Financial Planning For Lottery Winners
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 your 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
How Does Financial Planning For Lottery Winners Work?
Establish and define our relationship with the client
We offer a no-obligation FREE Discovery Session to get to know each other which can take place either online or in a location of your choosing.
Gather our client’s data and familiarise with their goals
We assess your assets, debts, income, and expenses to understand what your current situation is, what you want to achieve, and what resources are available to help you accomplish those goals.
Analyse and evaluate your financial status
We assess your goals based on your current financial status. We also determine whether you have adequate risk management strategies to protect your assets.
Develop and present our financial plan recommendations
Our Advisory Panel outlines how best to achieve your financial goals with multiple options to choose from depending on your personal risk profile.
Implement our financial plan recommendations
When you understand and approve the recommendations, we help you to implement them. We try to do as much as possible in-house for you, however when necessary we will connect you to any professional services you may need to execute your strategy.
Monitor the implemented financial plan
The real fun begins as we manage and track your financial success. We’ll review your priorities to ensure your strategy is appropriate for your goals, as well as the performance of your plan to make sure you remain on track to achieve your short-term, medium-term, and long-term financial goals.
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.