Euromillions is the biggest lottery game in Europe, with winners bagging anything between a few hundreds to £230 million. You may be their next lucky winner. There are many tales of lottery winners who lost it all after mismanaging their winnings. Here are some tips to help you prepare to use your millions wisely, so you don’t end up in the same unfortunate situation.
Keep The News To Yourself
After the Euromillions liaison calls to give you the news, you may feel the impulse to shout it out from the rooftop and tell everyone how your luck has made you a millionaire. David and Angela Dawes, a couple who won a £101million Euromillions jackpot in 2011, found themselves in a dangerous ordeal after a gang of criminals broke into their home and robbed them at gunpoint. This probably wouldn’t have happened if they had chosen to remain anonymous. After you’ve found out you have won, take the initial few months to think things through and discuss how you can spend your money only with your immediate family or close friends. According to Andy Carter, a winners’ lottery advisor at The National Lottery, some people choose not to tell their spouses about their winnings. If you don’t trust their discretion, hide it from them too, just until you are ready to claim the money and execute your plans.
Change Your Number and Move To A New Area
When the news is out that you have won the Euromillions draw, you may start getting phone calls or house visits from people asking for interviews, handouts, TV appearances, or photos. Facing that kind of bombardment may make your millionaire dreams turn into a media nightmare. Make it hard for reporters and paparazzi to find you by getting a new number or moving away to another area, deactivating your social media accounts and registering a new mailing address. With time you will adjust to the changes. Still, you will be grateful that you protected yourself from unnecessary interactions with a random stranger, your old college roommate, or a producer hoping to sign you up for a new reality TV show.
Hire Professionals To Help You Manage Your Money
Look for a certified and experienced lawyer, accountant and financial advisor. Managing a Euromillions lottery of over £100million will require help from the right people. A lawyer will help you get protected from exploitative lawsuits that may come your way. An accountant will help you organise your finances so that all future expenses will be monitored and budgeted for. A financial advisor will help you make less risky investment decisions and make your money lasts as long as possible. Ask the right questions to get an insight into who you will be working with. There are self-proclaimed wealth managers out there who are looking for a chance to take advantage of lucky winners like you. A therapist can also help you deal with feelings of anxiety or guilt when your money starts affecting the relationships you had with friends and family.
Pay-Off All Your Debts
Now that you have won the Euromillions jackpot, you have no excuse not to pay off all the debts you owe. Mortgage, student loans, credit cards and personal loans should all be cleared to ensure you don’t face any problems in the future. Plan how you can do this, starting with the high-interest loans. Eventually, when you decide to move to the Bahamas or create a new life elsewhere, you won’t get into trouble with the government for not paying your dues. The people you owe money can even sue you when they find out you won the lottery but still haven’t paid them. Your lawyer won’t be able to get you out of such a mess, and you may end up having to pay off a massive chunk of your winnings in court settlements.
Don’t Quit Your Job Immediately
Winning the Euromillions draw is a great chance to quit the job you dislike and possibly start doing what you love most. However, the moment you realise you own the winning ticket is not the best time to call your boss and resign. The best time is after you have claimed your prize and the money is in your account. That way, you will still keep your job if, in any way, there is a chance you misread the lottery number, or there is any confusion in claiming the winnings. Have the ticket checked and verified, claim your money, then call your boss to let them know you won’t be coming in for work anymore.
In conclusion, you have to take some time to plan first before even claiming your lottery winnings. Get help from professionals when planning how to invest your money. Avoiding unnecessary attention from the media will save you and your family from people who want to take advantage of you.