DON’T spend up regretting your jackpot
Money expert advises to hold back on buying any item more than €10k for first eight weeks
A TOP financial expert yesterday warned the €175million Lotto siblings not to blow their fortune or they could end up regretting it.
Money advisor Eoin Mcgee said the five sisters and four brothers from the Rogers family shouldn’t spend more than €10,000 on any single item over the next eight weeks.
He added: “Don’t blow money on things you may regret down the line. Treat yourself if there’s something that you really want.
“But blowing thousands on something significant could be an utter waste of money and that is a common regret people have spoken to me about before.
“They regretted not taking a step back and asking themselves will it really make them happy.”
The nine sublings, originally from the Naul in North Co Dublin, scooped €175million on Tuesday’s Euromillions – the country’s largest ever Lotto jackpot.
Most of the family live in area and in nearby Duleek Bellewstown, Co Meath.
The winning ticket was bought in Reilly’s Daybreak in the Naul.
Mr Mcgee, a financial planner and principal of Prosperous Financial Planning, also advised the winners to be aware of how their huge fortune will impact others lives.
DECISIONS
the and
He added: “When you win this amount your head is not in the right place to make decisions.
“There’s huge pressure for everyone involved and some people, no matter how much money you give them will think that’s the value you put on your friendship with them.
“Don’t make any big promises to people and don’t tell them you’re going to give them money – you’re not thinking rationally.
“Your head is absolutely blown apart right now and it’s not possible to think rationally when you’ve gone from not having €175million to now having it.”
Mr Mcgee said people who come into a lot of money begin to question old friends who may get in touch to congratulate them.
He added: “You could meet someone who you used to be close to and you will begin to wonder are they being friendly because they know you’ve money in the back pocket or are they genuinely happy for you and not just looking for money.”
The money guru added the Rogers family should Eoin Mcgee be clever and invest their winnings wisely and they could end up earning up to €7million a year in interest alone.
He said: “If you put €175million into a bank account and got an interest rate of 0.25% – you would get an income before tax of €36,458 per month and you would not be eating into any of your own money. But if you were a bit more clever about it and invested it in a long-term investment portfolio, which generated 4% per annum, you could be looking at an income of around €583,333 per month or €7million a year, again without touching your own dough.”
Mr Mcgee also advised the Rogers to create a family trust because there is a lot of legal, financial and revenue advice needed. He said: “They should use it as a way of tax efficiency and passing the money around the family.”
Meanwhile, a close friend of Christine Rogers, one of the lucky syndicate winners, from Bellewstown, Co Meath, said the fortune won’t change her.
He told the Irish Mirror: “You know when they say when people get