A teenager has revealed he won the Set For Life lottery, which pays him £10,000 a month for the next 30 years, but admitted he is unsure what to do with the money.
Taking to RedditThe 19-year-old from the UK, who remained anonymous, asked for advice on how to manage his £3.6m winnings.
The lucky teenager revealed he was due to start university in September but was now wondering whether he should go or not.
They also wanted to know what they should do with the money and whether they should inform people. Most of the answers warned that they should not tell anyone about the victory.
The charge Lee: ‘I’m 19 and I’ve won the lottery for life. What should I do? I’m not sure what to do with the money. I’m going to university in September, I don’t even know if I should go. But what else can I do?’
A teenager has revealed he won the Set For Life lottery, which pays him £10,000 a month for the next 30 years, but admitted he is unsure what to do with the money (file image)
‘Any recommendations on what to do with the money? I’m not sure if I should tell anyone. One part says yes because it’s not a huge sum of money, people can’t ask for anything. But another part says don’t say anything.
“I also don’t know how to explain where that money came from if I don’t say anything. What should I do?”
“DON’T TELL ANYONE,” was the common warning from those who pitched in to offer advice.
One person said: ‘DON’T TELL ANYONE. If they’re curious that you have money, tell them “you made some smart investments when you turned 18 and you’re just coming of age.” Not much, but it means I’m comfortable.
‘Maybe you could pay yourself a ‘salary’ and save the rest. £2,000 a month should be more than enough to live on at university.
‘Saving £8,000 a month after three years at university will be enough to buy a small property outright, or a significant chunk of the equity in a decent mortgaged property.
‘Do lots of volunteer or odd jobs. You won’t need to work until you’re 49. And, ideally, if you’re smart with money, you’ll never need to work.
“So make sure you find something you love and that keeps you busy. Finding a job you love will be the key. Salary won’t matter.”
Meanwhile, others advised the teenager to seek an independent financial adviser to help him decide what to do with the money.
One person said: ‘1. Get an independent financial adviser, 2. Pretend you have no money and live life, 3. Go to university to gain experience and socialise etc. 4. Remember it’s a life change but it’s not unlimited, it’s not financial – don’t let it change you, don’t get into drugs or alcohol out of boredom or lose respect for others or yourself, pick up some hobbies you enjoy.’
Someone else said: ‘Don’t tell anyone and go to college. You don’t have to show off anything, just act like a normal student.’
“At least you’ll be able to enjoy yourself and you won’t have any debt pressure when you graduate, and that will give you time to think about things. I guess the other option is to travel for a while.”
A fourth wrote: “This is harder than most people think. I’ve been through the experience of making money and it’s weird. If you don’t tell the people close to you, you’re creating some kind of wedge between the two of you where honesty would have been before.
‘If you do, they might expect you to do favors for them or pay for everything all the time. But more than that, people don’t always get along with people who have very different finances. There’s jealousy or something like that with certain people.
‘Personally, I wouldn’t say that and I wouldn’t spend it on anything crazy. I would just incorporate it little by little into your life and keep it as a reserve in case you need it one day.
‘Living like a rich person is not that helpful in improving happiness. Most people are happier with a job that they consider valuable and sufficient to live on without trying too hard. Of course, it’s up to you.’
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