I would be worry free………..WRONG !
I am quite sure that with good advice and money management from a trusted source my family and I (and our heirs) would live worry free for years to come. But one of the questions I once asked myself after reading stories of past winners was “How do you keep the vultures at bay”. You know who I mean, not just the long-lost friends and ex relatives (would you really expect something if you were an ex-relative) but the hard up charities and local businesses chancing their arm at an opportunity for funding. But would that be your only fear, I reckon not…consider this:- Would you be youre own worst enemy?
Well I think that would be an easy trap to fall in. If you didn’t have free-money habits up until this point then I reckon that without expert guidance you would be on a slippery slope now. After watching the BBC Television series “The Syndicate” the first thing I would do is sign the back of the ticket. Maybe this is the advice from Camelot but I am unsure as I failed to find anything on their website. If the afore-mentioned show is anything to go by then this is a prerequisite as a lost ticket can easily fall in to the wrong hands. I can understand that it would be quite easy to get carried away…Do you think that houses and cars are people’s first options? I do…
I would want to remain anonymous..Once people know you’re suddenly wealthy, you’ll be badgered by requests for handouts from everyone from charities to long-lost friends and relatives–not to mention all the financial “experts” who will be vying for your business. After reading a few articles on the www it appears that this the normal rule of thumb.
The trend of winners state that for the first six months after you win the lottery, don’t do anything drastic, like quitting your job, buying a home in the Caribbean, or splashing out for a Ferrari. Meanwhile, set aside a fixed amount for splurges—it’s only natural to want to celebrate your windfall so why not.
Save the big purchases for later. For example, you could rent a house in the area where you were thinking of moving, before you make any commitments. This would give you fallback. If you need a new car, then could you possibly buy a normal model for now? No, I couldnt….but it would be best to….I don’t have a drive way so It’s quite difficult to imagine something in red that begins with F sat by the kerb outside our house. But, having said that I suppose you would have the ability to check in to a nice hotel and have your new purchases delivered there. I am sure the dealership wouldnt mind.
So what would you buy and what could you actually afford? Well, here goes….
A Boeing Business Jet would cost you $80 million US Dollars….(or £52.4m GB Pounds) … now that’s a slightly more than the average UK jackpot winners total. Compare this to the price of a used Helicopter and you are a looking at a more reasonable $3,550,500.00. And of course you have got storage fees, landing fees etc etc…. On the automobile front a new Ferrari F458 would set you back $257,000.00…a slight difference eh?
The advice given by previous winners suggests that as you’re not accustomed to having a lot of money, it may take some discipline to preserve your winnings and not go on a wild spending spree. One way to restrain yourself is to only spend income–not principal. Especially in today’s investment world, “It takes a lot of principal to generate income and once you start spending principal, the principal quickly dissipates. They recommends putting the money in safe, short-term investments and not even touching it for the first six months. Then ask your advisors is to put together an investment portfolio divided half-and-half between equities (such as stocks) and fixed income (like bonds). Don’t fall for investments that you don’t understand or that sound too good to be true.
On this note, I open my eyes and its time to get up……on the way to the bathroom I look out of the window and the Ferrari is nowhere to be seen…..the dreams are over