How to Cope with a Big Lottery Win
Winning a huge lottery jackpot would be something to really celebrate. How do you cope with that all those millions in your bank account?
Getting some good advice is the first aim that you must have. In the UK for example, there are National Lottery advisers who can give you great advice on what to do next.
Mr Hegedus recommends that lottery winners take their time to plan how to use their winnings. That’s why some players take some time before claiming their winnings.Holding meetings with family members, lawyers and financial advisers is recommended.
Make a Game Plan
Then there are financial advisers who can give you priceless assistance, Kevin Hegedus is a portfolio manager with PWM Private Wealth Counsel. His view is that to avoid the temptation of going on a continual spending spree is to “make a game plan.” That will help ensure that money lasts for your lifetime and maybe (those of) your kids and your grandkids.”
That’s why some lottery winners don’t immediately claim their winnings. There’s the need to put everything in place before life with your new-found wealth really begins.
The portfolio manager believes that, if possible, it’s best to not tell anyone of your win for a couple of months, if possible. A “proper perspective” of your win is needed first. That’s because your lottery win will be a “game-changer.”
Savings and Investments
Putting some of your lottery winnings in the bank is a better idea and can produce a two per cent rate of return. That alone could give you enough money to live off for the rest of your life. Many winners do make investments and doing so in an equity markets can also help you.
It’s also not a great idea to always take the advice of family and friends. Mr Hegedus believes the worst thing you can do is invest in “someone else’s hare-brained idea.” These often spiral out of control and end up with losses being made. Also, watch out for all those cousins that suddenly come out of the woodwork.
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