So you have won $150k – what’s next

[typhoon13]

i'm in the "if it looks too good" camp on this 20% over ten months.

I use to be in that camp also

Can fully understand

[OverTheBorder]

All the celebrities getting done with tax avoidance were told it was pukka at the time by the best accountants in the business. It takes more than a 24 hours to find a hole. It took 30 years to find Maddoff out.

[the sicilian]

Wouldnt let Willie Tann know

[kukushkin88]

Magic beans vs the cold pragmatism of Doobs, I know where my money is.

[neeko]

Current risk free rates are

German 2 year - 0.23% (that really is negative)
UK 2 year + 0.48%

Other rates
India 10 year is 7.8%
Brazil 5.0%
Greece 10.8%

So this return is either twice as risky as Greece or the issuer is clueless about money. (I think both of those are bad)

[SuuPRlim]

Surely it depends on your financial situation, if £100k represents a significant portion of your overall net worth then you HAVE to accept that poker isn't a source of long term profit and bang the cash into sensible stuff, mortgages, investments + obv gotta treat yourself to some nice stuff - after all whats the point in playing if you're not gonna feel like a king for a bit after a significant win

IF you're lucky enough that £100k cash influx wouldn't really change your life all that much then spend it on fun stuff that wouldn't be "sensible" to spend hard earned cash on, swanky new car, needlessly overpriced golf clubs, huge splurge holiday for the family (1st class flights, sick suites etc) basically an opportunity to go on a guilt free spending spree, and ofc keep a chunk to gamble with as its obviously a recreation that you enjoy

[teamonkey]

my wife wants new tits.........

i might be in favour of it too, on her of course

[DaveShoelace]

my wife wants new tits.........

i might be in favour of it too, on her of course

Staking thread?

[verndog158]

my wife wants new tits.........

i might be in favour of it too, on her of course

Staking thread?

10 pls

[swinebag22]

*thin brag*

As someone who is generally a low/mid stakes rec and has had a few sizeable wins and one huge win, I just treat them as windfalls. With my biggest win, I "donated" about 5% back into the poker community and then just carried on playing the same stakes. I withdrew most of it and just paid for home improvements/holidays/gave to wife.

I never really entertained the idea of going pro and just counted myself lucky to run so good in such a big comp.

As for advising what to do, it depends on age, personality and circumstances. I am middle aged with a wife, young family and a decent job that I enjoy, so am never going to give that up. If I was 20 years younger, single and not as well paid then I would have blown the lot in Vegas for sure

[AlexMartin]

You aren't ansering anything.  You said that you buy European medium term notes. They are fundamentally the same as any other bond, someone borows some money, they give you coupons and final payments in return.  The yield you get depends on the perceived credit quality of the issuer.  There is nothing that unusual there, and nothing that would mean you can get 20% risk free over 10 months risk free. 

Everyone else in the developed world is crying out for yield, but you can go through some unnamed financial advisor and make chunks buying and sellling these bonds/notes through him.  If you are the middle man, why do people go through you and pay a premium?  There are a whole host of ways I can buy Shell's corporate debt for instance, why would I choose you/your FA?

Why would a triple A corporate be effectively paying 20%+ interest + comissions to go through some back market to raise finance?  There are a whole truckload of institutions happy to pay you 2 or 3% a year for your AA and AAA bonds, and they aren't even risk free.

You have funds in a trust, but you have positions on two trades, who are they with?  Why is the no risk with these trades?  Why do your counterparties always pay when the ones the companies I work for suffer defaults?  What happens if the underlying bond defaults?  Is there any hidden gearing?  Who set up the trust, your advisor or your solicitor?

There are no obvious reasons why you can't name a financial advisor or the firms involved.  There is nothing illegal about buying and selling bonds and notes, and nothing illegal about giving financial advice.  There are also legal ways you can hold them and not pay tax on them.

I don't get it.   

are super knowledgeable

love this, always interesting to read your posts.

[DropTheHammer]

I'm 57. I have no debt, nor do I have a pension or a regular income. What would you suggest I do with a £150k win?

Buy somewhere to live.

If you already have a house and want to invest it, you should buy another house/flat in an area you know and is up-and-coming and rent it out.

If that's not your thing/appealing, I would not buy shares right now* - the FSTE100 is almost at the highest point it has ever been. Over the last 20 years, every time it has reached a peak, it has crashed soon after.



I think the next peak will arrive after it reaches 7,000 for the first time ever. This will be followed by huge news coverage/exposure and lots of 'mug' money (probably from people cashing in their whole pension pots) will follow in at the top.

All it takes is an act of terrorism in the UK (it's been a while...) or for us to get involved in another war or exit Europe and shares will tumble. When the FTSE100 goes down to 4,200 I would be looking to buy a tracker.

For now, you might want to buy Gold as it has tumbled a great deal from its height, and traditionally does well when there is turbulence in the stock market.

*The only exception to this is single-company shares in firms that have hit a rough patch but will pull through as they are in a sound industry and have a good previous track record. I did well buying Lloyds and RBS shares when they bottomed-out (knowing I could sell back at the price just below what the Government paid. I felt the Gov. wouldn't want to sell at a loss but when they did start to sell it would result in a ceiling on the price).

The next company I did this in was Tesco, if selling horse meat couldn't bring them down then a touch of over-stating financial results wasn't going to either...at the end of the day they provide a good service with good prices/offers and their shares will creep back up to 400p before I will look to sell.

[Jamier-Host]

Bit of a wannabe entrepreneur but roll out excuses like kids/job etc for not having time or risk appetite to go for it properly.

Would use it to "pay" myself enough to maintain same standard of living for 6-12 months while devoting full time to validating business ideas and hopefully ultimately progressing with one, while knowing i can just go back to working if it doesn't pan out.

[DungBeetle]

"Read what i said,  funds held on deposit in a bare trust and cannot be used, risk eliminated
Positions have already been traded, hence the return"

What do you mean "positions have already been traded"?  If they have already been traded then why would you be the one getting the return and someone else takes the risk?

Why would a company pay you 20% to use your money, if the money is placed into trust and cannot be used.

Hate to be a killjoy but this sounds absurd.

[maccer2613]

i'm in the "if it looks too good" camp on this 20% over ten months.

without a doubt this....

If it was that easy to make 20% risk free wouldn't everyone be doing it ?