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€25k invested in prize bonds
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Dionysius2 wrote: »pb.....it's been very interesting following your progress here and I do so for a good reason. I haven't followed the inputs relentlessy so there are things here that I've missed, more like dipping in and out now and again. How do you feel about your involvement now after all this time and your returns to date ? Was it worth the bother ?
Right now I am very tempted (following a recent unexpected windfall) to buy a sizeable chunk, say E30K or so. Seems to me you haven't done too badly.
Pardon my ignorance but are PB winnings subject to tax and must they be declared, etc ?
TIA.
This page should contain enough info for you.
http://www.prizebonds.ie/about/index.html0 -
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Hiya. Well I've kept the money in there for longer than I'd planned, mainly because of the collapse in savings rates. If interest rates rose again, then I'd take the money out in a flash, but as it is, my returns so far are more or less matching what I would get in a 1-year savings a/c, which is fine for me (I'm not a risk taker with money).Dionysius2 wrote: »pb.....it's been very interesting following your progress here and I do so for a good reason. I haven't followed the inputs relentlessy so there are things here that I've missed, more like dipping in and out now and again. How do you feel about your involvement now after all this time and your returns to date ? Was it worth the bother ?
Right now I am very tempted (following a recent unexpected windfall) to buy a sizeable chunk, say E30K or so. Seems to me you haven't done too badly.
Pardon my ignorance but are PB winnings subject to tax and must they be declared, etc ?
TIA.
My returns are €1450 on €25k over 3 years; if I had put the €25k in a KBC Interest Upfront a/c for example, I would have got about €1100 net, so I suppose it's not too bad, although remember that the PB return is variable (i.e. pure chance). The prizes are tax-free.
Winning the €1m is not at all realistic, especially given the changes that have occurred in the last year or so to the main prize, and also highlighted by the great statistical analysis given by other posters on this thread. So I don't think that's a practical reason for keeping money in PBs. The change from €75 to €50 will have more of an impact on returns, so will be interesting to see how that affects the total winnings this year. I don't expect this to improve either - perhaps even the opposite.
So while interest rates remain low and I don't have any pressing need for the money, and with it effectively available on demand anyway, I'm happy enough to leave it to the Fates in PBs for the time being.
If I had €30k would I do it again? Well you will get about €400 net cash into your hand a week after tying it up in KBC for a year - winning €400 took me an awful lot longer with €25k
However if you look back over the posts, you'll see people also with thousands of bonds, held for many years, who have never won a thing.
So there's no real answer for you I'm afraid. You'll have an opportunity cost of about €400 at least and a very slight chance of winning €1m. There's no risk with leaving it with PBs for a year say, but don't drive yourself mad thinking about it every Friday :-P Also Gambler's Fallacy may make it harder to withdraw your money then you may imagine, when the time comes!
Hope this helps and good luck :-)0 -
Hiya. Well I've kept the money in there for longer than I'd planned, mainly because of the collapse in savings rates. If interest rates rose again, then I'd take the money out in a flash, but as it is, my returns so far are more or less matching what I would get in a 1-year savings a/c, which is fine for me (I'm not a risk taker with money).
My returns are €1450 on €25k over 3 years; if I had put the €25k in a KBC Interest Upfront a/c for example, I would have got about €1100 net, so I suppose it's not too bad, although remember that the PB return is variable (i.e. pure chance). The prizes are tax-free.
Winning the €1m is not at all realistic, especially given the changes that have occurred in the last year or so to the main prize, and also highlighted by the great statistical analysis given by other posters on this thread. So I don't think that's a practical reason for keeping money in PBs. The change from €75 to €50 will have more of an impact on returns, so will be interesting to see how that affects the total winnings this year. I don't expect this to improve either - perhaps even the opposite.
So while interest rates remain low and I don't have any pressing need for the money, and with it effectively available on demand anyway, I'm happy enough to leave it to the Fates in PBs for the time being.
If I had €30k would I do it again? Well you will get about €400 net cash into your hand a week after tying it up in KBC for a year - winning €400 took me an awful lot longer with €25k However if you look back over the posts, you'll see people also with thousands of bonds, held for many years, who have never won a thing.
So there's no real answer for you I'm afraid. You'll have an opportunity cost of about €400 at least and a very slight chance of winning €1m. There's no risk with leaving it with PBs for a year say, but don't drive yourself mad thinking about it every Friday :-P Also Gambler's Fallacy may make it harder to withdraw your money then you may imagine, when the time comes!
Hope this helps and good luck :-)
My thanks for your thoughtful response. Enlightening and well balanced.
I've decided to make the (PB) buy and I'll give an occasional update for anyone interested.0 -
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