You don’t normally buy a lottery ticket. The odds of becoming an astronaut, a celebrity or even the Prime Minister are more likely than winning the jackpot. But this time, the prize was just too good to pass up and you decided to play. Lo and behold, it’s draw day and you’ve won!
While this scenario is still a dream for most of us, it never hurts to know what you should do if you are lucky enough to become a multi-millionaire overnight. The general consensus: don’t change a thing.
Lotto winners can experience excitement, disbelief and shock upon learning of their new wealth. It’s important to take the time to process your win and put a plan in place. In B.C. – and across most of Canada – you have up to 52 weeks from the draw date to collect your winnings. The BCLC reports that winners will often take the time to talk with a financial planner before coming forward with their winning ticket.
Gather Your Team
Part of slowing down may also be keeping a low profile. Adding sudden fame to your new wealth can be disorienting and stressful. While it’s natural to want to share your good fortune, you might not want to shout it from the rooftops (or post it on Facebook, Instagram, Twitter…).
You will want to start gathering a strong team you can trust, including financial advisors, accountants and estate planners. Rather than just finding the top-ranked Google listing, rely on referrals from close associates to find certified professionals.
Live Your Life
The team you assemble should be able to help you understand the impact of your decisions – even the wild and crazy ones – for your taxes as well as your future. Whether you invest the money, donate to charity, or share your wealth, the ultimate choice is yours of how to spend your money and what will be the most meaningful for you.
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!
Does your lotto dream include buying a house? Make an appointment with one of our planners today and see how we can help get you into your new home without waiting for that big jackpot win. 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. We 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 “You Just Won the Lottery. Now Here’s What You Do: Nothing” on Wired.