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£2.4 million UK lottery winner opens up 17 years after win

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The second sentence of the second paragraph summed everything up.   And a gift from his Mum.   

He definitely has a good head on his shoulders and very family oriented.  By staying anonymous and good investing he avoided some serious pitfalls.

 

Sister is lucky, pardon the pun, to have a Brother like him.

Speler's avatar - me

2.4*1.17=2.808 million euros.

How long can you live of it? Can you make some of it resist the inflation?

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Great job by this guy. Critical thinking at such a young age. It's really good that the National Lottery connected him with prior winners for support, but since he is in Great Brittan, that is the home of "The Lotto Lout" Michael Carroll. No lottery winner on earth should ever take advice from Michael.....lol. Love this story Kate.

TypeDrumIdea 

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I'm happy for this man. I'm sure there are others like him out there.

He enjoyed himself traveling and now leads a quiet life.

Best way to go.

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In response to Speler

An inflation adjusted  that 2004 to 2021 is 157% increase.. 2.4million = ~3.77 million.. But that doesn't really tell the story.

Back in 2004 the median wage was about 28k pounds.. making the win more than 86 years' wages (remember, that 28k is before tax while the 2.4 million is tax free...)

 

So, if you don't waste it (and he bought a house and invested money).. then the money can last..

and if he wants, he can get a day job...

 

If he invested over half the money 17 years ago, it (and the house he bought) will be worth a lot more now.. You can live quite well on teh median wage if you own a freehold home :)

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If I were him, I would just buy an island and isolate from people.

Speler's avatar - me
In response to kao1632

2.4 million would be 3.77 million today then. - Yes, if he could make it that amount, so his money is 1.53 million today. If he did bad investments he can have lost up to all of his money. - On his house, he has to pay taxes every year. If there were errors in the construction, then he has to pay repairs. In a worst case, a building is torn down. If he has a million giving 10% net interests or net dividends then he has of that 100000 pounds a year of that money. Roughly, 2400000/12month/80years=2500 per month, indexing if the money grows. - If he was lucky, ground and construction in that area did not cost to much. ...

hearsetrax's avatar - alien on_computer.jpg
In response to Aidan08

to each his/her own ..... 

and I'm happy and have no doubt Hes much satisfied with his life now and hopefully his future will be equally rich

GiveFive's avatar - Lottery-026.jpg

Everybody thinks life becomes a breeze when you win/inherit a lot of money, but the reality is that it doesn't.  Having a great deal of money means you have to work hard at preserving it.  If you dont know how to do that, (most people who have never had a lot of money have no knowledge of what to do so as to able to keep it) it's very likely it wont last. 

So the best thing anybody can do, if they dont know how to preserve their wealth, is to hire a team of professionals to manage it for you.  I cant tell from reading the article if the man did that or not, but he may have. 

Ask yourself this question; Do I know how manage a large sum of money?  Many think they do, but they dont, and there is no guarantee of keeping it even if you do hire professionals.  Have you ever actually managed a big pool of money?  If so, then you understand that it's very easy for a big chunk of money to evaporate in a single day. And that's probably because you witnessed a day when it actually happened. My point is amateurs dont stand much of a chance of preserving wealth, and professionals can make big mistakes too. I once attended a presentation by a professional money manager who told the audience that she had lost in one day's time 12 million dollars of a clients money.

I wonder what the client said to her when she told him she had lost it?  It probably was something like "How are you going to get it back, and when will it be in my account?" but with a lot more profanity than The Lottery Post will allow me to write.  G5 

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