I'd throw it into a bank account and spend a week travelling places and meeting people like they do in The Secret Millionaire. I'd spend a lot of time thinking about what I'd do with the money. I wouldn't want to do anything stupid, but I know that I would want to remain low-profile and tell very few people that I can trust with my life, and be prepared to lose my friendship with them if they make it come to that situation. As much as the next person, I'd hate for that to happen but it does happen - more often so than we think.
If I happened to suddenly get such a windfall, I probably would keep quiet about it, nothing is worse then telling everyone you've got money, suddenly the whole world will want to be your friend.
£20mil........ believe it or not it is actually not a fantastically huge amount and as infinite as it seems to some, there are many people in this world who once had that kind of money at one time who are today destitute.
As for what I would do. Assuming it is £20m after taxes
£2m : to various churches and charities of my choice.
£3m : kept in various off-shore bank accounts.
£5m : invested into various long term investments.
£5m : Into a business that I would like to head.
£5m : I will travel around the world and see everything there is to see on my own time.
(Original post by screenager2004)
Whichever maximises the amount the charity gets I suppose. (£12m is less than £19.9m!)
That's only in your lifetime. They would carry on getting £200k a year, every year until the banking system collapses.
I'm strongly morally opposed to inherited wealth though. My kids ain't gettin' squit. and I don't see how anyone sleeps at night with that obscene an amount of money hoarded in their bank account. £20k a year is more than enough for a very comfortable existence, anything more and you're just spoiling yourself with stuff you don't need.
Last edited by tufc; 09-12-2011 at 21:42.
Reason: BB fail
(Original post by Summering)
You do realise inflation is at around 5%, so 2% would mean you're losing money . That's why I can't take people who say "I'll put it in a savings account and LIVE OFF INTEREST" seriously!
The economy will pick up soon, though. Or just go for a higher risk investment portfolio to beat inflation.
(Original post by Summering)
Yeah. I think most people on here don't really get how it works (I've seen around 10 people say "put it in a savings account and get interest"). The best idea, if you don't want to actively manage your portfolio, would just be to stick some in an index fund, or a hedge fund I guess.
Erm I'd probably put 5m in the bank straight away. Split 5m to a few charities that are important to me, cystic fibrosis and cancer, and probably a few local ones as well. Take a heap of mates from school on a massive holiday, invest in property all over the world. Pay off any debt of my mums. Put money in the bank for my brother. Pay for uni, a car and a flat for myself.
Buy a country mansion for a few million. Buy a Bentley and a Patek Phillipe watch. Lobby my government to allow a casino to be built, and run said casino. Stick the remaining 15million or so in a Swiss bank. Keep 10million as a backup and use 5million as operating capital for the casino and other investments.
Last edited by Aequat omnes cinis; 10-12-2011 at 03:02.
1. Settle my immediate family's debts.
2. Hire staff to work in our family business to replace most of my hours.
3. Continue my studies, hoping to get a degree and work for an accounting firm before I have the skills to run a big organisation.
4. Invest in my brother's business and either buy out or squeeze local disliked competition. (I do like competition, but not when people drag others through mud).
5. Invest in property.
6. Build a property. 3 storey, with underground basement & garage, on top of a hill, swimming pool, jacuzzi, massive open shower, massive bed, cinema.
7. Buy a 2011 Koeniggsegg Agera, 1969 Shelby Mustang GT500, 2002 Honda NSX-R, 03-07 Mitsubishi Evo, 2011 Nissan GT-R (R35)
8. Build a super casino with a few other rich investors.
9. Buy a Mac and smash it up!
In that order. I have a bet with a friend however that by 2020 Apple won't be as successful. Some other tech company will be.
(Original post by Annoying-Mouse)
Why not? There's nothing wrong with providing financial security for your family. In fact, depending on what you do with it (invest/save) make it out so that 100% of the financial security you provided goes charity and you and your family are merely living a happy life from the returns you've received. Surely that's a very moral thing to do? I know wealth isn't needed for happiness but it does help say if you want to travel the world and see all the different sites, fund a research project of your choice etc etc etc. Heck, in terms of long-term you could probably do more good that way then simply giving it to charity right away.
There is something wrong with providing financial security for someone - you give them a disincentive to build their own security.
I would just travel. I'd feel secure enough financially so that I didn't have to worry about not having a house, I could just do whatever and go wherever. I probably wouldn't waste it on staying in luxury hotels and things like that, just your average hotel, or rented house.
If I found somewhere that I particularly loved, i'd maybe then buy a house there once i'm done moving around.