Do you play the lottery week after week, dreaming of becoming an instant multi-millionaire? You’re not alone! In the past fiscal year, the BCLC reports that $636 million was awarded to lottery winners in B.C.
In addition to those daydreams, it might help to have a plan in place for your winnings – just in case! Below we share 6 silly things (and 1 smart thing) that people do after winning the lottery.
- Lose the ticket. Whether you misplace it, don’t sign it, or even forget that you bought the ticket and don’t check it, the silliest thing you can do is fail to cash in your winning numbers. In B.C. you have 52 weeks (a full year) from the draw date printed on the ticket to claim your prize.
- Publicize your win before collecting. Of course you want to raise a glass to your good luck! But if you start to celebrate with everyone you know, you might find a few “friends” are only too happy to remind you of what you might owe them.
- Remain in debt. In the excitement of your new wealth it can be easy to forget your existing obligations: bills, credit card debt, student loans, car payments and your mortgage are all still debts that you are responsible for until they are paid off.
- Live it up. The shift in lifestyle that’s available with sudden wealth may not be sustainable if you don’t have a continued income to support increased spending. You might choose to treat yourself to a few luxury purchases, but it’s a slippery slope to becoming a habit.
- Spread the wealth too thin. Have you heard the phrase “generous to a fault”? If you spend your new money buying expensive gifts for friends, providing loans or investments for family, or even donating large sums to charity, you may find that you have very little left over for your own needs.
- Forget common courtesy. Just because you’re suddenly wealthy doesn’t mean you can do whatever you like. Human decency, and of course the law, still applies to your actions no matter how good the lawyers you can afford to hire.
- Make a plan and stick with it. From building and following a monthly budget, to discussing your options with an expert, you now have enough wealth that you should never end up with “too much month at the end of the money” syndrome. The BCLC reports that winners will often take the time to let their win sink in and talk with a financial planner before even coming forward to claim their prize.
Auxilium Mortgage gives you the chance to win the lottery without having to buy a ticket each week on our Facebook Page. Make sure you’re following us for all the details!
Why wait for your lotto win to purchase the house of your dreams? Make an appointment with one of our planners today and see how we can help get you into your new home without you having to hit the jackpot. Call Toll-Free 1-855-590-6520 or visit us at 307 Goldstream Avenue during regular business hours, Monday through Friday 8:30 a.m. - 5:00 p.m. Our team can also arrange an appointment evenings or weekends to work with you.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.
This post was inspired by and adapted from the article “12 Things Not to Do for a $348 Million Lottery Winner” on 24/7 Wall St.