How to Deal with a Huge EuroMillions Win
Updated: Monday 23rd July 2018
Most lottery players have thought about what it might be like to win a life-changing EuroMillions jackpot. They have seen, in their mind’s eye, all seven of their numbers being drawn, one after the other. They have also imagined the feeling of having won more money than many of their favourite celebrities have tucked away in the bank. What they may not have done, however, is considered how they would deal with a huge EuroMillions win in practical terms.
Whilst practical matters might not sound quite as exciting as throwing a spontaneous celebration or making a wish list of houses, cars, holidays and other luxury items that you might want to buy, it is important to have a rough game plan for the first few weeks of your brand new life as a EuroMillions winner which goes beyond the initial euphoria. Here then, is our quick and easy guide to some of the main things that should be considered when the excitement of winning a fortune has settled a little.
Financial Advice is Essential
You may well know how to budget finances for a household or a business, but managing an eight or nine-figure bank balance is a whole different ball game. It is therefore essential that you get reliable financial advice from a trusted professional who is used to helping clients manage such large personal fortunes. The good news is that all lottery jackpot winners in the UK are automatically offered legal and financial advice, and so we would strongly recommend that you take advantage of that facility.
Investment Requires Thought
Having a vast fortune at your disposal means that you can afford to make some hefty investments, but not all investment opportunities are equal. Lottery jackpot winners are often approached by a variety of individuals, companies and organisations with investment proposals – especially if the winner has elected to go public – but such proposals need to be vetted carefully before proceeding. Avoid investing on anything purely on the basis of your feelings, sales hype or personal relationships, and run every investment idea by your financial advisor to get an unbiased opinion about the opportunities that arise.
You Should Plan for Taxation
Another thing that your financial advisor will be able to help you with is the subject of taxation. Whilst no tax is payable on any UK lottery jackpot win at the time of writing, any profits that your jackpot helps you to generate through savings or investments (officially referred to as Capital Gains) will be subject to taxation, and your advisor will normally be able to help you take steps to keep that tax bill as low as possible.
Wealth Does Not Equal Responsibility
Winning multiple millions is likely to make you a target for people wanting handouts, so you shouldn’t be surprised if you receive plenty of letters asking for a slice of your wealth. Many of the requests you receive will be from good causes, but that doesn’t mean that you should automatically support them. Landing a jackpot does not give you the moral obligation to say yes to every appeal for good causes that you receive, and if you did do that, your wealth would disappear at an alarmingly rapid rate. You should feel free to support causes that you genuinely care about, of course, but it is also important that you also develop the ability to politely decline random requests for handouts.
Publicity and Privacy for the Long Haul
We have discussed the pros and cons of ‘going public’ with your win on a number of occasions, but it is also worth thinking about publicity and privacy for the long haul. Are you the type of person who loves getting attention from total strangers, or are you someone who prefers to keep a low profile? Being aware of your preferences in this respect will help you to conduct yourself more appropriately when it comes to living your day to day life as a multimillionaire. For example, if you don’t want to attract lots of attention, you might want to think twice before buying yourself a bright red Ferrari, or arriving at your favourite restaurant in a helicopter!
The matters outlined above are not intended to put you off the idea of winning a huge EuroMillions jackpot. On the contrary, we are providing them in order to help you deal with your win in a sensible manner should you be lucky enough to have all seven of your numbers come up at any point in the future. With that preparation in mind, choose your numbers today to give yourself a chance of winning big in the £170 million EuroMillions draw (which is the largest ever) this Friday, and good luck!Published: Thursday 5th October 2017
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