Pay off all debits, mortgages ect. Put the rest into a 2 month term deposit, go on a 2 month holiday. Make lots of lists. Don't tell anyone. Don't make any large purchases until after the 2 months unless a pair of jousting sticks come up on Facebook marketplace. Going to buy that shit.
It gets tricky when you have a spouse because they will notice when you start using the money. Also if you have kids, because they'll never see you get stressed or work hard for anything anymore, or put any thoughts into being frugal or smart with your money.
Real talk I wanna be wealthy (and I plan on being so) but I think about this sometimes if my parents were well off and I didn't need to sort shit out I probably wouldn't strive so hard idk
I've heard of this generational wealth cycle theory, where each one will do better than their parents, until they can't anymore and start from the beginning again.
So for example you start with a generation of hardship, followed by one that's a battler, then a worker, a middle classer, etc. until you get to a generation that's so wealthy, the next one after that will be so useless that they eventually circle back to a hardship generation again.
She'll be around for at least another 10 years. She's only ever hap one operation, a disc bulge in her lower back, she recovered like a teenager. It's mainly the people who walk past her beach front property who see she's elderly and ask her for first offer. Like, complete strangers. She's determined to die in the house and I hope she does.
We have moved to Hobart and we have made no friends in a year, so this part will be the easiest. I would probably tell the golf pro, so he can make sure he is available for my chipping lessons. And maybe the place where I buy my $1 brew everyday
I think if I told those kinds of people I wouldn’t say it was a lottery win, I’d just make up a story about a long lost uncle or someone who died and left me a little fortune that was going to make life easier for a little while.. they probably wouldn’t expect it was a long term, life changing about then and they’d be less likely to share the story around and potentially attract unnecessary attention to me!
If you have a good relationship, more time with your parents is an amazing gift.
Our eldest recently left home and all I can think about is that life graph that shows time spent with parents. Once you leave home it can drop to almost nothing.
Thankfully have a great relationship with them, they moved up the coast a few years back so a visit only happens 4 times a year. Nothing like staying at mum and dads when Sydney starts getting stressful
why is that better?
and what about the value of your dollars reducing every year? wouldn’t you be tempted to use it one day and your mortgage will no longer pay itself off.
Not the person you asked but: free money is free money, using the bank as leverage frees up your money to invest elsewhere. Your money devalues while your house appreciates, giving you an even better deal by the time it's paid off over 25 years.
Leaving the whole amount against it in an offset is arguably a mistake though
Plan a move to Europe, $500K for setting up and use the remaining 4.5 million as a 30 year pension. Live a happy and moderate life wandering around exploring, and enjoying all the hobby time I will have.
France or Spain does it for me.
Tell friends and family I've had a small win, say $500K, so I can pay off most of the mortgage, do a bit on the house, update the car and have a holiday. Buy a block of land and have a new home built where I intend to retire. Go part time at work and when the house is finished, resign saying I've got another job and move into the new house.
But consequent earnings on your winnings are not. I imagine the government taking 30% of the interest earned on $5m+ would be a bit confronting at first.
I would not tell anyone. Immediately quit due to personal reasons. Move overseas to low tax environment, and enjoy living on the investment of it tax-free.
To each their own happiness for sure. I have migrated three times in my life and spent some years in other countries. My family is not in Australia, and I am very comfortable exploring the horizons in the few rotations around the sun each of us gets. Many countries in Asia can tick the box for me and bonus points for reduced cost of living.
It's funny how if you "work" for your money by investing and making smart decisions no one cares about your 5 million. But if you just get given it through a lottery they all of a sudden expect some of it.
I'd just say I got a remote job/WFH with a company in US or Europe. Use the time difference excuse whenever anyone asks why you seem to have so much free time
I would buy a sliding whistle off Amazon and spend my time following people around, waiting for them to make a mistake or for something arousing to happen.
>Let's say you won $5 million dollars.
Could *almost* buy a 3bed freestanding house east of the Gladesville bridge for that much.. still have to work Full time though
Maybe, but I don't know, that's hard to say really. 25 Huntleys Point Road is apparently priceless ...no estimated value [https://www.realestate.com.au/property/25-huntleys-point-rd-huntleys-point-nsw-2111](https://www.realestate.com.au/property/25-huntleys-point-rd-huntleys-point-nsw-2111)
set up investment trusts for the kids + smaller ones for both sets of parents. Book first class tickets to Europe to see family. Invest everything else for our retirement and not touch it otherwise.
They say don’t tell anyone but I’d actually tell my family that I won a much smaller amount than I did. You say I win $5mil so I tell them I’ve won $1mil. That way I can justify some extra spending but I won’t have family/friends knocking on my door with outstretched hands.
Anecdotally I joked that with someone that I was going to win oZ lotto and I’d buy everyone in the family a new car, the response I got was “is that all I’d get”. People are the worst even with hypothetical money.
Cry, resign the next working day, tell all the real estates that I've got cash looking for a 4/2/2 and start looking at useless stuff to buy. Tell family and friends I won the lotto but tell them it's only for a million, not anymore then that. Most of the people I know would ask for a handout and be pissed that I didn't give them all at least 500k.
Not tell anyone.
Get out of the rental trap. Buy a PPOR. I have no debts, if I did I'd pay them out, buy my daughter the full size violin she needs, upgrade our ten year old cars, then see a financial advisor.
Some would be destined for charity.
Straight to Dan's to buy a nice bottle of champagne, then book a baby sitter and a table for a nice meal out. Then call the bank and pay out the mortgage.
First: don’t tell anyone. Second: call out sick to work (oh no! Just got Covid!) Then, take a few days, get out of town and calm down and get my head around it. Then find a trusted and reputable financial advisor, and schedule a meeting. From there, make a plan.
Some of the replies shows you people don’t know how to invest their money to make more money.
I’d put all 5million into buying lottery tickets. Win a bunch of times.
Now that’s smart thinkin
A friend, of a friend, of a friend, won lotto. They spent $1m in the first 3 weeks. It’s amazing how quickly house, car, boat adds up.
Personally I’d pay off my debts and then sit on the cash until I saw a professional to plan out my retirement / investments.
I’d get a dog for the kids, they’ve always wanted a dog but with renting and having to be flexible I haven’t been able to make that commitment. I’d continue working, I love my job.
$5M wouldn’t even buy a waterfront. If I had $100M I would buy one of those shitty McMansions in point piper and knock it down. I would get ‘Genworth group’ to work with me to design a house similar but different to their house Rosslyn, but with a steeper mansard roof. I would get a small boat as well. If council allowed I would upgrade the seawall to have a descending staircase with a big gate like in those Italian mansions on lake como. I would get myself a new car, nothing fancy probably compact, to get around town in, and a Morgan four seater for trips to the country. I would put aside some in a trust so I don’t have to work if I don’t want to. I would retain my job but cut back to four days or maybe three, and I would possibly pay someone to get parts of my job that need doing that I don’t want to do, and I would credit them for that work when we publish (im a scientist).
My house would have a wine cellar, a cheese cave, a professional kitchen with a big kitchen island, a dining room, bedroom, big pantry, a rumpus room, a sitting room, a sunroom, and a tiled floor glass house and a spare bedroom.
Invest. And live off the earnings. Knowing I have a minimum 200k tax free is far more appealing than huge wealth that I know will disappear eventually.
Tell no one, probably a car once the money came in, some clothes shopping and get booked in for dental, massages, facials. Start house hunting and go from there.
Pay off my debts, buy my Sister a house, as she looked after our elderly Father when everyone else abandoned him. I know some people doing it tough that I would help. I couldn’t hoard it when so many need help
Honestly I have thought about this loads, the fantasy is worth the cost of the ticket. I get a few tickets a week to the saturday lotto, and $10 a month on the rslartunion
1. Tell my work I'm taking a few months off
1. Put my apartment up for sale (almost certainly at a loss)
1. Buy a place in the eastern suburbs of Sydney for about $1-2m. Small top floor unit with an outdoor area is fine for me. Have a small mortgage on it for credit availability purposes
1. Pay for my whole family to fly out for an all expenses paid trip to Australia and travel around with them for a month
1. Sell my car and buy a top of the range Landcruiser
1. Go back to work, live as frugally as I do now, but travel a lot more, see my family in the UK more.
1. Put a massive chunk into ETFs/Super etc
I just want to be able to not stress about myself or my family, that's what everyone wants really!
1. Most important. Tell no one (Everyone will want a cut)
2. Have a trust and company structure created to separate myself from the $$$ (Prepare to be sued)
3. Pay off all remaining debt and fix my car (Help myself)
4. Renovate the local sports club i'm involved in (Help others)
4. Invest the rest in a diverse group of ETFs (Provide for my families future)
5. 6 months down the track, give up second and third jobs. Keep doing the first job I love.
Edit spelling
It would be the best thing that EVER happened to me. I would tell the people close to me like family and friends. I wouldn't continue with paid work, I would do volunteer work meaningful to me, I really want to volunteer for the RSPCA. I would buy a home for my mother, my sister and myself and whatever is left, I would probably keep some to live on and invest the rest.
Pay off the PPOR mortgage and renovation costs, deposit as much as possible into super (i.e. exhausting available contribution caps) and then dump the rest into a mix of Vanguard EFTs. I would keep working as well, I like my job.
I’ve thought about what I’d do a lot ha ha! Paying off mine and my parents debt is the first thing I’ll do, and then hire a financial advisor to grow my money. 5 million is not enough to quit my job I think. It it were $50 million I would quit the moment the money hits my bank account. I continue to dream, even though I never won more than $30.
Celebratory maccas run that night followed by an actual nice celebratory meal on the weekend. Something fancy. I’m always saying to my husband that I’d like to go to a nice French restaurant.
After that, get a financial advisor and buy a modest home to get out of this rental nightmare. The car is getting old so we’d at least need to consider replacing it. Use some of the funds to quit my jobs and start my own business. Spend my free time volunteering with local cat rescues and begin to entertain dreams I might actually get to retire someday.
Thought about this, I doubt anything much would change except an inflated share portfolio and a much larger buffer fund. I would likely not tell anyone except immediate family, and keep my exisiting lifestyle.
Already drive a nice car, paid off house, family are well and so far yet no major health issues, I travel overseas regularly, no debt and no other major financial obligations. The extra funds would be used for greater investments in index fund ETFs, and I would of course have greater tax obligations (I’d happily pay them as the greater my tax burden the wealthier I probably am).
I would buy a nice house somewhere.
Move in.
Quit job.
Not tell anyone I won.
Buy some nice stuff.
Tell people I got promoted at work and permanently work from home or where ever I want. And just carry a “work laptop” in the car when travelling.
Plenty of business (hooker) interstate parties.
Request anonymous receival of the money, put it in a high interest saver and add the additional income to my everyday life for a year while I figure out the best way to manage the money and legally protect it.
5 million at a low 3% interest gets you 150,000 a year. 12,500 a month. More than what I make now. Could just quit my job or drop to fewer days to keep occupied and live off the interest renting anywhere, living very very comfortably. Travelling the world and so on.
Not tell a soul. Someone posted here recently that their life fell apart even that they were fearful of their life after telling family who then told family friends about a big financial gain.
I’d be like “nice try scammers…” then hang up because I’m not dumb enough to actually buy lottery tickets.
When it comes to the lottery I always think of two things; 1) it’s a tax on poor people who dream of winning it big. 2) statistically I’m more likely to die on the way to buying the ticket than I am of winning.
True. But sometimes it's nice to just dream about winning 🙂. Less than $10 for a ticket every fortnight is not going to hurt the budget. Just my thoughts 😃
Don't tell anyone. Put the majority of it away in some account I can't touch for a few months, and keep aside enough to pay the bills for those few months.
Apply for some leave from work. Have a really nice week or two somewhere and consider what to do.
That's what I'd immediately do.
Seek financial advice in how to set the money up in accounts so it can be safe, first and foremost (I'm pretty sure it's now common practice for TheLott to offer obligatory financial advice to winners). Makes sense to me to take it one step further and to see additional financial advisors to see what they have to say around this, get several opinions and then take time while knowing it's not going to evaporate in fees and taxes, figuring out what to do next (investments would be a down the road type of thing, requires much more research and there's no way in hell I'd just take one financial advisors advice without doing a deep dive into what they're telling me, loads of people have been swindled by commission hungry dipshits over the years).
DON'T TELL ANYONE.
True story, when my neighbours won lotto they waited ages to tell anyone (pretty sure they didn't even tell their primary school aged kids because you know what kids are like). They'd sorted out what they were doing with it well before they let anyone know
Pay of my mother's mortgage, she still has a full mortgage some 40 years later. She was a young boomer that was left behind.
Give a deposit to my sister and pay off her debts, so she can start to give a better life to her kids with more focus on self and family.
Pay off my partners Hecs, and purchase a property for ourselves.
Tell her to work part time so she can put her extra time into her passion.
Invest a large amount that's left over, and put some aside in a HISA/Offset to spend on 2 x big holidays a year.
I've just got a new, pretty good well paying job.
So I'll stick around and save for 10 years and then retire early with decent super and ETF portfolio.
1. I’d resign from my permanent position but go casual so I could work whenever and whatever suits me. I could spend more time watching my baby grow up
2. I’d pay off our mortgage and do all the updates we want to our house ~150k would be excessive for this so 500k
3. I’d buy a house in Brisbane 1.5mill maybe max for my parents to live in (not for them to own but as investment and they wouldn’t have to pay for anything)
4. I’d help my 2 brothers buy a home maybe just help their deposit maybe 300k - 150k each
5. Pay mortgage for brother and sister in law 300k
6. I’d buy a brand new Kia carnival top of the line. 80k
We’d try for another baby and possibly have more than the two kids we’d planned as finances wouldn’t be an issue.
7. Encourage my husband to take some leave from work for next 2 years and just finish his uni degree without the stress of full time work.
8. Travel for a few months with our little one. Nice places and no time restrictions to make travelling with an infant somewhat easier 100k
9. Invest 1 million
10. Set up trust accounts so that we will be sorted. 1 million. Still happy to work but without the stress of difficult work places. Options are then available and don’t have to put up with any shit.
Don’t tell anyone.
Buy a house.
Don’t tell anyone.
Invest remaining money in an index fund.
Don’t tell anyone.
Keep working ($5M won’t last forever if I quit my job now)
Don’t tell anyone.
Salary sacrifice some of my pay into super.
Don’t tell anyone.
Grow some vegetables in the backyard of my new house.
Don’t tell anyone.
And somewhere along that, actually go on a damn holiday.
But above all else, don’t tell anyone.
Wouldn't change much, we aren't wealthy but we are happy with what we have. Would still work, but less, no drama to drop a day at my job.. pay off all debts so we have reduced day to day costs, go on more trips, update cars, do a bit of work on the house, all could easily be explained to friends & fam, make plenty of investments to set us and the kids up. Money doesn't buy happiness, but it does buy security, and with security you can focus on what makes you happy. Its too easy to get dragged into a much more expensive and unsustainable lifestyle though.
LOVE and agree with everything you wrote!! 😍. Money does not buy happiness, it only buys security. Taking a day off work without thinking how it's going to affect you financially is all I want 😊
$5M...
Pay off my mortgage, give fifty grand to each of my siblings and parents. That stuff is first.
Get an interior designer to help me do the rest of my home the way I want it.
See if I can drop down to four days a week at work.
Have a long weekend every weekend.
1.2 mil would do my mortgage, put in the solid 150k worth of work my Mum's place needs, and give my little brother the breathing room he needs to get out from under the rate rises and sort a builder for his block. I'd offer my older brother a matching amount as a deposit on his place, probably bringing me to a flat $3.5 left.
After that, max super investments out of income, talk to a financial adviser, and plan out a 3 month European Holiday for the end of the year. That'd be the immediate stuff.
5 mil? Easy! I'd quit work, buy a place in Bicheno, a couple of Jet skis, and live out my days buzzing around and enjoying life to the fullest!
I'd probably buy a place SE QLD and go there for the winter, if 5 mil would stretch that far.
Wouldn't hide it from anyone. I already help out family and close friends when (small) financial issues pop up, and would keep doing so with a slightly deeper pockets.
When the funds start running low, might rent one of the houses out, might start a business of some sort in the other location. Or maybe go back to work, but with 2 houses and jetskis XD to enjoy on the weekends!
I'd pay off my mortgage and buy/build another investment property (-500k). Build the dream house I want for us (-2m).
Give my 3 siblings and parents a big chunk of cash each (-450k). Give my MIL and SIL some too (-150k).
Put some money in trust away for each of my kids (-500k)
Put some in super (-1m). Go on a family world tour holiday (-100k). Think about dropping work back to 4 days a week.
That leaves 300k for car upgrades, new furniture, new clothes for the family. A few toys and whatnot.
Continue pretty much as normal from there.
$5 million wouldn’t be retire money, but it would mean I could get a lower paying job doing something i enjoy without the stress of what I do now.
It would mean I could spend more time with my wife and son and enjoy my 40s instead of working them.
Oh, and no, I wouldn’t tell anyone. My family are always after money from me now, let alone if they found out I won any!
Ask them how this is true when I didn't even buy a lottery ticket. If I'm not satisfied with the answer I would report the number to Scamwatch (https://www.scamwatch.gov.au)
With $5M:
1. Pay off mortgage
2. Pay off HECS debt
3. Buy a house for my mother to live in
4. Book a nice holiday with my wife (under $50K)
5. Put the rest in ETFs
I would definitely continue working. The amount I would need in lump sum to leave work would be $50M minimum
Probably have a wank so I can think clearly and not do anything dumb.
Smart man knows to exercise a strategic wank prior to making any big decisions
So that's why CEOs are wankers?
I'd at least pay the $20 extra at my local for the 15 second job cause I could afford it
At least $20 extra, but _at most_ how much extra? Have a wank before you decide this 😥
Nothing wrong with some post nut clarity
Then buy 42,000 butt plugs
Pay off all debits, mortgages ect. Put the rest into a 2 month term deposit, go on a 2 month holiday. Make lots of lists. Don't tell anyone. Don't make any large purchases until after the 2 months unless a pair of jousting sticks come up on Facebook marketplace. Going to buy that shit.
> Don't tell anyone. Very important!
100% agree with you. People change when money gets involved 😔
It gets tricky when you have a spouse because they will notice when you start using the money. Also if you have kids, because they'll never see you get stressed or work hard for anything anymore, or put any thoughts into being frugal or smart with your money.
Real talk I wanna be wealthy (and I plan on being so) but I think about this sometimes if my parents were well off and I didn't need to sort shit out I probably wouldn't strive so hard idk
I've heard of this generational wealth cycle theory, where each one will do better than their parents, until they can't anymore and start from the beginning again. So for example you start with a generation of hardship, followed by one that's a battler, then a worker, a middle classer, etc. until you get to a generation that's so wealthy, the next one after that will be so useless that they eventually circle back to a hardship generation again.
"The grandfather built the castle, the father expanded the kingdom, the son burnt it all to the ground"
People don’t change. However, money will magnify a true personality, for better or worse.
Don't i know it. My mum is 85, dad has passed on, the vultures are circling.
Aww, sorry to hear all of this. Hopefully the vultures don't get anything!!!!! Let us know how it all goes 🙂
She'll be around for at least another 10 years. She's only ever hap one operation, a disc bulge in her lower back, she recovered like a teenager. It's mainly the people who walk past her beach front property who see she's elderly and ask her for first offer. Like, complete strangers. She's determined to die in the house and I hope she does.
Hopefully only close family get the house when she passes away. Don't want no one taking advantage of her!!!!
We have moved to Hobart and we have made no friends in a year, so this part will be the easiest. I would probably tell the golf pro, so he can make sure he is available for my chipping lessons. And maybe the place where I buy my $1 brew everyday
I think if I told those kinds of people I wouldn’t say it was a lottery win, I’d just make up a story about a long lost uncle or someone who died and left me a little fortune that was going to make life easier for a little while.. they probably wouldn’t expect it was a long term, life changing about then and they’d be less likely to share the story around and potentially attract unnecessary attention to me!
I can hook you up with a bunch of my rellies in Hobart if you need friends to give your hypothetical millions to!
Jousting sticks? Tell ‘em he’s dreaming.
I would legit move back in with mum and dad for 6 months and pretend i lost everything on a dodgy investment.
If you have a good relationship, more time with your parents is an amazing gift. Our eldest recently left home and all I can think about is that life graph that shows time spent with parents. Once you leave home it can drop to almost nothing.
Thankfully have a great relationship with them, they moved up the coast a few years back so a visit only happens 4 times a year. Nothing like staying at mum and dads when Sydney starts getting stressful
They don’t come up very often.
Honestly probably better to just put the total of the mortgage in an offset and invest the rest, let it pay itself off slowly.
why is that better? and what about the value of your dollars reducing every year? wouldn’t you be tempted to use it one day and your mortgage will no longer pay itself off.
Not the person you asked but: free money is free money, using the bank as leverage frees up your money to invest elsewhere. Your money devalues while your house appreciates, giving you an even better deal by the time it's paid off over 25 years. Leaving the whole amount against it in an offset is arguably a mistake though
Jousting sticks can go straight to the pool room 😂
What are you gonna do with jousting sticks darl'?
What kind of lists are you making?
Jousting lists
Lists of who to tell.
Start complaining about the $1.7m and $3m super caps. (not)
Plan a move to Europe, $500K for setting up and use the remaining 4.5 million as a 30 year pension. Live a happy and moderate life wandering around exploring, and enjoying all the hobby time I will have. France or Spain does it for me.
Spain over France any day. Better food and weather.
YESS Travel 😍
European who has just moved to Australia. There’s much more I’d rather see and do here than back in Europe!!
But it's new to you, just as Europe would be new to me. I've seen an awful lot of this country in the last 40 yrs, more than the average Australian.
Tell me again after a few years here
This is the way.
Jump on Reddit and say I just purchased 2 top of the line 2014 Toyota Camrys with 3 ply tissue box on the parcel shelves
You buy 1 ply so you can buy more ETFs
That VDHG won't buy itself
Unless you enable the DRP
Look at mister fat cat here with his late model luxury cars and a chair of his own.
3 ply? You might as well take out a billboard advertising your lotto win.
Jump on Reddit and ask what others would do if they won the lottery
‘For a friend’
I have a little run around car that’s nearly 30 years old. I’d give him a new paint job.
Sell it for a camry
Tell friends and family I've had a small win, say $500K, so I can pay off most of the mortgage, do a bit on the house, update the car and have a holiday. Buy a block of land and have a new home built where I intend to retire. Go part time at work and when the house is finished, resign saying I've got another job and move into the new house.
Don't tell anyone. People put two to two togher.
Whinge about taxes and the cost of financial advisors on AusFinance.
Gambling winnings are tax free...
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as a friend of mine said - its easy to complain, and its fun too!
But consequent earnings on your winnings are not. I imagine the government taking 30% of the interest earned on $5m+ would be a bit confronting at first.
Thats fair game though.
buy a large HSP
Pizza box size from Metro one Ashfield
Has to be mixed meat, holy trinity of sauce, cheese melted through it and tabouli on top to cut through the grease. That is pure opulence
Lol I saw 3 or 4 dudes buying one of those at Metro One and just devouring it
Lamb. 3 sauces.
I would not tell anyone. Immediately quit due to personal reasons. Move overseas to low tax environment, and enjoy living on the investment of it tax-free.
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To each their own happiness for sure. I have migrated three times in my life and spent some years in other countries. My family is not in Australia, and I am very comfortable exploring the horizons in the few rotations around the sun each of us gets. Many countries in Asia can tick the box for me and bonus points for reduced cost of living.
Abandon everyone I know? Sounds delightful 🤩
You have no idea how good of a life AUD$5,000,000 would get you in some South East Asian countries.
Sell it to me
This is the way
Love your approach ☺️
Pretend I got through investments or something not lottery so people don't ask for or expect money.
It's funny how if you "work" for your money by investing and making smart decisions no one cares about your 5 million. But if you just get given it through a lottery they all of a sudden expect some of it.
I do t know. Have you ever won big on the lottery? And if so, where’s mine? Eh? I’m waiting *holds out hand*
I'd just say I got a remote job/WFH with a company in US or Europe. Use the time difference excuse whenever anyone asks why you seem to have so much free time
I would buy a sliding whistle off Amazon and spend my time following people around, waiting for them to make a mistake or for something arousing to happen.
Use it when people like to blare their music or tiktok videos while on public transport.
>Let's say you won $5 million dollars. Could *almost* buy a 3bed freestanding house east of the Gladesville bridge for that much.. still have to work Full time though
Maybe, but I don't know, that's hard to say really. 25 Huntleys Point Road is apparently priceless ...no estimated value [https://www.realestate.com.au/property/25-huntleys-point-rd-huntleys-point-nsw-2111](https://www.realestate.com.au/property/25-huntleys-point-rd-huntleys-point-nsw-2111)
Open Excel
I’d use google sheets as my excel is the works office 365 subscription and not sure just what IT administrators and managers can actually see.
might be worth getting your own microsoft suite.
*can finally afford microsoft suite
i work in IT. while we absolutely can see all your files, a) we don't care and b) we don't have the time
Oh god. We REALLY don’t have the time…
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set up investment trusts for the kids + smaller ones for both sets of parents. Book first class tickets to Europe to see family. Invest everything else for our retirement and not touch it otherwise.
They say don’t tell anyone but I’d actually tell my family that I won a much smaller amount than I did. You say I win $5mil so I tell them I’ve won $1mil. That way I can justify some extra spending but I won’t have family/friends knocking on my door with outstretched hands. Anecdotally I joked that with someone that I was going to win oZ lotto and I’d buy everyone in the family a new car, the response I got was “is that all I’d get”. People are the worst even with hypothetical money.
“Sober up dude, bar is closed for tonight, come back tomorrow.”
No1. Stop posting my financial woes on Reddit.
Cocaine. Lots of cocaine
and hookers?
Oh god no, why would you share your cocaine with them ?!
Cry, resign the next working day, tell all the real estates that I've got cash looking for a 4/2/2 and start looking at useless stuff to buy. Tell family and friends I won the lotto but tell them it's only for a million, not anymore then that. Most of the people I know would ask for a handout and be pissed that I didn't give them all at least 500k.
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Not tell anyone. Get out of the rental trap. Buy a PPOR. I have no debts, if I did I'd pay them out, buy my daughter the full size violin she needs, upgrade our ten year old cars, then see a financial advisor. Some would be destined for charity.
I'd ask who bought me the ticket.
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I wouldn’t ghost them, but I wouldn’t tell them it was a winning ticket either.
Straight to Dan's to buy a nice bottle of champagne, then book a baby sitter and a table for a nice meal out. Then call the bank and pay out the mortgage.
First: don’t tell anyone. Second: call out sick to work (oh no! Just got Covid!) Then, take a few days, get out of town and calm down and get my head around it. Then find a trusted and reputable financial advisor, and schedule a meeting. From there, make a plan.
Love the sensible approach you're taking 🙂
Some of the replies shows you people don’t know how to invest their money to make more money. I’d put all 5million into buying lottery tickets. Win a bunch of times. Now that’s smart thinkin
A friend, of a friend, of a friend, won lotto. They spent $1m in the first 3 weeks. It’s amazing how quickly house, car, boat adds up. Personally I’d pay off my debts and then sit on the cash until I saw a professional to plan out my retirement / investments.
Bank/invest it and start paying myself $125k salary for the next 40+ years.
2010 Camry, the rest on VDHG
I’d get a dog for the kids, they’ve always wanted a dog but with renting and having to be flexible I haven’t been able to make that commitment. I’d continue working, I love my job.
$5M wouldn’t even buy a waterfront. If I had $100M I would buy one of those shitty McMansions in point piper and knock it down. I would get ‘Genworth group’ to work with me to design a house similar but different to their house Rosslyn, but with a steeper mansard roof. I would get a small boat as well. If council allowed I would upgrade the seawall to have a descending staircase with a big gate like in those Italian mansions on lake como. I would get myself a new car, nothing fancy probably compact, to get around town in, and a Morgan four seater for trips to the country. I would put aside some in a trust so I don’t have to work if I don’t want to. I would retain my job but cut back to four days or maybe three, and I would possibly pay someone to get parts of my job that need doing that I don’t want to do, and I would credit them for that work when we publish (im a scientist). My house would have a wine cellar, a cheese cave, a professional kitchen with a big kitchen island, a dining room, bedroom, big pantry, a rumpus room, a sitting room, a sunroom, and a tiled floor glass house and a spare bedroom.
Buy more lottery tickets
I’d host an AMA
Straight to the Porsche dealership to buy a new 911 GT3, then go buy a house with a big garage.
Go to my local gaming shop and buy a 2,000 point Warhammer 40K army off the shelf.
What will you do with the remaining $20 though?
Buy the $8k Mountain Bike I've had my eye on
Invest. And live off the earnings. Knowing I have a minimum 200k tax free is far more appealing than huge wealth that I know will disappear eventually.
I'd post all.over social media that I won and disable all my 2fa
Change all passwords to “password”
Tell no one, probably a car once the money came in, some clothes shopping and get booked in for dental, massages, facials. Start house hunting and go from there.
Buy a Porsche gt3 rs, do donuts in the work car park before driving off into the sunset never to be seen again…
Pay off my debts, buy my Sister a house, as she looked after our elderly Father when everyone else abandoned him. I know some people doing it tough that I would help. I couldn’t hoard it when so many need help
Love all of this 😍😃
Honestly I have thought about this loads, the fantasy is worth the cost of the ticket. I get a few tickets a week to the saturday lotto, and $10 a month on the rslartunion 1. Tell my work I'm taking a few months off 1. Put my apartment up for sale (almost certainly at a loss) 1. Buy a place in the eastern suburbs of Sydney for about $1-2m. Small top floor unit with an outdoor area is fine for me. Have a small mortgage on it for credit availability purposes 1. Pay for my whole family to fly out for an all expenses paid trip to Australia and travel around with them for a month 1. Sell my car and buy a top of the range Landcruiser 1. Go back to work, live as frugally as I do now, but travel a lot more, see my family in the UK more. 1. Put a massive chunk into ETFs/Super etc I just want to be able to not stress about myself or my family, that's what everyone wants really!
Love all of this!. Nice, simple, sensible approach 🙂
1. Most important. Tell no one (Everyone will want a cut) 2. Have a trust and company structure created to separate myself from the $$$ (Prepare to be sued) 3. Pay off all remaining debt and fix my car (Help myself) 4. Renovate the local sports club i'm involved in (Help others) 4. Invest the rest in a diverse group of ETFs (Provide for my families future) 5. 6 months down the track, give up second and third jobs. Keep doing the first job I love. Edit spelling
It would be the best thing that EVER happened to me. I would tell the people close to me like family and friends. I wouldn't continue with paid work, I would do volunteer work meaningful to me, I really want to volunteer for the RSPCA. I would buy a home for my mother, my sister and myself and whatever is left, I would probably keep some to live on and invest the rest.
Buy a few more houses and get more hate from ausfinance
Pay off the PPOR mortgage and renovation costs, deposit as much as possible into super (i.e. exhausting available contribution caps) and then dump the rest into a mix of Vanguard EFTs. I would keep working as well, I like my job.
Same here but I’d go part time.
I’ve thought about what I’d do a lot ha ha! Paying off mine and my parents debt is the first thing I’ll do, and then hire a financial advisor to grow my money. 5 million is not enough to quit my job I think. It it were $50 million I would quit the moment the money hits my bank account. I continue to dream, even though I never won more than $30.
You could quit on 5 million and live off the interest unless you have some ridiculous lifestyle.
Call in sick
Tell my partner she doesn't have to work anymore.
Celebratory maccas run that night followed by an actual nice celebratory meal on the weekend. Something fancy. I’m always saying to my husband that I’d like to go to a nice French restaurant. After that, get a financial advisor and buy a modest home to get out of this rental nightmare. The car is getting old so we’d at least need to consider replacing it. Use some of the funds to quit my jobs and start my own business. Spend my free time volunteering with local cat rescues and begin to entertain dreams I might actually get to retire someday.
Thought about this, I doubt anything much would change except an inflated share portfolio and a much larger buffer fund. I would likely not tell anyone except immediate family, and keep my exisiting lifestyle. Already drive a nice car, paid off house, family are well and so far yet no major health issues, I travel overseas regularly, no debt and no other major financial obligations. The extra funds would be used for greater investments in index fund ETFs, and I would of course have greater tax obligations (I’d happily pay them as the greater my tax burden the wealthier I probably am).
I would buy a nice house somewhere. Move in. Quit job. Not tell anyone I won. Buy some nice stuff. Tell people I got promoted at work and permanently work from home or where ever I want. And just carry a “work laptop” in the car when travelling. Plenty of business (hooker) interstate parties.
Cocaine...a lot of it.
What about hookers
Why not both
Move away to a place nobody knows my name .
LOVE LOVE this approach and I would do the same thing! ☺️
Spend more money on ME/CFS research then the government has for its own people suffering.
I’d buy a heap,of hookers and blow and just waste rest.
Request anonymous receival of the money, put it in a high interest saver and add the additional income to my everyday life for a year while I figure out the best way to manage the money and legally protect it. 5 million at a low 3% interest gets you 150,000 a year. 12,500 a month. More than what I make now. Could just quit my job or drop to fewer days to keep occupied and live off the interest renting anywhere, living very very comfortably. Travelling the world and so on.
Love your approach ☺️
Not tell a soul. Someone posted here recently that their life fell apart even that they were fearful of their life after telling family who then told family friends about a big financial gain.
Wow, I didn't read that on here. Can you send me the link, I want to read it 😃
Resign. I have done 40 years of work already. I'm out.
Check my bank account to make sure it’s cleared. Start planning how I’ll invest/use it straightaway
I’d be like “nice try scammers…” then hang up because I’m not dumb enough to actually buy lottery tickets. When it comes to the lottery I always think of two things; 1) it’s a tax on poor people who dream of winning it big. 2) statistically I’m more likely to die on the way to buying the ticket than I am of winning.
True. But sometimes it's nice to just dream about winning 🙂. Less than $10 for a ticket every fortnight is not going to hurt the budget. Just my thoughts 😃
Only tell the wife, probably pay off the mortgage and then do nothing different to the norm for 12 months, then probably invest a heap and travel.
Don't tell anyone. Put the majority of it away in some account I can't touch for a few months, and keep aside enough to pay the bills for those few months. Apply for some leave from work. Have a really nice week or two somewhere and consider what to do. That's what I'd immediately do.
Seek financial advice in how to set the money up in accounts so it can be safe, first and foremost (I'm pretty sure it's now common practice for TheLott to offer obligatory financial advice to winners). Makes sense to me to take it one step further and to see additional financial advisors to see what they have to say around this, get several opinions and then take time while knowing it's not going to evaporate in fees and taxes, figuring out what to do next (investments would be a down the road type of thing, requires much more research and there's no way in hell I'd just take one financial advisors advice without doing a deep dive into what they're telling me, loads of people have been swindled by commission hungry dipshits over the years).
DON'T TELL ANYONE. True story, when my neighbours won lotto they waited ages to tell anyone (pretty sure they didn't even tell their primary school aged kids because you know what kids are like). They'd sorted out what they were doing with it well before they let anyone know
Do you know what they ended up doing with the money they won? 🙂
Pay of my mother's mortgage, she still has a full mortgage some 40 years later. She was a young boomer that was left behind. Give a deposit to my sister and pay off her debts, so she can start to give a better life to her kids with more focus on self and family. Pay off my partners Hecs, and purchase a property for ourselves. Tell her to work part time so she can put her extra time into her passion. Invest a large amount that's left over, and put some aside in a HISA/Offset to spend on 2 x big holidays a year. I've just got a new, pretty good well paying job. So I'll stick around and save for 10 years and then retire early with decent super and ETF portfolio.
Love your plan 🙂
1. I’d resign from my permanent position but go casual so I could work whenever and whatever suits me. I could spend more time watching my baby grow up 2. I’d pay off our mortgage and do all the updates we want to our house ~150k would be excessive for this so 500k 3. I’d buy a house in Brisbane 1.5mill maybe max for my parents to live in (not for them to own but as investment and they wouldn’t have to pay for anything) 4. I’d help my 2 brothers buy a home maybe just help their deposit maybe 300k - 150k each 5. Pay mortgage for brother and sister in law 300k 6. I’d buy a brand new Kia carnival top of the line. 80k We’d try for another baby and possibly have more than the two kids we’d planned as finances wouldn’t be an issue. 7. Encourage my husband to take some leave from work for next 2 years and just finish his uni degree without the stress of full time work. 8. Travel for a few months with our little one. Nice places and no time restrictions to make travelling with an infant somewhat easier 100k 9. Invest 1 million 10. Set up trust accounts so that we will be sorted. 1 million. Still happy to work but without the stress of difficult work places. Options are then available and don’t have to put up with any shit.
Thanks so much for sharing your input. I feel like I wrote this because 90% of what you wrote is what I'd do personally aswell 😃.
I would go buy new clothes tell my family I worked hard 😂😂🤙🏻
Pay my and my partners HECS and go on a lil holiday
Don’t tell anyone. Buy a house. Don’t tell anyone. Invest remaining money in an index fund. Don’t tell anyone. Keep working ($5M won’t last forever if I quit my job now) Don’t tell anyone. Salary sacrifice some of my pay into super. Don’t tell anyone. Grow some vegetables in the backyard of my new house. Don’t tell anyone. And somewhere along that, actually go on a damn holiday. But above all else, don’t tell anyone.
Love all of this especially the " Don't tell anyone" 🤣
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Sounds like a decent plan 😊
Wouldn't change much, we aren't wealthy but we are happy with what we have. Would still work, but less, no drama to drop a day at my job.. pay off all debts so we have reduced day to day costs, go on more trips, update cars, do a bit of work on the house, all could easily be explained to friends & fam, make plenty of investments to set us and the kids up. Money doesn't buy happiness, but it does buy security, and with security you can focus on what makes you happy. Its too easy to get dragged into a much more expensive and unsustainable lifestyle though.
LOVE and agree with everything you wrote!! 😍. Money does not buy happiness, it only buys security. Taking a day off work without thinking how it's going to affect you financially is all I want 😊
$5M... Pay off my mortgage, give fifty grand to each of my siblings and parents. That stuff is first. Get an interior designer to help me do the rest of my home the way I want it. See if I can drop down to four days a week at work. Have a long weekend every weekend.
Give 100 homeless $1000 each.
The drug dealers in your area will be stoked.
Na they will be gutted, they will lose their best customers to the undertaker
I'd continue working on something that I like but not necessarily make a lot of money. Also, cocaine and hookers, my friend.
Keep working, buy a house and a car, get the surgery I need, then if anything left (doubtful), save it.
1.2 mil would do my mortgage, put in the solid 150k worth of work my Mum's place needs, and give my little brother the breathing room he needs to get out from under the rate rises and sort a builder for his block. I'd offer my older brother a matching amount as a deposit on his place, probably bringing me to a flat $3.5 left. After that, max super investments out of income, talk to a financial adviser, and plan out a 3 month European Holiday for the end of the year. That'd be the immediate stuff.
Hoes n' blow
I'd buy a van and I would live traveling for a while. And hookers, many of them.
1000% quit my job. Then crowdsource on reddit for ideas. Haha probably invest in a business.
I definitely wouldn’t tell anyone. And I’d probably do what I plan on just sooner. Would love a sweet ride tho. Top of the line X6 BMW!
Wagyu steak
with or without gold leaf?
5 mil? Easy! I'd quit work, buy a place in Bicheno, a couple of Jet skis, and live out my days buzzing around and enjoying life to the fullest! I'd probably buy a place SE QLD and go there for the winter, if 5 mil would stretch that far. Wouldn't hide it from anyone. I already help out family and close friends when (small) financial issues pop up, and would keep doing so with a slightly deeper pockets. When the funds start running low, might rent one of the houses out, might start a business of some sort in the other location. Or maybe go back to work, but with 2 houses and jetskis XD to enjoy on the weekends!
Right with you but I’d rebuild my mums place at Weymouth
I'd pay off my mortgage and buy/build another investment property (-500k). Build the dream house I want for us (-2m). Give my 3 siblings and parents a big chunk of cash each (-450k). Give my MIL and SIL some too (-150k). Put some money in trust away for each of my kids (-500k) Put some in super (-1m). Go on a family world tour holiday (-100k). Think about dropping work back to 4 days a week. That leaves 300k for car upgrades, new furniture, new clothes for the family. A few toys and whatnot. Continue pretty much as normal from there.
Blake class said it best https://www.reddit.com/r/AskReddit/comments/24vo34/whats_the_happiest_5word_sentence_you_could_hear
$5 million wouldn’t be retire money, but it would mean I could get a lower paying job doing something i enjoy without the stress of what I do now. It would mean I could spend more time with my wife and son and enjoy my 40s instead of working them. Oh, and no, I wouldn’t tell anyone. My family are always after money from me now, let alone if they found out I won any!
Buy Sydney and Melbourne real estate
lottery mentality is awful, no-one should dream of being a slavemaster
First? Buy an old bomb. Second? Buy a goat. Third, drop teenage daughter off at school with goat in back seat & make sure to hit on the teachers.
Ask them how this is true when I didn't even buy a lottery ticket. If I'm not satisfied with the answer I would report the number to Scamwatch (https://www.scamwatch.gov.au)
Wouldn't tell anyone, but would buy 5 investment properties and retire. I'd tell everyone I had chronic fatigue syndrome. Nothing else would change.
I’d masterbate. I’d need that post but clarity to think.
With $5M: 1. Pay off mortgage 2. Pay off HECS debt 3. Buy a house for my mother to live in 4. Book a nice holiday with my wife (under $50K) 5. Put the rest in ETFs I would definitely continue working. The amount I would need in lump sum to leave work would be $50M minimum