What would YOU do if you won a tidy windfall from the Premium Bonds?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 1 March 2019
⏱️ 46 minutes
🧾️ Download transcript
Summary
National Savings and Investments has launched Ernie 5.0 – its fifth generation machine that draws the Premium Bond numbers.
It now takes just 12 minutes for numbers to be generated by the Electronic Random Number Indicator Equipment compared to 10 days back in the early 1970s.
This week, editor Simon Lambert, assistant editor Lee Boyce and host Georgie Frost answer the question – what would you do if you gained a windfall, big or small, either from the Premium Bonds or by other means?
What does it mean to win big and what are the first things you need to think about if you’re lucky enough to come into some cash?
And when it comes to gifting some of your windfall to children, should it go towards their student loan, help with a house deposit, put in a pension or help them get involved in investing?
We also discuss a 57-year-old reader who was the latest star in our regular Money Pit Stop series, who wants to make sure his own investment portfolio can withstand downturns and provide him with a good income at retirement.
Additionally, after we launched our This is Money Diaries this week, we reveal the concerns our 28-year-old first Guinea Pig has – and why we want the younger generation to get involved.
Transcript
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| 0:00.0 | Welcome to This Is Money in partnership with NS&I. I'm your host, Georgie Frost, and alongside |
| 0:06.4 | editor Simon Lambert and I today is Assistant Editor Lee Boyce. And coming up, there's a new |
| 0:11.1 | Ernie in town. Like Doctor Who, the premium bond generator, had its fifth incarnation this week |
| 0:17.0 | using quantum technology. So today we'll be taking a look at how best to manage |
| 0:22.1 | a big windfall. Also, what's the best way to help your kids out financially and how to make |
| 0:27.4 | sure your own investment portfolio provides for you in retirement? Oh, and I get to go on a |
| 0:32.8 | secret mission to Bletchley. Don't forget you can stay up to date with all the latest breaking |
| 0:36.7 | money news. Just go to this ismoney.co.com or download the app. |
| 0:41.1 | This is Money brought to you in partnership with NS&I premium bonds. |
| 0:45.7 | Now you can start saving from just £25, millions of tax-free prizes every month. |
| 0:51.3 | Now this week saw the launch of the new Ernie machine. It's come a long way from |
| 0:55.5 | its 1950s beginnings. We'll talk about that more later on, but it got us musing on perhaps a rather |
| 1:01.5 | nice problem to have what you should do if you suddenly get a large amount of money. Now, Winfell, |
| 1:06.1 | of course, can come as a result of a number of things, inheritance, sale of business, a house, and yes, a premium bond win. |
| 1:13.0 | But Simon, before we get to the nitty-gritty, I suppose it's all relative, isn't it? |
| 1:17.7 | Yeah, the size of a windfall and how much of a windfall difference that makes depends on how much you have in your bank account to start with, I guess. |
| 1:25.6 | If you are someone who is already |
| 1:27.9 | relatively wealthy, then an inheritance of, say, 100,000 pounds may not feel like a particularly |
| 1:34.7 | life-changing sum. It's certainly not something to be sniffed at. However, if you are someone |
| 1:40.3 | whose bank balance is flirting more with the lower numbers or even zero, then £100,000 |
| 1:48.0 | is going to make a huge difference. But even further down the scale, so we often talk about |
| 1:52.8 | windfalls, we talk about very large amounts. But even if you've got relatively low savings, |
... |
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