[Matt3B]

Sick to fucking death in this country of seeing old couples winning millions and millions on the lottery and not changing their lives.

This guy won a million and has been balling ever since, and has a plan to hook up with Dan Bilzerian.

Most notable quotation from the piece:

Quote:

“Within days of my EuroMillions win being made public I was getting tweets and Facebook messages from women of all ages across the world.

“And I’ve been shocked at their ­forwardness. I sometimes wish it was the 1950s when women were a bit more demure, because you wouldn’t believe the stuff they say now."

http://www.mirror.co.uk/news/uk-news/eur...ks-3739218

Like fucking clockwork, these bitches.

[Mike5055]

Good for him! I hope he invested some for later though!

[Menace]

I think the article said he invested half. I suspect that Britain, like Canada, but not like the US, does not tax lottery winnings. So 1 million pounds is what you get.

[Veloce]

That's 1.7 million dollars. Enough to retire on for life (if you're smart) but by no means high baller status.

It's great that he's living it up considering he was dirt poor, but that money will dry up very quickly if he keeps at it. There have been quite a few well-documented lottery winners that live it up for a period of time and go right back to where they were, sometimes worse.

[Roosh]

Quote:

He said: “I’ve also booked some ­villas in Ibiza for two weeks for a boys’ holiday for friends I’ve known since I was young. It’s brilliant being able to let them enjoy my good fortune as well."

Smart lad. No sense being rich if you don't have anyone to enjoy it with.

[kinjutsu]

I'd love to see some of these messages those women were sending him

[InternationPlayboy]

Too bad he'll probably blow his money within a couple of years. £1 million isn't a ton of money. It sounds like he's spending it pretty fast. "Instead of a rented flat and 12-hour factory shifts he is staying in luxury hotels, quaffing vintage champagne, driving supercars and enjoying plenty of female attention."

Most loot winners blow their money within 5 years, at least Americans. And American lottery winners usually win a shit load more.

Good for him though, he's living it up. It's just going to suck when he's likely broke 5 years from now with nothing to fall back on. I suppose though if I spent £1 million in 5 years, is probably have a cooler life than 99.99999% of people on earth.

[Cattle Rustler]

I thought he was going to be rational and invest it instead of spending it all

[kerouac]

There's no problem living it up as long as he's put aside half of what he's won in a safe place.

The advantage a lot of commonwealth nations have is that money made abroad is un-taxable.

The US doesn't have that (for good reason since most money-makers are multi-nationals).

[Feisbook Control]

My father had his own business. About 2/3 of the people he employed were essentially unskilled workers, most of whom could best be described as white trash. I used to go and work there during my school holidays as a kid/teenager. I had a lot of rather formative interactions with the working class in those years.

Anyway, there was a woman who worked there who was in her early twenties. She was quite good looking at the time, and had an easy going, friendly personality. She won the lottery, and her prize, at the time, was enough to buy 5-7 houses outright in an average neighbourhood. Of course, she didn't invest her money in any way. Sure enough, she blew through the money within five years, particularly because people came out of the woodwork to get a piece of the action. She ended up back at my father's business for a while, but eventually moved on.

During the time that she was burning through her money, I didn't see her, of course. Then, I went to my father's business one day when I was perhaps in my early twenties (I think I was a university student). Not only had she hit the Wall physically to some extent (though she was still slim -- she was naturally that way), but you could actually see just how much the light had gone out of her eyes. Her personality had changed markedly, and she was no longer nearly as vivacious as before. There was obviously deep shame and regret to have escaped and returned to working that job. Very sad. Yet that's how it is with those kinds of people. No impulse control/high time preference, a part of which is that money burns a hole in their pocket. She could have won ten times as much money and it would have made no difference other than merely delaying the inevitable slightly longer.

When she won the lottery, her net worth was probably several times my father's. Yet now he is a multi-millionaire and living it up in retirement. I would venture that she would be lucky to have much at all. Thus it has ever been, and thus it will ever be, with such people.

[El Chinito loco]

Even if you invest 1.7m well and stick to a retiree type 4% withdrawal that is only $68,000 before tax. I'm not sure what the capital gains tax in the U.K. is but I imagine it's probably more than the 15% in the U.S. So he would be getting a return equivalent to an average office worker's annual wage from having his money invested in diversified index funds and the like. It's certainly not enough to be a baller and take buddies to Ibiza on all expenses paid trips.

I predict he will blow through it fast. If he's getting hit up hard on facebook I imagine every second of his personal life is being pried into and he will sucuumb to one scheme or another.

[tarquin]

There was a kid I went to college with who won the lottery while in his sophomore or junior year. I didn't know him personally, but from what I understand he bought a juice bar/brothel in Bangkok. Of course, it isn't what I would do with the money, but from a $$$ perspective it would probably be better than this guy's idea.

[Feisbook Control]

(06-22-2014 09:03 PM)El Chinito loco Wrote:  

Even if you invest 1.7m well and stick to a retiree type 4% withdrawal that is only $68,000 before tax. I'm not sure what the capital gains tax in the U.K. is but I imagine it's probably more than the 15% in the U.S. So he would be getting a return equivalent to an average office worker's annual wage from having his money invested in diversified index funds and the like. It's certainly not enough to be a baller and take buddies to Ibiza on all expenses paid trips.

I predict he will blow through it fast. If he's getting hit up hard on facebook I imagine every second of his personal life is being pried into and he will sucuumb to one scheme or another.

You'd live very, very well on 68,000USD in Taiwan, and I expect even better in pretty much all of SEA (with the exception of Singapore, maybe Brunei). I expect the same is true of large parts of Eastern Europe and Latin America.

Anyone who is not a multi-millionaire with his money offshore (or young and building his fortune) living in the West is a chump now, a veritable cash cow for the government to milk to provide gimmedats to the underclass at one end and the politicians/bankers/corporations at the other.

The answer is not a false dichotomy between blowing all your money in five years or being a good little tax slave in the West. There is most definitely a third way. Some of us have jumped the fence and are over the hills and far away by now.

[El Chinito loco]

(06-22-2014 10:24 PM)Feisbook Control Wrote:  

Anyone who is not a multi-millionaire with his money offshore (or young and building his fortune) living in the West is a chump now, a veritable cash cow for the government to milk to provide gimmedats to the underclass at one end and the politicians/bankers/corporations at the other.

I agree but it's not a move that most young men would be smart enough to take on their own or without advice. Especially now that he has a false sense of having "made it" with an entourage hanging off him.

This is one of the primary reasons why I decided to live overseas. It's simply cheaper and better in nearly all quality of life measurements. Not having to drive anymore or spend money on gas/insurance saves a lot already. If I really have to go somewhere far I can fly at a cheaper price than it would be to drive long distances in the U.S.

This is one of the reasons why the U.S. is starting to tighten up banking rules for U.S. expats. They see a trend developing and it's making them very nervous. Eduardo Saverin bailing out with his billions to Singapore was probably one of the biggest red flags.

edit: Just look at this piece of shit bill that was created to actually punish people who decide to renounce and move their wealth elsewhere. http://en.wikipedia.org/wiki/Ex-PATRIOT_Act


The end game is an eventual slow divestment of money and business interests away from the U.S. and into investments overseas that can provide an equivalent return. Then an eventual second passport/permanent residency elsewhere when I really decide to settle.
U.S. taxes are extortionate but unfortunately it's a necessity if you run a remote business located in the U.S.

[JJ Roberts]

Not that smart.

"I made my first millionaire’s buy – a £94 pair of Ray-Ban sunglasses"

He paid 94 quid ($160 USD) for a piece of moulded plastic that was made in china and cost less than $3 to make.

[samsamsam]

How much does he get to keep after taxes? Is that 1.7M tax free? I gotta imagine he loses 30 to 40% of it?

Don't wanna be a total penis but we all know most likely he loses it all. Few people ever know how to handle sudden wealth.

Per Wikipedia - Looks pretty high. Most of it will be taxed at 45%???? Is that right??? Plus, local and state (or county or however the UK does it).

[Samseau]

I love how there's always at least one winner in every lottery, who never needs luck. Must be nice to collect a "lottery tax." In case one couldn't tell already that it was a scam.

[poutsara]

Free $$ game recognized.

Looks like he is doubling down while he still can! Good for him

[Suits]

(06-22-2014 10:24 PM)Feisbook Control Wrote:  

(06-22-2014 09:03 PM)El Chinito loco Wrote:  

Even if you invest 1.7m well and stick to a retiree type 4% withdrawal that is only $68,000 before tax. I'm not sure what the capital gains tax in the U.K. is but I imagine it's probably more than the 15% in the U.S. So he would be getting a return equivalent to an average office worker's annual wage from having his money invested in diversified index funds and the like. It's certainly not enough to be a baller and take buddies to Ibiza on all expenses paid trips.

I predict he will blow through it fast. If he's getting hit up hard on facebook I imagine every second of his personal life is being pried into and he will sucuumb to one scheme or another.

You'd live very, very well on 68,000USD in Taiwan, and I expect even better in pretty much all of SEA (with the exception of Singapore, maybe Brunei). I expect the same is true of large parts of Eastern Europe and Latin America.

Anyone who is not a multi-millionaire with his money offshore (or young and building his fortune) living in the West is a chump now, a veritable cash cow for the government to milk to provide gimmedats to the underclass at one end and the politicians/bankers/corporations at the other.

The answer is not a false dichotomy between blowing all your money in five years or being a good little tax slave in the West. There is most definitely a third way. Some of us have jumped the fence and are over the hills and far away by now.

Yes, I hear a lot of guys on the forum talking like $50K a year isn't much money, but if you live in the right place, you could be balling, by many standards.

That's one of the reasons I've chosen to live overseas. It's not that every thing is cheap, but generally speaking, I can have a lot more for a lot less.

You get to a point where you feel like spending $20 on a steak is a lot of money, because you constantly eat delicious meals for a $3-4.

[Prophylaxis]

Can't be too hard on the guy. Saying that he should invest his winnings wisely is a moot point, as anyone with good money management skills would never buy a lottery ticket in the first place.

I say let him blow it and have the time of his life.

[Simeon_Strangelight]

He will burn through the money within 2-4 years if at all.

It is great to see him having fun, since one of the biggest lies that the plutocracy is telling us through the media is that having greater wealth cannot buy you happiness. In most cases it can, unless you are a complete moron. You can change your life to the better, have way more fun, more enjoyable experiences and increase the happiness of your friends and family.

But 1 mio. Pounds or $ or Euros is not enough for that kind of lifestyle he is living. He says that he will burn through only 100.000£ - in my estimate he already burned through 200.000£ by this time. He won't stop at dipping into his nest-egg of 500.000£.

His realistic budget should be around 30.000-40.000£ per year if he intends to live off interest. More risky investing won't cut it for the guy, since he is too inexperienced and will only get burnt in the process.

Enjoy while it lasts - he will likely regret it for the rest of his life.
My personal recommendation: Grand party, burn through 100.000£ at the most. Settle down in SEA or China smaller city close to the beach and open some small / medium business with 100.000£. Live like a king for the rest of your life.

[Benoit]

(06-22-2014 11:35 PM)samsamsam Wrote:  

How much does he get to keep after taxes? Is that 1.7M tax free? I gotta imagine he loses 30 to 40% of it?

Don't wanna be a total penis but we all know most likely he loses it all. Few people ever know how to handle sudden wealth.

Per Wikipedia - Looks pretty high. Most of it will be taxed at 45%???? Is that right??? Plus, local and state (or county or however the UK does it).

Nowhere else in the world has the insane money-grabbing US taxes. He gets to keep all of it.

He's going to have some great stories.

[Teedub]

A few weeks ago, I did the Euromillions, and someone won the jackpot which was over £100m. Haven't gone public though so not sure if it's some old couple or what not.

Yeah samsamam, only the U.S taxes lottery/gambling winnings.

Oh, and that 1950's quote is rather telling! Bitches be after yo' paper.

[Foolsgo1d]

Euro Millions is where its at.

Results

There have been a fair few multi millionaires in Britain, none of them in the young age bracket. However there are a lot of low 6-7 figure winners who attend the lottery parties which are extremely exclusive.

If you were to win 100+ million as a a man and you have looks you are fucked if word gets out about your identity.

Highest ever win in the UK: £161,653,000 - tax free

What can you do to invest that or have a nice comfortable life if you have friends and family? If you're driving a Vauxhall vectra and buy the new Jaguar saloon car someone is going to raise suspicions.

I also here the hypergamy of female lottery winners is through the roof and a good reason as ever to not attend the Camelot parties if you're unable able to game them effectively.

Nothing spells gold digger than a low figure winner eyeballing the new multi-millions winner wearing his new suit.

[Hans Dix]

"What's the point of being rich if ya can't spend it?"

-Juicy J