What do I do if I actually win Lotto?
We have all thought about what we could do if we won a $10M jackpot.
But if it actually happens? It's probably time to call in the big guns.
A good financial adviser can help you meet those lofty imagined goals and make sure your wealth continues to grow.
We have all heard the stories, someone wins the lottery, they spend big and they spend fast, and a decade later not a trace of their big win remains. These days most people are aware of that trap and attempt not to fall into it. But a massive sudden windfall like that is a big deal and it can leave a lot of people a bit lost. They want to protect the money, grow the money, ensure that it lasts, but they don’t know how.
Here is where a good financial planner comes in handy. A financial planner can help you set up your winnings to achieve the whimsical ‘if i win’ dreams while still preserving funds for later in life. In a lot of cases they can even help ensure that with some good budgeting and a great advice team, your money grows.
In most cases, people who win a lottery of $1-$10 million, for instance, have some relatively simple desires. They want to pay their mortgage, help their family, buy a house, pay off a debt, but they don’t want to say goodbye to that money immediately. A good financial adviser can help you budget and invest in ways that will preserve your wealth. Paying off your parents mortgage, or your own, in one huge lump sum payment might feel amazing, but its not something to do without understanding the consequences.
In addition to the benefits of a financial adviser in the event of a sudden wonderful windfall, we also suggest you do your research about which adviser you choose. One comfortable managing the amount of money you have suddenly received is an absolute must, we also suggest in your search you find a financial planner who is independent.
Independent is a fairly innocuous term but it can make a massive difference. There are a number of rules and regulations around its use by financial planners but the primary take away should be that planners who use the term independent cannot accept any incentives to recommend a product. They are not allowed to receive any sort of incentive that affects the advice they give their clients. This means that an independent financial planner is more likely to keep in mind your best interests.
If this article rings true for your situation, first of all… Congratulations!
Second of all, give us a call.
We can help make sure your sudden windfall keeps you in financial success for a long time to come.
