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Now that's quite lucky really.
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Doc HM
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Feb 15, 2010, 01:38 PM
 
My wife runs a small curtain making business here in Cirencester and she employs a man to hang all her curtains and poles etc in clients houses.

He seemed normal enough on Friday when he went out to hang some curtains, which was odd since he had just heard that very morning that won £56,000,000 on the Euro Lottery.

Apparently he's going to give up his job, so we need to find a new curtain hanger.

Bummer.

On the plus side, nice win Nigel!
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turtle777
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Feb 15, 2010, 01:44 PM
 


Let's hope the guy knows how to deal with all the money.

Many lottery winners can't handle the money and fame, and die lonely.

-t
     
sek929
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Feb 15, 2010, 01:46 PM
 
AS long as he gets a solid gold house and a rocket car he'll be fine.
     
MacinTommy
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Feb 15, 2010, 01:55 PM
 

Very modern. Probably a Mac user.
     
dcmacdaddy
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Feb 15, 2010, 02:00 PM
 
Originally Posted by Doc HM View Post
On the plus side, nice win Nigel!
Typical English understatement.



And congrats to Nigel. Yeah, find him a financial planner yesterday so he can have someone help him get his head around that much money. I know for myself that if I ever won a huge sum of money I would try to set up a foundation to give away all of it. I would buy a few things for myself and help out friends with some of their basic needs but I don't want the hassle of having to look after that much money.
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Doofy
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Feb 15, 2010, 02:01 PM
 
Originally Posted by turtle777 View Post
Let's hope the guy knows how to deal with all the money.
He won't. That much money is beyond the realms of manageable for most ordinary people. Let's hope the lotto organisers give him some real good advice (unfortunately, they don't appear to have done with anyone so far).
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SpaceMonkey
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Feb 15, 2010, 02:03 PM
 
Managing that much money is easy. The problems lottery winners have are not ones that will be solved by a financial planner.

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Doofy
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Feb 15, 2010, 02:11 PM
 
Originally Posted by SpaceMonkey View Post
Managing that much money is easy..
You'd think. However, the quality of financial advisors in the UK is dire.
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Doc HM  (op)
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Feb 15, 2010, 02:13 PM
 
And he has a load of curtains to hang on Wednesday. I'm thinking that won't happen.
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SpaceMonkey
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Feb 15, 2010, 02:20 PM
 
Originally Posted by Doofy View Post
You'd think. However, the quality of financial advisors in the UK is dire.
The problem is people thinking that the quality of management, or the need for management in the first place, rises when there are higher sums involved. If your goal is simply spending down the sum until you die, managing 56 million is absolutely no more complicated than managing 50,000. In fact, it could be quite less complicated, because usually someone operating with 50,000 is trying to make it grow, rather than simply being in a spend-down mode. No one with that amount of money needs anything more complicated than money market accounts, bond funds, and some inflation protection unless they have other goals.

A financial planner could be helpful for things like figuring out annuities, insurance, and the like.

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Doofy
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Feb 15, 2010, 02:38 PM
 
Fair point.

Originally Posted by SpaceMonkey View Post
No one with that amount of money needs anything more complicated than money market accounts, bond funds, and some inflation protection unless they have other goals.
You forgot the specialist advice required to protect against bank failures. And against Gordon Brown's dirty little mitts.
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turtle777
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Feb 15, 2010, 02:40 PM
 
With 54M, you don't even need to pick a good investment. So a financial planner is not essential.

Just don't squander the money, and you'll have enough for a lifetime.
THAT is the harder part, you'd need more of a life coach than a financial planner.

-t
     
SpaceMonkey
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Feb 15, 2010, 02:44 PM
 
Originally Posted by Doofy View Post
And against Gordon Brown's dirty little mitts.
Irrelevant unless you have a truly debilitating, pathological aversion to taxes. Assuming you get the winnings in a lump sum and pay the taxes on that, will the subsequent taxes on whatever your investments throw out year-to-year really cramp your style that much when we're talking about this kind of scale? I doubt it.

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Doofy
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Feb 15, 2010, 02:49 PM
 
Originally Posted by turtle777 View Post
With 54M, you don't even need to pick a good investment. So a financial planner is not essential.
And if they'd have won that sum three years ago and put it all in Icelandic banks, they'd now be worth nothing. Back to the curtain hanging.
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turtle777
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Feb 15, 2010, 02:51 PM
 
Originally Posted by Doofy View Post
And if they'd have won that sum three years ago and put it all in Icelandic banks, they'd now be worth nothing. Back to the curtain hanging.
For that money, you would have OWNED all the banks

-t
     
Doofy
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Feb 15, 2010, 02:57 PM
 
Originally Posted by turtle777 View Post
For that money, you would have OWNED all the banks
I know living is cheap in your new colonial home, but let's not get carried away now.
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Big Mac
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Feb 15, 2010, 03:16 PM
 
Hey Doc, I hope the guy throws your wife some moolah for her generosity in employing him previously. I know I'd do that if I worked for a small business and hit a lottery.

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torsoboy
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Feb 15, 2010, 05:02 PM
 
Originally Posted by Doc HM View Post
And he has a load of curtains to hang on Wednesday. I'm thinking that won't happen.
But, maybe he will. It may take a month or so to actually get the money, so he may need to keep working until that time comes. He also might be a good guy that wont leave the company hanging by just leaving without any notice.
     
Apples-inc
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Feb 15, 2010, 05:04 PM
 
Cool it not everyday you geta know someone who wins the lottery!
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Chuckit
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Feb 15, 2010, 05:53 PM
 
Originally Posted by torsoboy View Post
But, maybe he will. It may take a month or so to actually get the money, so he may need to keep working until that time comes. He also might be a good guy that wont leave the company hanging by just leaving without any notice.
Wouldn't she want him to leave the company hanging? (rimshot)
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Doc HM  (op)
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Feb 15, 2010, 05:53 PM
 
what's freaky is that on Friday he was just Nigel, and bam! three days later he's the 900th richest man in the UK!
Given that it sort of bends my head, his must be slightly mashed by it all.
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