Financial Planning For Lottery Winners
Finally, your lucky numbers came in - pop the cork; it’s time to celebrate! Those big ticket items you’ve always dreamed of and the lifestyle you never thought you could afford are within your reach. Winning big in the lottery is a life-changing moment and can be simultaneously exhilarating and overwhelming.
Lottery winners are in a once-in-a-lifetime financial position that is full of opportunities and potential pitfalls. Having the help of the Qualified Financial Advisers at MyFuture will protect your newfound wealth and the future it enables you to create.
Everyone you know will have something to say about how to spend your winnings, but hopefully there’s a better angel over your shoulder telling you to be smart with your money. Before you splash out on a luxurious lifestyle, let the team at MyFuture show you what your wealth can do for you both now and in the future.
Financial Planning For Lottery Winners
When you’ve won the lottery, it’s easy to get caught up in the whirlwind of it all, making it more important than ever for calm heads and rational decisions.
The best use of your money will depend on your personal priorities, but whatever they are, it’s important to protect your financial freedom for you and your family so you can enjoy the rest of your days in luxury.
The right financial adviser can provide you with the foundations to a lifetime of financial independence. The money you have won may have outlandish spending power, but the earnings from your money can ensure that your spending power will never diminish over the years. Make the big bucks last a lifetime with expert advice from the Qualified Financial Advisers at MyFuture.
Knowing how, where, and when to save and invest your money means finding the sweet spot between risk and reward so you can perpetually reap the benefits of your big win.
What To Do If You Win The Lottery
If you win the lottery, MyFuture will help you manage your finances every step of the way:
- Take a step back, and avoid quick or rash decisions.
- Get in touch with your financial adviser to discuss your best options.
- With guidance based on your personal goals, decide if you want a lump sum payment or annual payouts.
- Find a secure, temporary home for your winnings, reducing the pressure to make quick decisions.
- Examine your existing assets and any debts you may be carrying.
- Understand what lifestyle you want in the short, medium, and long term.
- Examine how the money could be used to change your life and those around you.
- Decide how best to allocate your winnings on spending, charity, savings, and investments.
- If appropriate, invest a proportion of your winnings to help you achieve our future goals
- Put your affairs in order. If something happens unexpectedly, your finances will be well organised.
- Understand the tax consequences of your winnings and how best to minimise your owed taxes.
Get Ahead With Quality Financial Advice
Our Qualified Financial Advisers can help you achieve your goals with a tailored financial plan and proven financial expertise.
How Does Financial Planning For Lottery Winners Work?
When you have money in the bank, time is of the essence in order to make the most of your available finances. That’s why the team at MyFuture provides a personalised service that puts your needs first. The financial planning process follows a proven 6-step process to make sure all your bases are covered and your financial management opportunities are maximised.
What is our 6-Step Financial Advice Process?
The 6-step financial advice process is the international benchmark for financial planning. This holistic approach is proven to increase the likelihood of you achieving your financial goals.
Discovery Session
This is our opportunity to get to know you better, understand your financial goals (short, medium and long-term), and what resources you have to achieve those goals.
Research & Recommendations
During these steps, we do the research, run the numbers, document and present our recommendations to you. This can be a comprehensive financial plan focused on long-term wealth creation and/or a statement of advice focused on your more immediate financial needs. We will need to verify the information you provided during the Discovery Session by requesting supporting documents such as loan and savings account balances, payslips, etc. This ensures we are using highly accurate information when developing our recommendations.
Implementation
This step is all about implementing the recommendations. We don’t just provide the recommendation; we take responsibility for helping you implement it. This could involve helping you to complete application forms, working with a broker to restructure your lending, or finding you suitable investments. We understand you’re busy, so our goal is to make your financial world as easy as possible by doing as much as we can in-house for you. However, ultimately, we never have access to your money and cannot sign anything on your behalf, so you need to be an active, willing, and ideally enthusiastic participant in this process.
Ongoing Service & Reviews
This is where the real fun begins—managing and tracking your long-term financial success. We have periodic reviews to ensure your strategy is still appropriate if your goals or circumstances have changed. We adjust when necessary and provide annual snapshots so you can see your progress over time. Most importantly, you have your very own trusted Personal Financial Adviser available anytime to help with the little or big stuff. Worried about making next month’s mortgage repayments? Call us. Your parents gave you an early inheritance? Call us. Broke up with your partner and split all your assets? Call us! We’re here for you every step of the way to ensure that whatever life throws at you, you stay on track with your long-term financial goals.
Frequently Asked Questions
Why Is Financial Planning For Lottery Winners Important?
Winning the lottery means your life has just taken a dramatic turn for the better, drastically changing your outlook and all your financial possibilities. But the size and scale of lottery winnings are enough to make anyone’s head spin and can lead to rash or irresponsible spending decisions that you may regret once the whirlwind subsides. That’s why we can’t emphasise enough the importance of timely financial planning.
Beyond providing financial independence and personal freedom, financial planning also helps you turn your dreams into plans. Whatever your personal goals, whether you want to quit your job or continue working, start a business, build a new house or fix up your existing one, or even set yourself up in a tropical getaway, your financial goals are all within reach when you work with the right financial adviser.
So what are you waiting for? The key to protecting your financial freedom is at your fingertips, so get in touch with the Qualified Financial Advisers at MyFuture today and we can get started on making your dreams into your reality. Book a FREE no obligation Discovery Session now.