Oh So You’ve Won the Mark Six?

How To Not Com­pletely Screw Up Your Lot­tery Win (And Your Life)

HK Magazine - - FRONT PAGE -

DO:

Ab­so­lutely noth­ing at all, for at least a week. Go about your life as if noth­ing has changed. Al­low the shock to sub­side so you can be­gin think­ing ra­tio­nally. Avoid go­ing any­where near the invit­ing sum, and cer­tainly don’t buy any­thing sub­stan­tial with it.

Hire a lawyer. If you’ve never dealt with very large sums of ready money be­fore, the like­li­hood is you have no idea what the tax im­pli­ca­tions are, or where trou­ble will arise. Nei­ther do we, and even if we did, enu­mer­at­ing the le­gal ram­i­fi­ca­tions wouldn’t make for a very punchy ar­ti­cle.

Get a fi­nan­cial ad­vi­sor. As per the above, you do not know what you’re do­ing. Sure, you may have squir­reled away a short­list of fan­tas­tic in­vest­ment ideas at the back of your brain, but ac­tu­ally putting these plans into ac­tion could risk ev­ery­thing you’ve sud­denly found your­self with.

Work out how much you want to give to fam­ily, friends and char­i­ties, and stick to it. If the feel­ing of ful­fil­ment and the in­stant karma bonus aren’t enough for you, re­mem­ber that gifts and do­na­tions can im­part all sorts of tax ben­e­fits.

DON’T:

Tell any­one, least of all the me­dia, and don’t even hint about it on so­cial me­dia. Okay, maybe you’ll need to in­form your spouse, but cer­tainly no one you don’t trust im­plic­itly with your deep­est se­crets, be­cause greedy peo­ple will be­gin cir­cling like vul­tures—and you’re the downed gazelle.

Splurge. Sure, you can fi­nally buy that di­a­mon­den­crusted Har­ley David­son you’ve al­ways wanted, but that doesn’t mean you should do it. You owe it to your­self and those you care about to be (rel­a­tively) sen­si­ble, if only be­cause the al­ter­na­tive seems to lead to a hor­rific doom-spi­ral (see p.10).

Quit your job—at least not im­me­di­ately. No mat­ter how invit­ing it sounds, com­pletely ditch­ing ev­ery­thing on a whim isn’t a recipe for hold­ing it to­gether.

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