Winning the lottery?
Finally, your lucky numbers came in. You have double and triple checked the ticket and you are a winner.
Winning the lottery is something you’ve talked about with your friends of course and told them what you’ll spend it on. The new car, gifts to your family, a new house. But now it has really happened, and you aren’t sure what to do. Suddenly surrounded by friends and professionals offering their advice, it might feel like you’re caught in a whirlwind.
If you have won the lottery, you will need practical advice about what to do with it. As exciting as it undoubtedly will be, it’s a time for calm heads and rational decisions. Managed correctly, your winnings can change the rest of your life, and that of younger generations in your family. However, take poor decisions and you might become one of those lottery winners who lose all their winnings within a few short years.
If you have recently won the lottery, we can help you:
- Take a step back, and avoid quick or rash decisions
- Find a suitable and secure temporary home for the winnings, removing the pressure to make quick decisions
- Understand what you want from life in the short, medium and long term
- Decide how much of your winnings you should spend, give away or keep and invest
- Understand how the money could be used to change your life and those around you
- Decide whether to repay debt
- If appropriate, invest a proportion of your winnings to help you achieve your future goals and aspirations
- Put your affairs in order. So, if you die unexpectedly, your finances are well organised
- Ensure that if you do die prematurely your loved ones will pay as little tax as possible allowing them to enjoy more of your winnings
Careful planning, will ensure the excitement of your win will continue for years to come and not fizzle out over a few years, leaving you frustrated at missing a golden opportunity to change your life.
Our advice is to give yourself plenty of time to come to terms with your new wealth and what you can do with it. Avoid immediate decisions with your money that you can’t undo later.
Just because you’ve won the lottery doesn’t mean the money can’t run out. By understanding your vision for the future, and forecasting your wealth over your lifetime, we can show you what you can (and can’t) do financially. We also optimise your wealth with careful planning, minimising taxes and making the most out of every penny.