Tuesday, 21 October 2014
Who wants to be a millionaire ?
Tonight, the EuroMillions lottery prize is estimated to be £143,000,000.
One lucky winner is going to 'invest' £2 and earn a whopping, life changing sum. And it COULD BE YOU!
But it won't be. not you, or me. This lottery has already rolled over 4 times. That means despite all the regular players, and those newly tempted for a flutter by the prize money, having already each tried to guess the seven necessary numbers, not a single person in Europe has. The odds are 116 million to one. it isn't going to happen.
Still, speaking as someone who won $1,000 at Caesar's Palace, and then dragged the wife over to the Wheel of Fortune to show her how I did it .. and won another $1,000 .. for an outlay of $10, it CAN happen.! Dream the dream of totally undeserved megawealth.
But if you did win, good and sensible readers of Capitalists@Work, where are you going to put your oligarch's fortune?
Assuming you buy yourself a Maclaren Supercar. And whatever vehicles the others in your immediate family want to have. .A mansion in Virginia Water. A modest flat in Chelsea..A Monaco apartment. New furniture to fill your new homes as you won't want your old tat cluttering up your new domiciles. And new clothes .. makeover ..plastic surgery .. best sporting equipment and entertainment systems on offer .Super-luxury holiday to Australia, Japan, Dubai.. and then dish out handfulls of millions to your lucky brothers and sisters and cousins and so forth...well, chances are, you will still have at least £100 million left.
That is a lot of money to find somewhere safe to keep it. The banks are only guaranteeing you £85,000 per bank. You can't have a thousand bank accounts.
The ISA annual tax free allowance isn't even a day's interest. Premium bonds can't take more than 0.0004% of your CASH wealth. You can put money into shares. But..that whole dotcom thing..and Enron..And Disney! Or there is property. But Ed and Vince and even George are just waiting for mugs to buy million pound homes so they can take a few tens of thousands of pounds off them each year.
Personally, I might stash 10 million around the world, in various banks and buildings, just for emergencies, and then use the £90 million remaining to make a romcom movie staring Angelina Jolie and myself.
After all, people, and governments, are going to be trying very hard to take this dosh off of me.
At least I'd have a memorable screen kiss with Angelina on a speedboat, whilst spraying bullets at black outfitted bad guys .. Or instead, you could just give lots of it it to Alex Salmond like some previous euromillion winners chose to do.
Assuming you, the good and hopeful, blog readers, would rather invest the remaining money you have decided not to just blow in the initial euphoria, where on earth are you going to put it? Where can you deposit it with a reasonable degree of certainty that it will be there when you return to check on it?
Its a tricky problem.
Though admittedly, a problem it would be very nice to actually have.
Posted by Bill Quango MP