Reply to: Safely investing £10m in cash

[shaunbhoy]

And if some dodgy country decides to take your money, or their banks go bust - good luck getting it back.

Probably best to wait until AFTER you have won the £10M d000hg. Once you have cleared that hurdle, THEN shell out for a decent financial adviser, but until then I am sure you would be better off worrying about World Poverty or the price of Chips.

HTH

[Underbase]

If you really want to just "park it" buy Gilts, you aren't going to make much but you are pretty much safe, unless the British Government defaults, in which case their bank account protection will be worthless anyway.

[SimonMac]

When you got £10 mln, it's more important to look at your costs, money saved - money earned.

Lottery Winners Who Lost Everything - Business Insider

[AtW]

But the income from any investments won't be

When you got £10 mln, it's more important to look at your costs, money saved - money earned.

[SimonMac]

Lottery win is tax free, so no point hiding it...

But the income from any investments won't be

[d000hg]

And if some dodgy country decides to take your money, or their banks go bust - good luck getting it back.

[AtW]

Start here: The 10 Biggest Tax Havens in the World - TheRichest

Lottery win is tax free, so no point hiding it...

[WordIsBond]

Start here: The 10 Biggest Tax Havens in the World - TheRichest

[alphadog]

You should what's morally right and give 100% of it to the government

[AtW]

I don't have £10m (not yet) but I was thinking about if you won £10m on the lottery, how you could safely invest it, as cash, given that the government only guarantees a pretty tiny amount per personal account?

More lottery tickets surely? Since you would have to be the lucky one to win £10 mln in the first place...

btw, half of that money would go to your ex-wife, and quarter to lawyers, so only £2.5 mln left.

[DimPrawn]

I'd buy 100 slum BTL and live off the state by proxy.

[DimPrawn]

Its only cash that is "at risk" buy equities and you will still have "something" although it might be worthless over time

FTSE 100 erases gains for 2015 amid China stock market meltdown | City A.M.

All of 2015 gains wiped out.

[SimonMac]

You can't buy insurance or similar?

Its only cash that is "at risk" buy equities and you will still have "something" although it might be worthless over time

[d000hg]

Use the £10M as a small deposit for a flat in central London. Problem solved.

3 bedroom flat for sale in One Hyde Park, 100 Knightsbridge, London, SW1X

It needs to be easily accessible for spending Where/how can large amounts of cash be kept with some sort of guarantee, without the need to split across every bank you can find?

Thought you'd know about this DP with all your millions

You will always be limited to the £85k per institution, so you would need to open up a fair few new accounts.

You can't buy insurance or similar?

[SimonMac]

You will always be limited to the £85k per institution, so you would need to open up a fair few new accounts.

With that much you would just need to play it safe, some index trackers etc to give you 2-3% on the bulk of the money, say £5m will give you an income of £100,921 a year (@2%) which is more than enough to live off, say £3m for a respectable house somewhere nice and then you have £2m to blow on anything that takes your fancy

With that much cash most places will give you access to their private banking and a nice shiney black card