Pulling the winning ticket can be as liberating as it is treacherous. A 2018 study on lottery psychology reveals that most winners feel paranoia, anxiety and even guilt about their new financial status. The whole truth is that nothing can prepare you for the reality of hitting the jackpot.
In essence, you can never be too prepared to deal with the emotions of winning, as it isn’t something you can fully anticipate. But what you can do is handle the aftermath from the financial, legal and personal points of view. As experts ourselves and with professional resources, let’s bring you everything you have to know if you happen to win the lottery.
The Most Crucial Tips
As mentioned earlier on, one can never be too prepared for a sudden cash-out. Nevertheless, we’ve put together some effective tips that will ensure your winnings and well-being stay sharp. Effective yet not foolproof, as some of these tips are largely relative and may depend more on the resources at your disposal. Let’s get into it.
Do Not Share The News
Maybe the best friend or spouse needs to know, but not your entire network of friends and family, at least not immediately. Especially with huge wins, people tend to get verbal instantly, informing every available soul they can reach. While talking may help you dissipate your emotions, it’s not the best thing for the long run as well as your fortune.
Granted, if the win is big enough, the news will eventually get out. Some winners even find themselves on the news. But before the news becomes public you must have recovered from the frenzy and made optimal decisions for your money.
Secure The Winning Ticket And Claim Your Prize
It isn’t very rampant but people do lose their lottery winnings due to one ticket irregularity or the other. In our media exposure, we learn of these events quite regularly. So what you want to do is sign the ticket and put it in a safe place. No rough handling, no carrying them about, no showing them to everyone that cares to look. At least until you settle down and decide on your next action, keep your ticket clean and safe.
Get a Financial Advisor
Mark Cuban, American Businessman – “If you win the lottery, don’t take the lump sum. You don’t want to blow it all in one place. Invest it wisely, because winning a lottery is not the same as earning it“.
Especially if you are young, inexperienced, and have never handled huge sums, it is in your best interest to consult a professional financial advisor. Most lottery wins are significant amounts and you just can’t assume you know how to handle a cheque that big. However, as humans, we all have tendencies, and yours may not be to manage your winnings.
You may want to immediately purchase certain things and travel to certain places, which are all valid. However, the right finance expert could devise a way for you to acquire your wants and still be financially safe. If it’s going to be life-changing money, you’d have to make life-changing decisions with it.
Fun Fact: In 2010, Allen and Violet Large from Lower Truro, Nova Scotia, won $11.2 million playing the Lotto. Believing they had enough for retirement, the couple donated the majority of their winnings to charities.
Acquire Legal Counsel
Provided your jackpot is significant enough, you’ll sooner or later be a public figure. This fact and many other anticipated intricacies demand counsel. Lots of people finding out you are a millionaire overnight sets a very tricky legal precedent. Plus there will arise stuff you’ve never had to deal with before.
Many lottery corporations, even the OLG retain the right to publicize prize winners for even a year after the prize is claimed. In other words, you will be famous for a bit, maybe many months. Constant legal advice helps you navigate every step of the way, even before your prize is claimed. Luckily, lottery winnings in Canada are not taxed, so at least you won’t have to deal with that.
Establish Solid Gambling Orientation And Good Money Management
Trevor Noah, South African Comedian – “Alright then, let’s all put our money in then give it to one person, yeah that’s the lottery in a nutshell“.
According to collated stories, many lottery prize winners still buy lottery tickets for months and even years after a major win. Winning once makes you so convinced you can win many more times and it becomes tricky. This is why we advise you to seek expert gambling advice and help to keep you from developing an obsession for winning.
You may not even have to look far or pay much, as there are many online resources you can access pro gambling help and advice. Could be the Canada Safety Council, the CAMH or even a detailed site where players explore Canadian gambling platforms. The aim is to familiarize you with the main gambling sites, give you tips on winning and additional bonuses.
In further detail, here are a couple of other gambling support establishments that can be of help.
- iGaming Ontario
- CCSA
- Gambling support BC
The Downside of a Big Win From a Lottery
According to a Forbes publication in 2023, studies show that jackpot winners report improved life satisfaction, at least for the first few years. These findings are contrary to the widespread myth that lottery winners almost immediately squander their winnings and return to their previous state. However, hitting the jackpot is not without its challenges.
As stated earlier, picking the winning ticket may open you up to widespread publicity, publicity you may not be ready or willing to deal with. Also, many lottery winners face one lawsuit or the other within the first two years of the prize. Did we forget to mention becoming a target for scams, blackmail and sometimes extortion?
Fun Fact: Vincent Charlemagne, a Canadian resident, has reportedly won the lottery three times. The first win came in 2013, followed by 2021, and now 2024, with the biggest prize coming in 2013, totalling 16.6 CA$.