As the title would suggest we are looking for answers here. It’s the question everyone has pondered at some point and think we all have different answers.

Do you blow it all on a Ferrari and a mansion? Do you invest it in property? Or do you put it all on red and hope to double your money?

The thing is, as big a sum as £1 million is, it could be spent pretty quickly. An expensive car and a decent sized house would eat up the vast majority of your wealth, and that’s before you start paying your insurance, bills, repairs and extras. So that million quid didn’t last long, back to work you go, until of course you sell the house a couple of years later.

So what’s the alternative? Investment can be risky and it would rather dampen the enjoyment of having come into so much money, but then the benefits could be long standing and if the investment goes well, you can kiss goodbye to ever doing a days work again.

Personally, I need work to keep my mind active, so initially I think I would take out a couple of thousand quid. That way I can enjoy my money whilst still staying active and without disrupting my daily routine too much. The remaining £980,000 would (depending on interest rates) be put away to collect interest or split up and invested in a range of projects. Hopefully by a couple of year’s time, I would have enjoyed a comfortable life whilst still being involved in the cut and thrust of the working world. On top of that, the remaining £980,000 will have increased significantly leaving me the option to either take out another lump and live well whilst making more money, or retiring to some incredibly hot island.

I am always interested in hearing how people would map their lives out should they win the lottery so please send in all your thoughts and views.And as ever, if you are looking to learn something about finance and how to make the most of your money, have a gander at our Business & Finance related courses.