Help for Lottery Millionaires

Help for Lottery Millionaires

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So your numbers have come up and you have actually won big on the lottery. You have triple checked your ticket and aside from screaming and jumping up and down with joy, what is your next move?

Firstly, get your win properly verified, check your numbers match for the right draw and the correct lottery, as the misery of having misread the date, draw and numbers would be truly soul destroying.

Winner

After winning the lottery, the temptation to broadcast your new millionaire status must be very strong but is that really a wise move? Give yourself some space to think and digest, once you go public your privacy is gone.

Think about whether you want media attention, overnight celebrity is tempting but it also has a down side. People will begin asking for money, your life will be scrutinised and life will never be the same, remember you have the right to privacy.

For big lottery wins, getting good advice is key. Making contact with an accountant or a financial adviser can be really helpful to guide in area such as taxes, investments and legal schemes.

The internet is awash with stories of lottery winners who blow their winnings from Michael Carroll (won over £9 million on the National Lottery) in the UK, through to William ‘Bud’ Post (won $16.2 million in the Pennsylvania lottery 1988) in the US. Both now have nothing left of their respective winnings after squandering their fortunes.

The best course of action is to perhaps allow a period of adjustment before making any large purchases.

Talk to your family and your newly appointed financial accountant and draw up a plan, have fun spending your lottery winnings, but also think of the future.

So you know what to do – now all you have to do is win! Get your tickets for upcoming global lotteries and increase your chance of making it happen for real!

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