What would you do if you suddenly became super-rich?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 27 May 2022

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Sudden Wealth Syndrome. It's a thing apparently and something that many of us probably wouldn't mind suffering from.

That's the term used to describe those who suddenly - and perhaps unexpectedly - come into a very large sum of money. And doing so brings plenty of benefits but also its own problems.

Over the past week, we have heard about the couple who won £184million on the Euromillions, but what are the challenges they will face and how do you deal with that sum of money.

We spoke to a number of experts about this and on this week's podcast Georgie Frost, Helen Crane and Simon Lambert discuss that they said - and why apparently going public is the right thing to do.

The team also conjure up dreams of how they might use so much money, from the long-term, to the first thing they would do.

Also on the agenda are the boost to the Premium Bonds prize fund and rate and whether this makes them a good option for savers and why buying a fixer-upper could end up costing you far more than a house that's already 'done'.

And finally, just when you thought it was safe to go back on holiday... the car hire crunch has got even worse. How bad is it and why?

Transcript

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0:00.0	Welcome to This Is Money Podcast. I'm Georgie Frost and joining me today is editor Simon Lambert and assistant editor Helen Crane.
0:10.0	And coming up, Sudden Wealth Syndrome. What to do if you win the lottery and become mega rich overnight? There are worse conditions to have than that.
0:19.0	Or you could win at the premium bonds.
0:21.0	They've become a little more appealing this week as NS and I finally edge up the rate.
0:25.2	If you think property renovation is your winning financial ticket, you might want to think again.
0:30.3	While another way to lose lots of money is by renting a car on holiday.
0:33.8	We look at the soaring prices.
0:36.0	Don't forget you step to date with all the latest
0:37.6	breaking money news. Just go to this is money.com.com.uk or download the app. But first, a couple
0:45.4	from Gloucestershire became the biggest winners of the euro millions this month, taking
0:50.3	180 million pounds. We've all dreamt about what we'd buy, around the world trip,
0:56.2	house in Barbados, Derby County Football Club.
0:58.7	But how do you actually deal with the reality of becoming mega rich overnight?
1:04.5	Well, the first thing L'Octrie owner Camelot do is offer the winners a financial advisor.
1:09.8	Very sensible, but what do they advise?
1:12.2	We'll get into that, but firstly, the dream.
1:15.9	Simon, Helen, what would be the first thing that you would do with a big lottery win?
1:22.3	Well, you dream about winning that kind of sum of money.
1:26.0	184 million, a life-changing sum of money.
1:29.7	Not the kind of money that you think that would be amazing.
1:33.0	I'd be a multi-millionaire, but I could see how you could spend $5 million.
1:38.7	184 million.
	...

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