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5 Things to Know After Winning Life Changing Money

Joe Moore - Financial Services > Blog > 5 Things to Know After Winning Life Changing Money

5 Things to Know After Winning Life Changing Money

Congratulations!! Money won is a beautiful thing. Winning life changing money is even better! But what now?  Firstly, take a breath and pinch yourself. Is it still not a dream? Good!

Winning life changing money does exactly that, it changes your life. So this is where you need to be careful. What sort of change do you want to see? Here’s 5 things to know when managing this exciting time.

 

-1 Celebrate But Do it Quietly!

What’s the point in winning if you can’t enjoy it?! Book a weekend in a nice hotel somewhere where nobody knows you. Order champagne, room service, luxurious spa treatments, eat like royalty and drink rare whiskey for your night-cap.

-2 Keep it Secret

A big concern is that word will get out that you have won a large sum of money. 2nd, 3rd cousins, old classmates from 20 years ago, will come out of the woodwork with a sad story and their hands out.

For whatever reason, when people win money, everyone in their circle feels almost entitled to a slice! It’s so weird, because we don’t think that someone who’s made their money themselves in business owes us anything.

Most people want to share some of the money with their closest friends and family, and do so, just be careful who you tell and how you tell them. Outside of your husband/wife, I would look for a Non-Disclosure Agreement (N.D.A.) from anyone that I intend to gift money to from a win.  That should help keep things quiet.

-3 Avoid Flashy Purchases, Especially Right Away!

If you’re from a small town and you arrive back in town from the lotto office with a new Ferrari, even the village idiot will know what’s up! That’s not to say that you can’t have nice things, just slow down and take a moment to consider how “loud” the purchase is and whether it’s worth giving up your anonymity for.

Some people may choose to let the world know so that they’re free to buy what they want and live how they want. That’s totally fine so long as they’ve taken their time and carefully weighed up the pro’s and cons. Once the cat is out of the bag, it’s not going back in.

 

-4 Don’t Quit Your Job Right Away!

This could be hard. Especially if the whole reason that you bought a lotto ticket is that you hate your damn job! You can at least rejoice knowing that you can walk away if you really want to, and you don’t need to let your boss give you as hard a time now. But still wait a little. Let the news of the win sink in. If you’re trying to keep your win quiet, quitting your job will start chatter.  Get some good financial advice before you quit your job, which leads me onto my last point.

 

-5 Speak to a Financial Advisor

It’s believed that as much as 70% of lotto winners go broke within the first 5 years of a jackpot win. Largely because they have no experience in managing wealth.

You should consider the office of a financial advisor a safe space. Financial advisors are compelled by law to keep your financial affairs private. A good financial advisor (ahem) will be able to advise you on how to protect your wealth and still be able to enjoy the all the comforts that come with such a sizeable win. My background is in risk. I add value to my clients by identifying, measuring, and manging risks that others just don’t see.

 

I hope you enjoyed this article as much as I enjoyed writing it.

This article is about the lotto but, you can apply this to any windfall that you may have, be it an inheritance, prize bonds, or a good week at the races. Getting some professional advice that you can trust, drastically improves your chances that you will manage your new wealth well into your old age.

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