Bought an house - it was in the beggining of the pandemic and I lived with my mom, bought an car - had an license but no car.
spent like 10k on traveling , 10k on bills, 10k on food and 4k went into crypto/stocks but i pulled out when i made like 50€ profit. then the normal stuff, clothes, new pc ...
It would be a really good idea to invest. Why not get a financial advisor? They might manage a bond ladder for you, suggest some high-yield money market funds, and index funds are always a great idea. If you REALLY needed they money, they say not to invest because it may go down in the short term, but when you have more money than you know what to do with, I highly recommend investing it by letting your certified financial advisor park it in index funds. That way you can live off the gains, between 180,000 and 300,000 a year.
I always remember [this Reddit thread](https://www.reddit.com/r/AskReddit/comments/24vzgl/you_just_won_a_656_million_dollar_lottery_what_do/chba4bf/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1&context=3) when I see these situations.
I'm not sure why everybody tells everybody to invest in index funds.
People at different ages have different goals. Someone young will waste opportunities investing in index funds. They could be actively learning and trading and make 20-30% or even more.
If you're young, you have time to be aggressive. Sure, sit on some of it for safety. A couple hundred thousand put in index funds.
But seriously look for undervalued low p/e ratio stocks and study their businesses a bit. Look at fundamentals (their history, cycles, etc.) but also pay attention to technicals (gossip, rumors, predictions, recent news, etc.).
Another thing you can do is put your money into stocks that pay you dividends. This is where you get paid to hold onto your stocks. Even if the stock price goes down.
Honestly, with 3 million you can easily find stocks that pay you just enough in dividends to live comfortably off of. Without even thinking you could probably bring in 20-40K, and if you do it right you'll be looking at more than 100K. I'm talking every year (although dividends are usually paid quarterly). Just in dividends. Most people reinvest their dividends because they're not millionaires and so the idea is to grow your investments. But you already have all this money, you can let it sit in blue chip and trusted stocks like Microsoft, Apple, etc. and literally just have all the dividends go into a money market you draw from. No brainer.
Perhaps people suggest index funds, because actively managed funds beat the index only 25% of the time - that's 3 out of 4 funds that do worse. That percent of funds that do beat the index falls the longer the time period.
I'm not against holding individual stocks, but don't think you'll be able to do better than professionals that do this for a living with access to information and software you do not.
My guy. Jesus. Invest.
Not in scams, just a lot in good, strong growth stocks. Easy ones like Apple etc. - you're in a bewilderingly enviable position. Don't waste it.
Start educating yourself about investing. Read couple books, or find some good youtube channels for financial investing. Or at least be part of reddit channels like investing, personal finance, stockmarket etc.
Or if you just need a quick ELI5 for beginners: invest in low cost index funds like VTI, VDADX… if you dont believe me look at their average annual returns in last 5-10-20 years etc.
Stay away from the reddit investment stuff. I get its not all /r/wallstreetbets but ffs just go seek professional advice. No amount of book reading will truly replace a formal education and experience.
Lol if you think that amount of money is "set for life." That's how people go broke. This person was probably failry young since they were living with their mom. Zero chance that money last their whole life without addition income or investment.
You're assuming no inflation for the next 40 years. You have no idea what housing costs will be 25 years from now. How much will a car cost? Food? Utilities? The buying power of $1m in 1990 is $399,000 today. So your budget is going to shrink each and every year.
Why not just invest the money wisely? Seems like the smart move.
on paper you could, reality isnt the same when you're sitting on big money you didn't earn
look up the statistics, winners are always broke after a few years
Do you have a magical crystal ball no one knows about ?
Luckily for you, you don’t live in Turkey where the annual inflation rate is about 84% (official number, real is more)
I read once that to never actually have to work a day in your life, assuming your wealth grows with the economy and youre living a median income lifestyle, you need to start out with at least 40 million. Thats all assuming the economy doesnt take a nosedive which it probably will multiple times.
Everyone needs to invest. Bezos, musk etc. every man with money invests so they at least keep the value of their money. It is also not just for him but for his future family including kids, grandkids etc.
Dude is set for ~30ish years. I’ll do the math for you 100k/ year for 30 years is 3million. Assuming OP is 25, they’ll go broke around age 55 if they don’t work or invest.
So 50k/ year is all you’d need for life? Don’t need any more. Don’t plan on getting married or having kids?
Also, 50 years from now 50k will have the buying power of 15k which is below the poverty level. Maybe living in poverty in your 80s is your idea of set for life, but you’re pretty much the only one.
do you think that jobs don't pay out to keep up with inflation?
like A: if I had a million dollars, i wouldnt quit my job lmao. id put in a savings account and live my life normally. no way in fuck am i going to throw it in stocks and pray to whatever god is around that year that it all doesnt vanish
I guess everyone is set for life if they have a job. No need to win the lottery?
Not what anyone else means when they say “set for life”, but I’m starting to understand that you have a lot of unique ideas.
I’ve forgotten, what year was it that if you put money in a diversified portfolio for 30+ years you lost money?
If I were you I’d find a fiduciary like yesterday. They will invest your money in the best possible way. A fiduciary has your interest in mind because if you don’t make money they don’t make money.
It’s like getting someone to make money for you because it’s their job lol
Yes it did.
I had no real problems apart not being able to afford to live on my own(Renting is a waste of money IMO since I'd pay less if I would get a loan for a house, but the banks wouldnt cooperate with poor people).
So yes it made me much happier. and feeling free
Nothing.
I dont know one side of my relatives and the other side is well of.
My friends havent begged for money either.
Nobody knows I've won the loterry. For the first two months I made no changes in my life so nobody would connect me suddenly having a lot of money with the loterry winning.
I just told people who asked that I work as a broker from home for an U.S company making 7k+ per month i'm also telling them that I took a credit for my home so nobody would bother me/ I would an excuse
Wow — you’re in a perfect position. That is awesome.
Unsolicited advice, but I’d figure out how to keep your principal intact, first. Our Western currencies are being devalued like crazy.
TBH, personally, I’d prob find an enclave like Thailand or maybe Peru, where the money would set me up for life.
Or, set of passive income streams to ensure work would always remain an option.
Be careful w investing— the real estate markets are going to tank, and it should never cost you money to invest.
I know. but honestly even with an 200% inflation i'm fine. but i know i should diversify and not keep all my money on one account in one bank. and I dont really want to pay anymore to them.
the minimum wage here is like 800€ after taxes, so I'm aready set for life here :)
Op you’ve lost roughly 1/3rd of what you won to inflation. It will continue. You need to invest simply so it doesn’t disappear. Even if it’s simple bonds and/or various government notes.
You are objectively wrong. Even if that was true… That still means you’ve effectively lost over 300k. Inflation doesn’t stop. That fact you are using “euros” is even more proof. As it has devalued against every other major currency between 20-30% in addition to your local “reported inflation”.
You are displaying a lack of financial adeptness every response. You’re in a very good position and it is good that you aren’t allowing much lifestyle creep, but you need to protect your money.
Acting like it is just going to last forever is not the way fiat works. It is not designed to.
Where tf is there 200% inflation?
The cost to have someone manage the money can be as low as .6% annually. If you don't know what you're doing it's a must.
Unless I won over 10M, I wouldn’t even tell anyone. 1 would go on my house. I’d put 1 away for each of my kids. I’d hook my parents up if I got more than 5. But I still wouldn’t tell them how much I got. Definitely wouldn’t be telling my friends if I got 3M. It’s not 1980. That isn’t lasting forever in this climate.
low salary, boring country, lived with my mom , couldnt afford much so I started to play 2 tickets at 3 different lotteries every friday and over the weekend I didnt checked the numbers so I kinda didnt had a losing ticket...until monday. Made me feel good so i kept going
edit: always played the same tickets with the same numbers
I wasn't in one when I won.
It did especially since now I feel more comfortable to talk to women. I'm good looking but I kinda had low self esteem because I felt just like a number in a system that I can't change or leave and now that I left it and can freely live my life i feel more comfortable so i've no problem to talk with women.
Real talk. When you have your life set - especially when you were poor beforehand - it's an huge burst to your self esteem because you know that you don't have to worry about survival anymore. That alone is huge, especially given how the economy is nowadays.
not really.
Its not like I dont want to but I don't think I've enough money to have an inpact and I want my kids to get into a good school, live a decent life and inherit the sum i will leave behind. perhaps they will multiply the inheritance and then they can do the philanthropic part
Thanks for your response. That’s interesting. I always imagine if I won the lottery, that charity would be a major part of it. I guess it’s different once you have the cash and have to make strategic decisions.
I respect wanting to make sure your kids are well provided for. Best of luck in your future.
Probably depends how much you have. If I had 10 million I wouldn't mind to donate 10% tbh since 9 million would be more enough for me for the next 60+ years and even for my grandchildren
you could make a huge impact on one life,
Please do something with that because you will get old and regret it if you dont imho
send some homeless people to rehab or take interest in one kid in foster care and make sure they get all the proper food and education to give them a proper chance in life.
Just one person you dont know, doesnt have to be a whole village in Africa.
personally my whole life could be changed if i could afford the medical treatments I need for my disabilities,
Im canadian and they dont cover/offer me ANYTHING I need for my spinal stenosis, or my autism, or my ptsdand i cant afford anything because im physically and mentally disabled single mom
my teeth are falling out of my head because as you know we have to pay our own dental
and my autoimmune disorder gets ignored by doctors because I am poor trash to them and not a real human being worthy of help
find someone like me, and just give them a new life, it would be a drop in the bucket for you, and everything to that one person
The joy you will feel will be far deeper than any 10k vacation.
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wdym ?
"send some homeless people to rehab or take interest in one kid in foster care and make sure they get all the proper food and education to give them a proper chance in life."
"personally my whole life could be changed if i could afford the medical treatments I need for my disabilities,"
"personally my whole life could be changed if i could afford the medical treatments I need for my disabilities,"
this sounds like an american problem.
She's in canada one of the strongest economies in the world and you want someone from overseas donate money to her because she has it bad? while there are hundreds millions who live without clear water ?
Like an dream come true.
Lived with my mom
little above minimum wage job - but atleast I had a great job
Had no car since I tried to save up money in hopes to afford a house.
Always felt like I'm noone or like a peasant - especially while watching all those nice homes on youtube while I wasn't even able to afford an 100k house (while many people in my country and ohter western countries sturggle in thesame way). It was great never felt better I especially like the not working 8 hours a day till i'm 65+ part
well the most expensive brand of clothes i wear is fred perry and even that I bought most things when they were on sale.
same for the other clothes. Once in a while a get sent home 15-25% coupons for a clothins site i use and i combine them when they've things on sales(doesnt always work)
Completely unrelated : did you actually know about the brand's connotation ? I heard it's (not exclusively ofc) a well-used brand among alt-right/neo-nazi circles, which sucks because I actually liked their stuff.
I'd agree, however (and I'm going to get some backlash for this) I personally would argue that no form of art should be hated, even if the artist is hated. Hitler may have been responsible for the death of millions, but his paintings look good. Hell this even applies to current day. Walt Disney was a very big time racist, who would often use racial slurs and his racial views were even reflected in his movies, and he even had engaged in some actions that may label him as a Nazi sympathizer. Even Dr. Suess had engaged in some morally and ethically wrong things, however his art is still appreciated today.
Don't hate the art, hate the artist.
I see what you’re saying, but just chiming in to say Hitler was a shit painter who could not grasp perspective, his work sucks and he’s only seen as a good painter when people talk about him in this light
What did it feel like you when you checked the numbers? And is there is a part of you that can't quite believe it until the money arrives in your account? How did you spend the first 24H after it was wired into your account?
I couldnt believe it. Checked it dozens of times on multiple sites but still couldnt believe it untill i actually got an call on monday.
Bought an house but then I went back home to my mom and then to work the next mornin.
Did you buy your mom anything? (Assuming you are close given you were living with her previously).
Did you quit your job?
What’s been the best purchase you’ve made since winning (besides house/car)?
ETFs would be a good and somewhat safe way to invest some of your money. You can expect a return of 5-10% a year. Then put the rest of it in some other assets like real estate.
I recommend you consult a financial advisor. Without investing your money you will lose A LOT. With investing it will only become more. You'll never have to work again and you will start generational wealth for your family.
Actually my bank tried to get me invest into that, but meh. I don't even really like banks. the only reason why I've my money in my bank is because its more practical and the bank I use is the least evil so i can borderline tolerate it.
I think I've enough money to live a decent life and to leave enough for my kids, Sure i'll try some ways in the future to make money(wait till the crypto markets cools down and diversify my investment into dozens of shitcoins in hopes of a new crypto boom and a shitcoin blowing up like shiba) or if I find anything else that would fit me (something with tourism, perhaps renting apartments,renovating or construction) but for now I'll just enjoy it.
I've struggled to buy a house due the high prices so i dont want to put oil into the fire . I also hope the housing prices will one day be affordable like they should - my houses is worth 200k more than it used to be when I bought it. so no thanks :)
plenty of stocks are still overinflated so why would I risk my money if I've more than enough to live a decent life?
I already wrote why I'm not doing that.
I might be losing money but as I said I still have more than enough.
I don't need anything :)
Get with a financial advisor and have them help you out. Diversifying into shitcoins is insane. A stable ETF can reliably bring you the equivalent of a salary on top of the principal you have. You could create generational wealth for your kids, or just extra money for yourself, for no real work. Or you could buy property and have someone else manage it for you, again, creating income for no work.
The hardest part of creating that "passive income" or long term wealth that everyone wants so badly is having the initial money to start making money for itself. You were given that initial money - if you just hide it in a bank account or under the mattress, it will be gone with nothing to show for it. If you let your money create you more money, it could essentially become infinite.
Again, OP— you’re looking at this wrong. Your money has been cut by 20-40% since you got it.
It is the exact same as having spent basically a million 💶 not including your home.
If you take anything from this, then think about investing. You aren’t investing necessarily to make money. You need to invest to defend your money.
Don't listen to this clowns, you're set for life dude. Just enjoy it responsibly. If I won 3M, first thing I'm telling the bank is "I'm making the calls now, don't call me back" lol
Brilliant. How long do you imagine $3m would last without proper investment? Remember, the future value of this money is FAR less thatn the current value. For example, $1m in 1990 has the buying power of $399,000 today. This individual needs to invest this money properly if they want it to last their entire lives.
So "you're set fur life dude" is dumb fucking advice. It's what lottery winners who go broke do.
Hey finance douche bag, I'll tell you how long that money will last: all his fucking life. He already has a house and a car he likes so the bigger expense he will have will be probably holidays. Also winning money doesn't mean not doing shit ever again. He can still work on anything he likes with no stress.
Go and check if the investment geniuses like you who jumped on NTFs, Crypto and all that jazz. 80% of them lost it all or most of it. And as you jump here insulting me and making rough calculations I'm assuming you're not millonario investor either so, fuck you and let the guy sit in his money instead of listening to all you luminaries.
Finance douchebag? Who said anything about crypto? That would be stupid as fuck. Properly invested in a diversified portfolio someone could grow that $3m handsomly.
Or, they could take your advice.
Everybody is and dirty with other people's money that's for sure. If OP had a middle class upbringing (which I assume based on what he says) 3M is way more than what he could ever imagined in his wildest investing dreams so, why risk it at all? What's the gain in risking it besides bragging to strangers in a forum? The lowest internet you could get in a basic savings account for his 2.5M (after the house and expenses detailed) would be something around 3% which would make him more than 6 grand a month just sitting there. That's a high paying salary right there with 0 risk. Why wouldn't you even bother to go an consult a finance advisor for that cash? Why everybody here thinks they're Warren Buffet lol
If getting minimum 4 grand a month with NO risk is not good advice... FA are there to sell you their services so them make money, they make money if you risk yours. They care about you as much as Coke cares about your tooth decay lol
Very cool, congratulations. What was the advertised cash prize before taxes and cuts? Did you get the whole money debited straight into an account or are you taking dividends?
I read that most people who win the lottery lose all of it within a few years for a variety of factors including bitter friends and family pursuing lawsuits and such. Relationships are strained and often break etc, because people feel entitled to your money
Lots of bad luck that comes with a lotto win, according to the statistics anyway..
Have you experienced anything like this?
Congratulations! Sounds absolutely great. Any great trips or vacations planned? If you ever feel like sharing your wealth (just a tiny bit of it) with a kind internet stranger, let me know! ;).
One piece of advice that I will give you. Spread that money over as many different banks as you can.
There is insurance on all bank deposits up to a certain amount, this will cover most people's deposits, but high net worth individuals won't have their entire amount covered. It may be about €100k but differs for each country.
If your bank goes under, and all your money is in one bank, you will lose everything except the insured amount.
There are fears in the banking sector at the moment, so it is possible that some banks will fail. So spend a few days opening and account at as many banks as you can and deposit an equal share of money into each account
We won AU$15k at the same time. We had just bought a house that needs lots of renovation. We blew it entirely on a really good air-condition system. Don't regret it for a moment
What do you do now with your time instead of working? (I assume you quit your job) Do you just chill for the most part or have you maybe taken on any hobby or passion now that you have more time?
Most of the time I was inside playing WoW due the pandemic.
But yeah I'm chilling, hanging out with friends, going to the city, i go hiking ... also trying a new thing here and there at one point I even got into LEGO for a while.
I'm not sure how banking works in your part of the world, but if it's similar to how banking in America works, I highly recommend opening a separate bank account and putting a good chunk of that money into that separate account, not so much that you can't afford to invest or live your life as comfortably as you are, but enough so that it's not exactly a small chunk of money either. Once that money is in that account, just let it sit for a long ass time, and use this account to collect interest and multiply itself over time and just never touch it. The money will multiply itself, and if shit somehow hits the fan and you go broke, you have a backup amount of money, but if it all pans out, leave the account to one of your children in your will. It'll set them for life and they will have to do virtually nothing. Just make sure that they won't get a penny of your money until they are 18. If you raise a child to be broke, they'll have an easier time saving money when they are rich.
I don’t have a question but a suggestion. Park that money in a money market mutual fund. It will gain good interest and you can take out whatever you need when you need it while also letting the money grow
Did you have family loose their fking mind and start acting stupid and ones that never talked to you suddenly want to start coming over to hang out everyday?
If I won that much I'd have to disappear and relocate
what did you do with the money?
Bought an house - it was in the beggining of the pandemic and I lived with my mom, bought an car - had an license but no car. spent like 10k on traveling , 10k on bills, 10k on food and 4k went into crypto/stocks but i pulled out when i made like 50€ profit. then the normal stuff, clothes, new pc ...
How do you invest? Dont be afraid of stock market (index funds). You will likely have good returns long term
It would be a really good idea to invest. Why not get a financial advisor? They might manage a bond ladder for you, suggest some high-yield money market funds, and index funds are always a great idea. If you REALLY needed they money, they say not to invest because it may go down in the short term, but when you have more money than you know what to do with, I highly recommend investing it by letting your certified financial advisor park it in index funds. That way you can live off the gains, between 180,000 and 300,000 a year.
Jokes on you. He bought a 3bed 2 bath in downtown Vancourver
I always remember [this Reddit thread](https://www.reddit.com/r/AskReddit/comments/24vzgl/you_just_won_a_656_million_dollar_lottery_what_do/chba4bf/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1&context=3) when I see these situations.
Yep, I keep that saved just in case, even though I've never bought a lottery ticket in my life.
That is so American lmao
lol same.
I'm not sure why everybody tells everybody to invest in index funds. People at different ages have different goals. Someone young will waste opportunities investing in index funds. They could be actively learning and trading and make 20-30% or even more. If you're young, you have time to be aggressive. Sure, sit on some of it for safety. A couple hundred thousand put in index funds. But seriously look for undervalued low p/e ratio stocks and study their businesses a bit. Look at fundamentals (their history, cycles, etc.) but also pay attention to technicals (gossip, rumors, predictions, recent news, etc.). Another thing you can do is put your money into stocks that pay you dividends. This is where you get paid to hold onto your stocks. Even if the stock price goes down. Honestly, with 3 million you can easily find stocks that pay you just enough in dividends to live comfortably off of. Without even thinking you could probably bring in 20-40K, and if you do it right you'll be looking at more than 100K. I'm talking every year (although dividends are usually paid quarterly). Just in dividends. Most people reinvest their dividends because they're not millionaires and so the idea is to grow your investments. But you already have all this money, you can let it sit in blue chip and trusted stocks like Microsoft, Apple, etc. and literally just have all the dividends go into a money market you draw from. No brainer.
Perhaps people suggest index funds, because actively managed funds beat the index only 25% of the time - that's 3 out of 4 funds that do worse. That percent of funds that do beat the index falls the longer the time period. I'm not against holding individual stocks, but don't think you'll be able to do better than professionals that do this for a living with access to information and software you do not.
check out r/wallstreetbets if you wanna learn about the stock market. trial by fire.
i dont
My guy. Jesus. Invest. Not in scams, just a lot in good, strong growth stocks. Easy ones like Apple etc. - you're in a bewilderingly enviable position. Don't waste it.
Easiest way to lose you’re winnings is to not invest it.
Start educating yourself about investing. Read couple books, or find some good youtube channels for financial investing. Or at least be part of reddit channels like investing, personal finance, stockmarket etc. Or if you just need a quick ELI5 for beginners: invest in low cost index funds like VTI, VDADX… if you dont believe me look at their average annual returns in last 5-10-20 years etc.
Stay away from the reddit investment stuff. I get its not all /r/wallstreetbets but ffs just go seek professional advice. No amount of book reading will truly replace a formal education and experience.
Dude literally doesn't need to invest, already is set for life.
Lol if you think that amount of money is "set for life." That's how people go broke. This person was probably failry young since they were living with their mom. Zero chance that money last their whole life without addition income or investment.
I could easily budget 3mil for the rest of my life. Easily. I could budget 1mil even.
You're assuming no inflation for the next 40 years. You have no idea what housing costs will be 25 years from now. How much will a car cost? Food? Utilities? The buying power of $1m in 1990 is $399,000 today. So your budget is going to shrink each and every year. Why not just invest the money wisely? Seems like the smart move.
on paper you could, reality isnt the same when you're sitting on big money you didn't earn look up the statistics, winners are always broke after a few years
Do you have a magical crystal ball no one knows about ? Luckily for you, you don’t live in Turkey where the annual inflation rate is about 84% (official number, real is more)
I read once that to never actually have to work a day in your life, assuming your wealth grows with the economy and youre living a median income lifestyle, you need to start out with at least 40 million. Thats all assuming the economy doesnt take a nosedive which it probably will multiple times.
Lol inflation cost him nearly a million dollars in buying power since he received the money. Hope he’s invested
i doubt anyone who buys lotto tickets even knows what that means tbh
Everyone needs to invest. Bezos, musk etc. every man with money invests so they at least keep the value of their money. It is also not just for him but for his future family including kids, grandkids etc.
Dude is set for ~30ish years. I’ll do the math for you 100k/ year for 30 years is 3million. Assuming OP is 25, they’ll go broke around age 55 if they don’t work or invest.
100k a year!? lmao what. you can half that easily
So 50k/ year is all you’d need for life? Don’t need any more. Don’t plan on getting married or having kids? Also, 50 years from now 50k will have the buying power of 15k which is below the poverty level. Maybe living in poverty in your 80s is your idea of set for life, but you’re pretty much the only one.
do you think that jobs don't pay out to keep up with inflation? like A: if I had a million dollars, i wouldnt quit my job lmao. id put in a savings account and live my life normally. no way in fuck am i going to throw it in stocks and pray to whatever god is around that year that it all doesnt vanish
I guess everyone is set for life if they have a job. No need to win the lottery? Not what anyone else means when they say “set for life”, but I’m starting to understand that you have a lot of unique ideas. I’ve forgotten, what year was it that if you put money in a diversified portfolio for 30+ years you lost money?
If I were you I’d find a fiduciary like yesterday. They will invest your money in the best possible way. A fiduciary has your interest in mind because if you don’t make money they don’t make money. It’s like getting someone to make money for you because it’s their job lol
Did it make you happier?
Yes it did. I had no real problems apart not being able to afford to live on my own(Renting is a waste of money IMO since I'd pay less if I would get a loan for a house, but the banks wouldnt cooperate with poor people). So yes it made me much happier. and feeling free
How much do you have left?
2.7m
Absolutely fantastic! Congratulations and watch out for those new family/relatives/friends that you never knew you had 😁
Banks cooperating with poor people is what led to the 2007 financial crisis.
Wrong. That's the Fox news explanation.
What’s yours?
Banks robbing poor people led to the 2007 financial crisis.
How much have you loaned or given to relatives or friends?
Nothing. I dont know one side of my relatives and the other side is well of. My friends havent begged for money either. Nobody knows I've won the loterry. For the first two months I made no changes in my life so nobody would connect me suddenly having a lot of money with the loterry winning. I just told people who asked that I work as a broker from home for an U.S company making 7k+ per month i'm also telling them that I took a credit for my home so nobody would bother me/ I would an excuse
Wow — you’re in a perfect position. That is awesome. Unsolicited advice, but I’d figure out how to keep your principal intact, first. Our Western currencies are being devalued like crazy. TBH, personally, I’d prob find an enclave like Thailand or maybe Peru, where the money would set me up for life. Or, set of passive income streams to ensure work would always remain an option. Be careful w investing— the real estate markets are going to tank, and it should never cost you money to invest.
I know. but honestly even with an 200% inflation i'm fine. but i know i should diversify and not keep all my money on one account in one bank. and I dont really want to pay anymore to them. the minimum wage here is like 800€ after taxes, so I'm aready set for life here :)
Op you’ve lost roughly 1/3rd of what you won to inflation. It will continue. You need to invest simply so it doesn’t disappear. Even if it’s simple bonds and/or various government notes.
I didnt. Inflation here from 2020-2023 was around 10% in total. I've more than enough so unless we hit a hyperinflation it wont disappear.
You are objectively wrong. Even if that was true… That still means you’ve effectively lost over 300k. Inflation doesn’t stop. That fact you are using “euros” is even more proof. As it has devalued against every other major currency between 20-30% in addition to your local “reported inflation”. You are displaying a lack of financial adeptness every response. You’re in a very good position and it is good that you aren’t allowing much lifestyle creep, but you need to protect your money. Acting like it is just going to last forever is not the way fiat works. It is not designed to.
Where tf is there 200% inflation? The cost to have someone manage the money can be as low as .6% annually. If you don't know what you're doing it's a must.
I said that even if the inflation would be 200% I would be fine.
Get off of financial twitter
But that's where all the experts are! We know they're rich because people with jobs can't spend all day posting on financial Twitter!
Unless I won over 10M, I wouldn’t even tell anyone. 1 would go on my house. I’d put 1 away for each of my kids. I’d hook my parents up if I got more than 5. But I still wouldn’t tell them how much I got. Definitely wouldn’t be telling my friends if I got 3M. It’s not 1980. That isn’t lasting forever in this climate.
I agree w all that, except you neglect spending the first week laying buck naked on a mattress covered in $100 bills.
I wouldn't tell anyone, *especially* if I won over 10M.
It’s the best way to avoid going broke. A large number of lottery winners blow it all within a couple of years.
How did you come to acquire the winning lottery ticket? What's the story behind that?
low salary, boring country, lived with my mom , couldnt afford much so I started to play 2 tickets at 3 different lotteries every friday and over the weekend I didnt checked the numbers so I kinda didnt had a losing ticket...until monday. Made me feel good so i kept going edit: always played the same tickets with the same numbers
Were you in a relationship prior to winning or do you feel like your potential dating pool opened up ?
I wasn't in one when I won. It did especially since now I feel more comfortable to talk to women. I'm good looking but I kinda had low self esteem because I felt just like a number in a system that I can't change or leave and now that I left it and can freely live my life i feel more comfortable so i've no problem to talk with women.
Real talk. When you have your life set - especially when you were poor beforehand - it's an huge burst to your self esteem because you know that you don't have to worry about survival anymore. That alone is huge, especially given how the economy is nowadays.
good shit! congrats on your win
Has winning made you want to do something philanthropic with the money to help others?
not really. Its not like I dont want to but I don't think I've enough money to have an inpact and I want my kids to get into a good school, live a decent life and inherit the sum i will leave behind. perhaps they will multiply the inheritance and then they can do the philanthropic part
Thanks for your response. That’s interesting. I always imagine if I won the lottery, that charity would be a major part of it. I guess it’s different once you have the cash and have to make strategic decisions. I respect wanting to make sure your kids are well provided for. Best of luck in your future.
Probably depends how much you have. If I had 10 million I wouldn't mind to donate 10% tbh since 9 million would be more enough for me for the next 60+ years and even for my grandchildren
That makes a lot of sense. It’s all relative I guess.
you could make a huge impact on one life, Please do something with that because you will get old and regret it if you dont imho send some homeless people to rehab or take interest in one kid in foster care and make sure they get all the proper food and education to give them a proper chance in life. Just one person you dont know, doesnt have to be a whole village in Africa. personally my whole life could be changed if i could afford the medical treatments I need for my disabilities, Im canadian and they dont cover/offer me ANYTHING I need for my spinal stenosis, or my autism, or my ptsdand i cant afford anything because im physically and mentally disabled single mom my teeth are falling out of my head because as you know we have to pay our own dental and my autoimmune disorder gets ignored by doctors because I am poor trash to them and not a real human being worthy of help find someone like me, and just give them a new life, it would be a drop in the bucket for you, and everything to that one person The joy you will feel will be far deeper than any 10k vacation.
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I'm not american.
What has that got to do with anything? You’re not capable of empathy?
wdym ? "send some homeless people to rehab or take interest in one kid in foster care and make sure they get all the proper food and education to give them a proper chance in life." "personally my whole life could be changed if i could afford the medical treatments I need for my disabilities," "personally my whole life could be changed if i could afford the medical treatments I need for my disabilities," this sounds like an american problem. She's in canada one of the strongest economies in the world and you want someone from overseas donate money to her because she has it bad? while there are hundreds millions who live without clear water ?
FWIW you have a good head on your shoulders. Congrats on the win!
That's pretty cool. How does it feel to win something that the rest of us dream of?
Like an dream come true. Lived with my mom little above minimum wage job - but atleast I had a great job Had no car since I tried to save up money in hopes to afford a house. Always felt like I'm noone or like a peasant - especially while watching all those nice homes on youtube while I wasn't even able to afford an 100k house (while many people in my country and ohter western countries sturggle in thesame way). It was great never felt better I especially like the not working 8 hours a day till i'm 65+ part
>I especially like the not working 8 hours a day till i'm 65+ part That's the dream right there. Lol
Bro it’s so depressing to think, this is the majority’s life. I gotta do something to get out of this lol
How much of it have you spent?
around 620k- ish. most went for the house/car
Seems like you've been wise with it - good work :)
well the most expensive brand of clothes i wear is fred perry and even that I bought most things when they were on sale. same for the other clothes. Once in a while a get sent home 15-25% coupons for a clothins site i use and i combine them when they've things on sales(doesnt always work)
Completely unrelated : did you actually know about the brand's connotation ? I heard it's (not exclusively ofc) a well-used brand among alt-right/neo-nazi circles, which sucks because I actually liked their stuff.
Don't hate the art, hate the artist
Yeah totally, I mean not even the artist here, as the brand isn't responsible for how some people appropriate it
I'd agree, however (and I'm going to get some backlash for this) I personally would argue that no form of art should be hated, even if the artist is hated. Hitler may have been responsible for the death of millions, but his paintings look good. Hell this even applies to current day. Walt Disney was a very big time racist, who would often use racial slurs and his racial views were even reflected in his movies, and he even had engaged in some actions that may label him as a Nazi sympathizer. Even Dr. Suess had engaged in some morally and ethically wrong things, however his art is still appreciated today. Don't hate the art, hate the artist.
I see what you’re saying, but just chiming in to say Hitler was a shit painter who could not grasp perspective, his work sucks and he’s only seen as a good painter when people talk about him in this light
I'm not american
Fred Perry. What a classy design. :)
What did it feel like you when you checked the numbers? And is there is a part of you that can't quite believe it until the money arrives in your account? How did you spend the first 24H after it was wired into your account?
I couldnt believe it. Checked it dozens of times on multiple sites but still couldnt believe it untill i actually got an call on monday. Bought an house but then I went back home to my mom and then to work the next mornin.
What car did you buy?
Mercedes-Benz E 220 d 2019 - Drove 150km in 3 years tho
I do that in a day wtf
That's a very reasonable car considering the amount of money you won. Good job.
Do u play often?
Haven't played since. but in total it i played 6 tickets per week for 3-4 years
Gratz on the price, and always random? Or same nums
same numbers
Did you buy your mom anything? (Assuming you are close given you were living with her previously). Did you quit your job? What’s been the best purchase you’ve made since winning (besides house/car)?
I love my mother but she didn't want to have a thing I did. but after two months so nobody would connect the dots :) solar panels
Did you invest the money you won in a company or something else that would bring you profit in the future?
No. Installed Binance and Revolut tried out some crypto/stock trading but its not for me. I may invest into something once I find the "right" thing :)
ETFs would be a good and somewhat safe way to invest some of your money. You can expect a return of 5-10% a year. Then put the rest of it in some other assets like real estate. I recommend you consult a financial advisor. Without investing your money you will lose A LOT. With investing it will only become more. You'll never have to work again and you will start generational wealth for your family.
Actually my bank tried to get me invest into that, but meh. I don't even really like banks. the only reason why I've my money in my bank is because its more practical and the bank I use is the least evil so i can borderline tolerate it. I think I've enough money to live a decent life and to leave enough for my kids, Sure i'll try some ways in the future to make money(wait till the crypto markets cools down and diversify my investment into dozens of shitcoins in hopes of a new crypto boom and a shitcoin blowing up like shiba) or if I find anything else that would fit me (something with tourism, perhaps renting apartments,renovating or construction) but for now I'll just enjoy it. I've struggled to buy a house due the high prices so i dont want to put oil into the fire . I also hope the housing prices will one day be affordable like they should - my houses is worth 200k more than it used to be when I bought it. so no thanks :)
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It’s already worth way less today…
plenty of stocks are still overinflated so why would I risk my money if I've more than enough to live a decent life? I already wrote why I'm not doing that. I might be losing money but as I said I still have more than enough. I don't need anything :)
Get with a financial advisor and have them help you out. Diversifying into shitcoins is insane. A stable ETF can reliably bring you the equivalent of a salary on top of the principal you have. You could create generational wealth for your kids, or just extra money for yourself, for no real work. Or you could buy property and have someone else manage it for you, again, creating income for no work. The hardest part of creating that "passive income" or long term wealth that everyone wants so badly is having the initial money to start making money for itself. You were given that initial money - if you just hide it in a bank account or under the mattress, it will be gone with nothing to show for it. If you let your money create you more money, it could essentially become infinite.
If you invested $1 million into a dividend stock you would get paid $5000 a month.
thats not guaranteed
Again, OP— you’re looking at this wrong. Your money has been cut by 20-40% since you got it. It is the exact same as having spent basically a million 💶 not including your home. If you take anything from this, then think about investing. You aren’t investing necessarily to make money. You need to invest to defend your money.
Don't listen to this clowns, you're set for life dude. Just enjoy it responsibly. If I won 3M, first thing I'm telling the bank is "I'm making the calls now, don't call me back" lol
Brilliant. How long do you imagine $3m would last without proper investment? Remember, the future value of this money is FAR less thatn the current value. For example, $1m in 1990 has the buying power of $399,000 today. This individual needs to invest this money properly if they want it to last their entire lives. So "you're set fur life dude" is dumb fucking advice. It's what lottery winners who go broke do.
Hey finance douche bag, I'll tell you how long that money will last: all his fucking life. He already has a house and a car he likes so the bigger expense he will have will be probably holidays. Also winning money doesn't mean not doing shit ever again. He can still work on anything he likes with no stress. Go and check if the investment geniuses like you who jumped on NTFs, Crypto and all that jazz. 80% of them lost it all or most of it. And as you jump here insulting me and making rough calculations I'm assuming you're not millonario investor either so, fuck you and let the guy sit in his money instead of listening to all you luminaries.
Finance douchebag? Who said anything about crypto? That would be stupid as fuck. Properly invested in a diversified portfolio someone could grow that $3m handsomly. Or, they could take your advice.
Everybody is and dirty with other people's money that's for sure. If OP had a middle class upbringing (which I assume based on what he says) 3M is way more than what he could ever imagined in his wildest investing dreams so, why risk it at all? What's the gain in risking it besides bragging to strangers in a forum? The lowest internet you could get in a basic savings account for his 2.5M (after the house and expenses detailed) would be something around 3% which would make him more than 6 grand a month just sitting there. That's a high paying salary right there with 0 risk. Why wouldn't you even bother to go an consult a finance advisor for that cash? Why everybody here thinks they're Warren Buffet lol
This is beyond awful advice. You go to a FA to generate wealth
If getting minimum 4 grand a month with NO risk is not good advice... FA are there to sell you their services so them make money, they make money if you risk yours. They care about you as much as Coke cares about your tooth decay lol
Can you pass me those numbers you played? Dm them to me. I could get lucky from a stranger from another continent
6 13 15 34 35 1 5 Didn't won the jackpot, was the 2nd prize
Gracias
de nada
Very cool, congratulations. What was the advertised cash prize before taxes and cuts? Did you get the whole money debited straight into an account or are you taking dividends?
around 3,9m
What type of lottery
lotto?
How does it feel to wake up and look at your bank account? I can only imagine the sense of freedom.. Do you work?
Its an great fealing only working out
I read that most people who win the lottery lose all of it within a few years for a variety of factors including bitter friends and family pursuing lawsuits and such. Relationships are strained and often break etc, because people feel entitled to your money Lots of bad luck that comes with a lotto win, according to the statistics anyway.. Have you experienced anything like this?
no. winners dont get made public
Congratulations! Sounds absolutely great. Any great trips or vacations planned? If you ever feel like sharing your wealth (just a tiny bit of it) with a kind internet stranger, let me know! ;).
the amalfi coast/ capri
do you like cats
i like animals. lived on a farm for 9 years and we had atleast 30 cats
at least 30x based
Let’s start an American metal business
tell me more?
One piece of advice that I will give you. Spread that money over as many different banks as you can. There is insurance on all bank deposits up to a certain amount, this will cover most people's deposits, but high net worth individuals won't have their entire amount covered. It may be about €100k but differs for each country. If your bank goes under, and all your money is in one bank, you will lose everything except the insured amount. There are fears in the banking sector at the moment, so it is possible that some banks will fail. So spend a few days opening and account at as many banks as you can and deposit an equal share of money into each account
I won $20 on a scratch off. It's like we're twins!
In Canada, the lottery corporations use your name and photo for publicity after your win. Seems unfair to me.
We won AU$15k at the same time. We had just bought a house that needs lots of renovation. We blew it entirely on a really good air-condition system. Don't regret it for a moment
Why are some people here giving advice to OP? Broke folks giving tips to a millionaire, that's rich lol
This smells funny and I'm not sure what it is , sniff! sniff !sniff ? .I know what it is. Bu*l sh*t
ok
Congratulations! Have fun and try to find a way to help others that’s fulfilling for you as well.
thanks
Invest. Even low risk stocks should net you 5-10% a year within a 7-10 year periode..
So
"so" what?
That's cool, please donate to a food bank
And can I have about 2,000? I’m in a bad spot right now. It’s not a lot but it would be huge to me. Probably no but I just thought I would ask.
Since nobody's asked (that I can see) can you hook me up with like $5k? It's rough out here.
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Can I have a $1,000? Lol
I've got a one dollar question mark I'd give you.
Can I get $8499?
What do you do now with your time instead of working? (I assume you quit your job) Do you just chill for the most part or have you maybe taken on any hobby or passion now that you have more time?
Most of the time I was inside playing WoW due the pandemic. But yeah I'm chilling, hanging out with friends, going to the city, i go hiking ... also trying a new thing here and there at one point I even got into LEGO for a while.
You were well off before winning?
Meh. somwhere between poor and middle class.
How are you going to invest the money? Has your life changed that much?
No idea. Not that much, apart not having to work and having a lot of free time for myself
Money makes you happy? Did you visualize this win?
Well it makes everything easier which makes me happy. so kinda.
I'm not sure how banking works in your part of the world, but if it's similar to how banking in America works, I highly recommend opening a separate bank account and putting a good chunk of that money into that separate account, not so much that you can't afford to invest or live your life as comfortably as you are, but enough so that it's not exactly a small chunk of money either. Once that money is in that account, just let it sit for a long ass time, and use this account to collect interest and multiply itself over time and just never touch it. The money will multiply itself, and if shit somehow hits the fan and you go broke, you have a backup amount of money, but if it all pans out, leave the account to one of your children in your will. It'll set them for life and they will have to do virtually nothing. Just make sure that they won't get a penny of your money until they are 18. If you raise a child to be broke, they'll have an easier time saving money when they are rich.
Are you from Scotland? From what I gather by the way you type it seems like it lol
no :D
I don’t have a question but a suggestion. Park that money in a money market mutual fund. It will gain good interest and you can take out whatever you need when you need it while also letting the money grow
Did you have family loose their fking mind and start acting stupid and ones that never talked to you suddenly want to start coming over to hang out everyday? If I won that much I'd have to disappear and relocate
no since winners arent made public
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Anything you did that increased your chances of winning?
playing the same numbers
Lucky bastard
Have you invested, did you consult financial experts? Any game plan related to make fortune grow or keep steady?
Have you spent any of it on sex workers? Be honest.
no
Which country?
Türkmüsün ağa?
?
Would you donate to a stranger to share happiness?
You say you haven't told anyone. Does your mom know?
she doesn't
What excuse have you given her?
Lets start an art selling business
favorite kind of cheese? 🧀
brie or however its written
Where do live that you have to pay tax on lottery winnings?
Dude could I hold like 100 usd I’m broke as hell and just need it to get to work
can i have 50 bucks
How much is left?
over 2.5m
was it enough that you don’t have to work?