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  1. #1

    How Much Money Do You Need?

    Last nights Euromillions jackpot was £170M.

    A guy in my work stated that if he won it he would invest a chunk in buy to let property to provide a steady income.

    Seriously? Ypu have £170M. Firstly why do you need the hassle? Secondly, and imo more importantly, you have £170M. Why do you need a 'steady income'? How much money do you need?

    It's reflective of societys skewed view of what property actually is. There's so much good you could do and so much fun you could have with that kind of money and someones first thought is to buy property to make even more money. Crazy.


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  3. #2
    Testimonial Due Glory Lurker's Avatar
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    If I won that, I reckon I'd maybe keep about 10 or 20 to myself to live a life of luxury, but the rest would be away for charitable purposes.

  4. #3
    Scottish Cup Victory - Witness 2016 Scouse Hibby's Avatar
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    Family and close friends would be looked after and then would take great delight in being able to help some very worthy causes/funds.
    "If a player is not interfering with play or seeking to gain
    an advantage, then he should be."

  5. #4
    @hibs.net proletariat member Pete's Avatar
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    Quote Originally Posted by Pretty Boy View Post
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    Last nights Euromillions jackpot was £170M.

    A guy in my work stated that if he won it he would invest a chunk in buy to let property to provide a steady income.

    Seriously? Ypu have £170M. Firstly why do you need the hassle? Secondly, and imo more importantly, you have £170M. Why do you need a 'steady income'? How much money do you need?

    It's reflective of societys skewed view of what property actually is. There's so much good you could do and so much fun you could have with that kind of money and someones first thought is to buy property to make even more money. Crazy.
    I have no idea what it would be like to have that type of money and I suspect your mate has no concept either. Who actually has?

    I suppose if you won youíd be advised regarding the way it can make money by the experts and I think youíd go along with it unless thereís a point of principle there.

    One thing I wouldnít do is invest in property and itís telling that your mate automatically equated investment with property. To me, it should be a house first and foremost and it has indeed become skewed.

    Iíve seen and heard about the misery the housing situation has caused for years and as a young man with a partner and child, Iím sure you know all about it.

    Iím glad the guy at your work didnít win it...I didnít win it either :-(

  6. #5
    Coaching Staff NAE NOOKIE's Avatar
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    If I still had more than 10 million left after 12 months I would be very disappointed in myself. The vast majority of it would be given away to family and friends, filling in the corners at ER and setting up a charitable foundation for distressed gentlefolk. I would set aside a few million to use tracking down people who have been kind to me over the years and rewarding them accordingly, or their surviving family if they are no longer around .... I never forget a kindness

    Like Pretty Boy I just don't understand people who are already wealthy getting involved in the hassle of business and stuff to make even more money. You read quite often about wealthy sportsmen and TV starts who lose everything through dodgy investments ... but if your personal wealth is already something like 10 million quid from your sport or TV career, why the hell take the sort of risks folk take in order to be worth 10 million when you already have that sort of money? ..... greed is a terrible thing and Gods gift to the sort of folk who cant wait to part a fool from his money.

  7. #6
    @hibs.net private member Peevemor's Avatar
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    Quote Originally Posted by Pretty Boy View Post
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    Last nights Euromillions jackpot was £170M.

    A guy in my work stated that if he won it he would invest a chunk in buy to let property to provide a steady income.

    Seriously? Ypu have £170M. Firstly why do you need the hassle? Secondly, and imo more importantly, you have £170M. Why do you need a 'steady income'? How much money do you need?

    It's reflective of societys skewed view of what property actually is. There's so much good you could do and so much fun you could have with that kind of money and someones first thought is to buy property to make even more money. Crazy.
    I'm not sure it would be much hassle. You could buy 100 decent properties (£20-30m?) and after paying somebody their cut to manage them for you the income would be substantial while the initial investment/asset is guaranteed to grow in the long term.

    That would leave £140m+ to do as you like.

    When I started at my current job we were effectively 2 businesses sharing an office and a secretary - a developer and an architect. We as architects did all the developers projects (as well as other stuff). 11 years ago there were 5 of us, now we're up to 40. I've seen (mostly from afar) the money that can be made when things are done properly.

  8. #7
    Coaching Staff NAE NOOKIE's Avatar
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    Quote Originally Posted by Peevemor View Post
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    I'm not sure it would be much hassle. You could buy 100 decent properties (£20-30m?) and after paying somebody their cut to manage them for you the income would be substantial while the initial investment/asset is guaranteed to grow in the long term.

    That would leave £140m+ to do as you like.

    When I started at my current job we were effectively 2 businesses sharing an office and a secretary - a developer and an architect. We as architects did all the developers projects (as well as other stuff). 11 years ago there were 5 of us, now we're up to 40. I've seen (mostly from afar) the money that can be made when things are done properly.
    I suppose the upside of folk who are already vastly wealthy ( I don't mean you ) investing in businesses is that it can lead to employment for other folk ..... If that's the way of their thinking then that's quite philanthropic ... but as I said in my own post its just a bit barmy that folk who have already attained vast wealth should risk it in order to make even more money

  9. #8
    @hibs.net private member Hibernia&Alba's Avatar
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    Was it one Spanish winner last night - £170 million?

    I don't play Euromillions, only the national lottery, but that's an insane amount of money. If I had enough to ensure I could do what I wanted, as opposed to doing what I need to, that would be fine. Ensure family and closest friends were secure, and the rest to charity and community projects e.g. a business for unemployed youngsters which they would own and run collectively.
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  10. #9
    @hibs.net private member lord bunberry's Avatar
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    If I won that amount of money I'd be deid within five years. What a five years it would be though.

    GIRLS DONT LIKE BOYS GIRLS LIKE SIMON MURRAY

  11. #10
    Coaching Staff NAE NOOKIE's Avatar
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    Quote Originally Posted by lord bunberry View Post
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    If I won that amount of money I'd be deid within five years. What a five years it would be though.
    Five years !!! ..... bloody amateur

  12. #11
    @hibs.net private member lord bunberry's Avatar
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    Quote Originally Posted by NAE NOOKIE View Post
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    Five years !!! ..... bloody amateur
    my head is hanging in shame.

    GIRLS DONT LIKE BOYS GIRLS LIKE SIMON MURRAY

  13. #12
    Testimonial Due Colr's Avatar
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    Quote Originally Posted by Pretty Boy View Post
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    Last nights Euromillions jackpot was £170M.

    A guy in my work stated that if he won it he would invest a chunk in buy to let property to provide a steady income.

    Seriously? Ypu have £170M. Firstly why do you need the hassle? Secondly, and imo more importantly, you have £170M. Why do you need a 'steady income'? How much money do you need?

    It's reflective of societys skewed view of what property actually is. There's so much good you could do and so much fun you could have with that kind of money and someones first thought is to buy property to make even more money. Crazy.
    Iíd develop my own property. Youíve got to do something with your life and it would be great to have you own capital to invest.

  14. #13
    Coaching Staff NAE NOOKIE's Avatar
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    Quote Originally Posted by lord bunberry View Post
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    my head is hanging in shame.
    ............

  15. #14
    Coaching Staff One Day Soon's Avatar
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    I think you could get through £170 million really quite quickly.

  16. #15
    @hibs.net private member calumhibee1's Avatar
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    Quote Originally Posted by Pretty Boy View Post
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    Last nights Euromillions jackpot was £170M.

    A guy in my work stated that if he won it he would invest a chunk in buy to let property to provide a steady income.

    Seriously? Ypu have £170M. Firstly why do you need the hassle? Secondly, and imo more importantly, you have £170M. Why do you need a 'steady income'? How much money do you need?

    It's reflective of societys skewed view of what property actually is. There's so much good you could do and so much fun you could have with that kind of money and someones first thought is to buy property to make even more money. Crazy.
    Iíd do exactly what your colleague said and as Peevemore said, you could invest 30m into property and hardly notice it disappear, but it would probably bring you in about £125k a month or so? I wouldnít be doing it so much as a means of increasing my wealth, although it would do that, more as something to be involved in while not properly working and also as a bit of a safety net if I managed to somehow blow all the actual cash. The £170m is an astronomical amount of money, but if you invest it in something safe like property then youíll be guaranteeing a massive fortune for generation after generation of your family (presuming none of them mess it up once you die of course!)

    Unfortunately I donít have to worry about it as somehow I didnít win!

  17. #16
    @hibs.net private member danhibees1875's Avatar
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    Silly amounts of money really. I don't think I'd do too much differently from what's being said above.

    Travel for a few years after making sure my family and friends were secure. Then buy a huge bit of a land and start planning/building the dream home. Help charitable causes/start my own - would be able to use the travel time before that to come up with some sort of initiative I'm sure.

    As has been said, there is so so so much good that amount of money can do - it would be a shame not to.
    Mon the Hibs.

  18. #17
    @hibs.net private member Billy Whizz's Avatar
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    Whatís the tax situation if you were to give away that sort of money to friends and family.

  19. #18
    @hibs.net private member Peevemor's Avatar
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    Quote Originally Posted by Billy Whizz View Post
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    What’s the tax situation if you were to give away that sort of money to friends and family.
    I don't think gifts between individuals are subject to tax (but I've really no idea). You could say they were loans.

  20. #19
    @hibs.net private member Andy Bee's Avatar
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    Quote Originally Posted by One Day Soon View Post
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    I think you could get through £170 million really quite quickly.
    Yup..................Project-Infinity/

  21. #20
    Coaching Staff Smartie's Avatar
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    Obviously I'd rather have the money than not have it.

    But you would be at the mercy of all sorts of unscrupulous cretins.

    Even doing the right thing and investing the money is fraught with potential difficulties. How safe is money in the bank? How safe is "property"? How likely is a johnny-come-lately who knows zip about property investment and speculation going to be to make money at something he knows nowt about? How good is the advice that someone fitting this description ever going to be?

    People open restaurants and think they know more than people who own and run restaurants and make a pig's ear of it.

    Everyone these days seems to think that it is someone else making the big money and everyone is enviously glancing elsewhere, thinking that if only they had the opportunity then they'd be equally if not more successful.

    Although with £170m you could afford to make a few mistakes.

  22. #21
    Coaching Staff Smartie's Avatar
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    Quote Originally Posted by One Day Soon View Post
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    I think you could get through £170 million really quite quickly.
    I haven't seen Richard Pryor in Brewster's Millions for a good few years now.

    Quality film.

  23. #22
    @hibs.net private member danhibees1875's Avatar
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    Quote Originally Posted by Billy Whizz View Post
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    Whatís the tax situation if you were to give away that sort of money to friends and family.
    Give as much as you want to your kids so long as you don't die for another 7 years.

    Give 3k a year to friends.

    Edit: actually, maybe that's just IHT perspective and not what you've asked.
    Last edited by danhibees1875; 07-10-2017 at 12:57 PM.

  24. #23
    @hibs.net private member CropleyWasGod's Avatar
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    I've always said that these wins should be capped...say at 10m. Most people would struggle to get through any more than that. The remainder would sit in a bank, doing very little for them and nothing for the wider economy. It would be a waste.

    Far better that 17 families have the problem.......than just 1.

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  25. #24
    @hibs.net private member CropleyWasGod's Avatar
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    Quote Originally Posted by Billy Whizz View Post
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    Whatís the tax situation if you were to give away that sort of money to friends and family.
    If you survive 7 years, the gifts are tax free. If you die within that time, Inheritance Tax is payable on a sliding scale, up to 40%.

    https://www.gov.uk/inheritance-tax/gifts

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  26. #25
    @hibs.net private member Peevemor's Avatar
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    If always thought that if I came into silly money I'd open a sort of "music base" - a complex with practice and studio space together with cheap and cheerful accommodation. Part of it would be a bar/venue where bands/acts would play in return (or partly) for the use of the other facilities, but with a view to creating a place where musicians and punters alike, with different musical tastes and backgrounds could meet and exchange ideas, maybe even leading to different collaborations.

    Money wouldn't be the motiviation (break even would be good), the idea being to make the place as accessible as possible.

  27. #26
    @hibs.net private member Hibernia&Alba's Avatar
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    Quote Originally Posted by One Day Soon View Post
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    I think you could get through £170 million really quite quickly.
    Daen whit? Unless you do something crazy like buying a £100 million house in central London, it wouldn't be easy to spend £170 million.
    HIBERNIAN FC - ON THE RIGHT SIDE OF HISTORY SINCE 1875

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    @hibs.net private member snooky's Avatar
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    Personally, I wouldn't thank you for all that money. It draws the wrong kind of attention and also can alienate your friends & rellies.
    I've never been a money chaser. As long as I have enough to be reasonably comfortable, I'll be quite content.
    Each to his own, though.

  29. #28
    @hibs.net private member Peevemor's Avatar
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    Quote Originally Posted by snooky View Post
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    Personally, I wouldn't thank you for all that money. It draws the wrong kind of attention and also can alienate your friends & rellies.
    I've never been a money chaser. As long as I have enough to be reasonably comfortable, I'll be quite content.
    Each to his own, though.

    In that case, if ever by accident it does happen to you, I'd be willing to help you out.

  30. #29
    Coaching Staff One Day Soon's Avatar
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    Quote Originally Posted by Hibernia&Alba View Post
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    Daen whit? Unless you do something crazy like buying a £100 million house in central London, it wouldn't be easy to spend £170 million.
    Ok, let's try this.

    I'm starting by:

    1. Seeing my family and friends alright for life - Whats the cost if that? We need to clear all debts and we need an investment that lasts me and my kids and their kids.

    2. Then I'm filling in all four corners at Easter Road. How much does that cost?

    3. Then I want a place abroad.

    4. Finally I want a charitable foundation that invests in Africa - mainly children's education but also village/community development based.

    5. I'll also need an emergency fund for lobbing money at things like referendums, deserving cases, funding legal challenges to barking govt policies etc

    Who wants to start pricing that?

  31. #30
    Coaching Staff One Day Soon's Avatar
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    Quote Originally Posted by Peevemor View Post
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    In that case, if ever by accident it does happen to you, I'd be willing to help you out.
    I'm second...

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