Just for my reference, everyone who has said they would live of the interest could you please tell me what sort of savings plan you would use to do this?
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Just for my reference, everyone who has said they would live of the interest could you please tell me what sort of savings plan you would use to do this?
Pretty sure a few years back people would have earnt 14k a day interest off a £70m win, so technically you could live off the interest.Quote:
Originally Posted by Jin
Interesting thread, I'd not go public, but would take the risk of sharing money and info with specified family and friends. Wouldn't put up with the begging, and would make the most out of it!
That may be so but depositing that amount of cash would incur so many taxes and charges that your overall capital would drop significantly and would take years to grow back into the original amount.Quote:
Originally Posted by Marketing
You can't just dump millions of pounds into a savings accounts and live off the interest it isn't at all as simple as that otherwise every multimillionaire would do just that as it would be risk free and guarantee growth.
I would have to hire the services of the best financial advisor I could find to decide how to deal with my new found liquid asset and to ensure real growth they would likely point in the direction of investments.
Personally, no, but it's inevitable the truth will come out. Unless you snub your friends, family and your community, you're stuck with a huge problem, even if you move away people will eventually find out in the new area you've moved to, through new friends or hear-say. If I won the lottery (I wish :P), it would be inevitable it'll come out in the place I live, everyone here seems to know my family but that's my nan and her standing in the community :P
Plus I'd probably do something to make it obvious, like offer to help someone out as I really do not think I could hog all that money and not help out people in need, like friends, family or acquaintances. Going public makes the country aware, while keeping it private makes your local community aware. So out of those two evils, I'll take the lesser and just wait for people to figure it out in my local area, and just hope no-one sells a story to the newspapers.
This Morning did an interesting bit of research into saving plans in the UK where you can live off some amount of interest. Some banks offer a 3% interest on what is in the bank so presumably there is a bank in the UK that offers such an account. I think HSBC or Santander are the banks you go for when you want to create a savings account. Then again, any savings account will be good for £101 million - NatWest have an e-ISA which sends any interest made to your main account e.g. Current Account, which is 1% a month so £101,000 a month which is pretty decent (or it was p/a, never looked into it too far as 1% is useless).Quote:
Originally Posted by Jin
But as you said in your last reply (just seen it), you could afford to hire a financial advisor and see what are the best options. I think there are news reports going around about how tax havens are becoming a thing of the past, so millionaires will soon be feeling the pinch - which makes sense given the current economic climate - banks and Governments in other countries who are feeling the pinch will start targetting the sections that make them popular. I think Switzerland is one country that's slowly losing it's tax haven status.
Most banks allow interest from ISA's to be payable straight into a current account however every ISA has a limitation on what can be paid into it before capital gains tax and tax on the interest is applied. I think you can only deposit £5,400 per tax year in any ISA before you start to incur fees and taxes and to prevent people using an ISA as a current account your cumulative deposits is what counts as your investment. So if you put in £3000 and then withdraw £1000 then your total investment for the tax year still remains at £3000 but you will only earn interest on the £2000 left in the account. Whilst there may not be an upper limit I think it would take about 20 years of investing £5400 @ 3% interest before you could have enough money to live off the interest.Quote:
Originally Posted by GommeInc
no way! you couldnt trust any new strangers then! or old aquantices. youll never know who is genuine and who is not.
i dont put the lottery on because ive seen it destroy a family.
it can really screw someone up, being average one day then rolling in millions the next, suddenly nothing is satisfying, they need several women, illicit substances.....houses, boats, cars then when the money starts to run out they freak out and cant handle living like a normal average joe and go do something crazy like rob a bank
im not saying all do..but alot of people cant handle.."the curse of the lottery"
i dont think id be able to handle winning millions, itd change a person
a couple 100k is alright, but millions or billions..not too sure about
http://www.myfacewhen.net/uploads/95...if-serious.jpgQuote:
Originally Posted by COCOCAT
Not everyone who has millions does drugs, sleeps with several woman, find nothing satisfying, etc.............................................
You have to show up for a picture to win your money where I live, and I wouldn't trust anyone I know to claim the money and take the heat for me. Better to just suck it up and deal with the new reality.
I would make sure my family was looked after and then just use it for what I needed.