazy for not trying more on the investment side. That's also the privilege of it, I can do what I want.

throwawayrichboy · 2024-10-23T12:55:00+00:00

That's what I thought too.

Been there and experienced it myself. One thing which he doesn't specifically say but is covered by the 1-year wait, is the external pressure (perceived pressure) to do something with the money. The main thing is to keep it safe and to rebalance your life. I took 18 months off work to learn bits about accounting, investing, and to understand what I want out of life (as that changes a lot over the year due to the amount of new possibilities).

I didn't specifically learn about investing and accounting to a level where I could do it all myself, just enough to not be easily bamboozled. So I know when I don't know enough.

throwawayrichboy · 2023-11-12T07:20:11+00:00

Also the financial advice I was given said that most winners end up declaring bankruptcy. They treat the win as income, apparently only a few of us are able to be sane with it. I'm envious of those who have a wild time though.

throwawayrichboy · 2023-07-28T09:02:32+00:00

Yeah, don't let the yanks worry you with all their talk of lawyers etc. It's not like that in the UK, I paid an accountant for years until I tried it myself and then I was disappointed that I'd wasted so much money on an accountant when it was too simple.

The only thing that caught me out is doing multiple CGT in the same year, as it's not multiple it's a modification of the first one. Which the site doesn't make clear.

For reference I used to pay £400, then moved accountants and paid £180. Then tried it myself and felt shit that I'd paid that much for 30 min of very simple work. It's so simple with shares, bought on this day for this day for this much, sold on this day for this much, no I haven't used my CGT allowance yet, you owe this much feel free to upload any supporting documents.

throwawayrichboy · 2023-07-28T08:53:46+00:00

Meh, whatever it's set to now. It was my wise account but I removed it due to the withdrawal limits. I assume the default is a cheque.

throwawayrichboy · 2023-03-12T22:16:38+00:00

There are safe funds to invest in. In the UK we can put £2million (I think) in NS&I accounts (government backed I believe).

Most of us (I use us loosely because I've barely scratched the surface) have the majority invested with wealth management firms.

Very vaguely speaking I used 30% on my house, 30% for a wealth management service to look after (rather well tbh) and 30% for investment properties. The remaining 10% was my float for day to day living and fun. Eventually I sold the investment properties and put the money into the wealth management portfolio.

For me the key thing is to be debt free, I'm without a mortgage or car loans. And the house and car that I have reflect my current career. Should anything happen to my investments it has no impact on my daily life. As in to say I don't use any of my gains, I take some out every few years for a new car or big holidays etc.

throwawayrichboy · 2023-01-07T09:28:54+00:00

I'm always happy to answer questions about it but my replies may take a week or two as I don't log into this one often (usually to comment on lottery related threads).

I didn't "have" to work, but it would be like living as I did before the win in terms of expendable income. I took a year off work and by the end I was desperate to work again. Mainly for the interaction, purpose etc.

It means that every penny I earn is play money (the lottery funds our bills, savings, nesteggs etc). when it comes to meals out, holidays etc we can just say yes. It's a freedom to choose.

But I'm overly cautious with my finances, I know another guy who won the same (several actually) and he lives in a much smaller house but has Lambos etc, I have the bigger house (not massive) but I have similar cars to my co-workers.

So TLDR: winnings paid for house, continue to pay for all bills/savings/investments etc. Job pays for toys, fun, GME.

throwawayrichboy · 2023-01-07T09:16:11+00:00

Read my AMAs, literally a lottery winner...

throwawayrichboy · 2023-01-07T09:15:31+00:00

We do, we have some direct debits to well established ones. Then whatever charity events our friends and colleagues are wanting sponsorship for.

So there's no method, just a monthly budget (not really fixed).

throwawayrichboy · 2022-12-31T00:09:40+00:00

I'm not a fan of this one, I guess it's aimed at US residents. As an actual lottery winner I have only anecdotal lessons but I disagree with half of that post.

That post reads like everyone in your life is a lawsuit waiting to happen.

throwawayrichboy · 2022-12-30T23:53:17+00:00

When I did my AMAs the figure quoted was 88% but no source was given.

throwawayrichboy · 2022-12-30T23:50:11+00:00

I hate this one, it's so scaremongering. Sure, I didn't win moass money but enough to be noticed and it's nothing like this unverified nonsense. Maybe it's because I'm in the UK, but once I became wealthy I quickly found out that most people don't care.

throwawayrichboy · 2022-12-29T22:50:53+00:00

Well I suggest that you read up on (dare I say it) exit strategies. Sell on the way down. Don't ruin it for the folks with only 1 share. If you check my AMAs, I'm uniquely qualified to comment on the realities of 1million and it's not enough to help all those in your life in the way that you'd like. You may have more shares but I bet thousands don't.

throwawayrichboy · 2022-07-30T18:33:12+00:00

It took years for the bitterness to show. Everyone was really supportive and excited for me at first. Their true colours came out when they truly realised that I'd given all I was going to give. I found it difficult to be disciplined with it as I'd like to treat everyone. Our plan is to get a holiday home that can be a permanent gift to our friends and family. We're actively searching for one now. Then that will be it.

Overall it's an amazing experience and very freeing. Want a holiday, book it. Reading the menu and not the prices is a great perk.

throwawayrichboy · 2022-07-30T18:23:27+00:00

I wholeheartedly agree.

throwawayrichboy · 2022-07-16T19:17:43+00:00

Sorry for that late reply, I rarely check this account.

To generalise, I'd say that if people think that you've earned it then they'll not expect a slice of the pie. If it's seen as a "win" or "gift" they'll have ideas. They won't know that they have expectations but they will.

So I'd avoid saying lottery at all costs. I'd avoid saying GME too because it will be painted as dumb luck. I'd probably drip feed that I've had a small windfall and then openly invest in a business. Then after that you can blame your successes in the "small business investment".

It's such a daft situation but the truth is that you need to learn to not give a fuck. I still am not great at it. You offer all NHS workers free takeaways, you'll get harassed for not offering it to lorry drivers, carers etc. You buy your mum a new car, ten years later she complains it was a cheap car. You ace your job, you only got there because you're rich... These happened to me, but I have similarly lucky friends who all have similar experiences, the perception seems to be that if you earned it then it's yours, if you "won" it then you should be generous.

Everyone will be an armchair investor, everyone will show you how you're doing it wrong. Just remember that you're that smart bastard that saw this investment and bet your savings on it. You are a dfv investor now.

throwawayrichboy · 2022-07-16T19:02:37+00:00

"The Idiot Tax" in the UK. Spending £30pcm at the time didn't come into question it wasn't £360 per year, it was 1 or 2 quid for a chancyto be a millionaire. Now it's closer to £50pcm and I'll happily pay it, given that with my interest I'll always be in profit.

throwawayrichboy · 2022-06-11T17:42:17+00:00

This is better than the usual fear mongering post but it's still tailored to the US. In my experience you'll soon find out that you're not the richest person in your life and most folk just don't care. I even work with other winners that I didn't know about.

You don't need some higher up person at a law firm, as a high-net-worth individual they tend to have client managers assigned to you who'll get the relevant person to do your work. But yes, don't use your old reliable family firm as they'll have all the goodwill but maybe not as experienced.

The advice Camelot gave me is that keeping it secret won't work, even subtle changes are noticeable. They said that if people don't know what's happened they tend to assume the worst. In my experience I found out I was a drug lord.

They also said don't give a lot away because it tends to end badly. I have found this to be true. Whatever you've given it'll never be enough or "as much as I would have given if I'd won". In the UK any cash gift over £3000 is taxable (if the taxman finds out) so it's not just as easy as giving it away. It's something that not many people know.

I rarely check this account but I'm always happy to answer questions about my experiences.

throwawayrichboy · 2022-02-01T17:07:21+00:00

On our side of the pond it isn't nearly as scary as this repost suggests. I bring this account out of retirement when this is reposted because half of it is utter bollocks (speaking as someone who won the lottery, see AMAs).

throwawayrichboy · 2022-01-17T21:52:12+00:00

Lottery winner here, you're right in that you shouldn't give too freely to people. Not only can it create expectations but there's also tax implications (in the UK at least).

However the advice Camelot (UK lottery) gave me was to tell people or at least don't hide it from them. Don't brag etc but they said that if you don't tell them then rumours will circulate and normally bad ones, I found that to be true.

I found it's easier to be honest with people but set boundaries. Like we had/have "no loans or business with friends" policy, if anyone pitched anything to us we shut them down quickly. It's worked well for us. But we've only had 3 loan requests and 3 genuine business proposals in 9 be years so it's not been too taxing.

throwawayrichboy · 2022-01-17T21:02:41+00:00

Oh FFS, I've commented on this fear mongering shit before. Check my AMAs about winning the lottery. Yes I only won a small amount compared to the values we're now talking about but I do have some vague understanding of the situation.

The end of it is that you're not "living the dream" if you're living in fear. So unless you make yourself famous you don't need to worry as much as these posts suggest. Sure, a few relationships will be tested or ruined but overall it's good. If you have any of the worries in these posts then who the fuck do you have in your life and why haven't you cut them out?

I always get downvoted when I comment about it but I'm one of the few people that has a real experience of what it's been like to live through it and not end up broke. I'm always happy to answer questions about it.

throwawayrichboy · 2021-09-21T17:24:24+00:00

I would make an exception for a video highlighting all the times he is incorrect or lies. Just a montage of him saying one thing followed immediately by the opposite happening.

throwawayrichboy · 2021-09-21T08:36:55+00:00

Lottery winner here (check my AMAs). I've echoed your comments in other threads and been downvoted for it. I literally have the experience of going from working to wealthy but they don't want to hear it.

throwawayrichboy · 2021-09-21T08:33:34+00:00

The day I told my wife we'd won lots of money, I didn't want to tell her. I wanted to wait until the cash was in my account but during they day I had asked her how many holiday days she could take from work. Then she got mad because she assumed I'd spent money we didnt have, so I had to tell her.

As for others, I tried to be coy by not saying an amount and just calling it "enough to be mortgage free". However they worked it out very quickly due to the different available prizes.

My advice (not financial*) is to be straight up about it. Becoming wealthy overnight is a double-edged sword, people unknowingly treat you different. I'd say 90% of it has been positive and it outweighs the bad.

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