EuroMillions Jackpot Win: Expert Advice on Managing a Life-Changing Fortune
As the EuroMillions jackpot continues to roll over, reaching an estimated £208million, one lucky winner could find themselves holding the key to a life-changing fortune. According to This is Money, the UK’s biggest lottery prize ever is up for grabs, and if the winner is from the UK, it will make them the largest ever lottery winner from these shores.
Wealth planning director Matt Swatton of wealth management firm Canaccord Wealth, a lottery specialist, has advised numerous lottery winners on the unexpected challenges they face and how to navigate them. As reported by This is Money, Swatton reveals the six practical steps the winner must take within the first week of winning big in the EuroMillions.
The initial high of winning big in the lottery can soon wear off, leaving many winners feeling overwhelmed and unsure of what to do next with their surprise windfall. As This is Money notes, “most winners have never dealt with this level of wealth before, and the emotional impact can be significant.”
### Don’t Rush into Anything and Get Expert Guidance
The first step, according to Swatton, is to do nothing drastic. Give yourself time to breathe and get expert advice. Rushing into property or gifting without a plan can store up real problems down the line. Unlike inherited wealth or business proceeds, lottery winnings arrive suddenly and unexpectedly. Having an adviser will help you make a sensible plan.
Swatton told This is Money, “the best first move is to do nothing drastic – give yourself time to breathe and get expert advice.” He emphasised that “rushing into property or gifting without a plan can store up real problems down the line.”
### Understand What Your Win Means for Your Life Now and the Future
The second step is to understand what your win means for your life now and the future. You need to forecast what’s affordable and sustainable and avoid impulsive decisions that could have long-term consequences. As This is Money reports, “it’s not just wealth planning you will need. You probably need to appoint solicitors and accountants to ensure your legal and tax affairs are in order, including setting up wills, powers of attorney and tax-efficient structures.”
### Pause to Understand Your New Financial Reality
The third step is to pause and understand your new financial reality. Take time to understand your new financial situation. Your goals and feelings will likely evolve over the first 12 to 18 months. Yes, a few early extravagances should be part of your plan, but longer term, you need to build a cash flow model – a visual forecast of your finances over time.
### Make Sure Your Money is Safe
The fourth step is to make sure your money is safe. In the early days, security is key. Your winnings will likely land in a high-street bank account, but you may want to consider safer options like National Savings & Investments (NS&I), which is backed by the UK government. This can offer peace of mind while you plan your next steps.
### Decide Who You Want to Share the Money With
The fifth step is to decide who you want to share the money with. Many winners want to share their good fortune with family and friends. While gifting can be incredibly rewarding, it also comes with emotional and financial implications. A large gift can change the recipient’s life – and your relationship with them. You also need to consider affordability – make sure you can afford the gift without compromising your own future.
### Focus on the Long-term
The sixth and final step is to focus on the long-term. Once your immediate needs are addressed, it’s time to think about the future. Investing is a key consideration – inflation and interest rate risk mean that leaving all your money in cash could reduce its value over time. You should consider investing your money in a way that aims to increase its value versus inflation.
As Swatton told This is Money, “the happiest winners I work with are the ones who balance a bit of fun with good planning.” He emphasised that “it might mean helping their children, taking dream holidays, or giving to causes close to their heart – but always with the confidence that their wealth is protected, and their future is secure.”
According to This is Money, having a financial plan can show you what’s possible. Your legacy is another important factor – consider how you want to support your children, grandchildren, or the causes you care about. Estate planning and trusts can help you leave a lasting impact.
As reported by This is Money, most of us fantasise about a big lottery win. But it can also cause problems. Swatton’s advice is clear: “I’ve seen it change people’s lives immeasurably for the better.” With the right planning and guidance, a life-changing fortune can be a blessing, not a curse.
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