Steps you must follow in first week of Euromillions mega win
The colossal Euromillions jackpot went unclaimed again on Tuesday, 10 June meaning the record-breaking £208million will rollover yet again this Friday.
Despite the incredible sum not being claimed though, players are still urged to check their tickets carefully to see if they've won a smaller chunk of the money with less numbers.
Players will hope to see a combination of the winning numbers, which were 19, 36, 39, 40 and 45, with two lucky stars 5 and 6.
The massive sum is the largest prize the UK has ever seen and will now mean that there's an even bigger rollover on Friday, 13 June which will hopefully land lucky for some. If someone bags the winnings they'll become the largest lottery winner from these shores.
The prize is capped at Euros 250million (the equivalent of £208million) though meaning this Friday's prize will remain the same again but Camelot have also added in the chance for 13 guaranteed UK Millionaire Makers to be made.
However, whilst we've all likely dreamed of winning big, what happens when the initial high wears off? Many winners can find themselves overwhelmed and unsure of what to do next with the surprise windfall aside from buying luxury properties.
Matt Swatton, is a lottery specialist wealth planning director of wealth management firm Cannacord Wealth and has advised lottery winners on the unexpected challenges and how they can navigate them.
Here's his thoughts on your first week of winning and best steps to take if you're the lucky one this Friday.
Don't rush into anything
Once the news has sunk in, almost without fail the first thing people start thinking about buying a new home, or investing in property.
People worry - and it's a very common misconception that the money will somehow run out unless it's put into bricks and mortar straight away.
Others worry that if they don't gift money early, relationships might be damaged.
The truth is, the best first move is to do nothing drastic – give yourself time to breathe and get expert advice.
Rushing into property or gifting without a plan can store up real problems down the line.
Unlike inherited wealth or business proceeds, lottery winnings arrive suddenly and unexpectedly.
Most winners have never dealt with this level of wealth before, and the emotional impact can be significant.
Having an adviser will help you make a sensible plan.
Understand what your win means for your life now... and the future
You need to forecast what's affordable and sustainable and avoid impulsive decisions that could have long-term consequences.
It's not just wealth planning you will you need.
You probably need to appoint solicitors and accountants to ensure your legal and tax affairs are in order, including setting up wills, powers of attorney and tax-efficient structures.
Pause to understand your new financial reality
It's tempting to make big decisions quickly - buy a house, quit your job, give money to family. But the best advice is: take a pause.
Take time to understand your new financial reality. Your goals and feelings will likely evolve over the first 12 to 18 months.
Yes, a few early extravagances should be part of your plan, but longer term, you need to build a cash flow model - a visual forecast of your finances over time.
This helps answer the questions that keep winners up at night, such as can I afford to stop working?
How much can I give to my family? Will the money last? And what happens if I live longer than expected?
Make sure your money is safe
In the early days, security is key.
Your winnings will likely land in a high-street bank account, but you may want to consider safer options like National Savings & Investments (NS&I), which is backed by the UK government.
This can offer peace of mind while you plan your next steps.
Decide who you want to share the money with
Many winners want to share their good fortune with family and friends.
While gifting can be incredibly rewarding, it also comes with emotional and financial implications.
A large gift can change the recipient's life - and your relationship with them.
You also need to consider affordability - make sure you can afford the gift without compromising your own future.
Think about tax implications of gifting - in the UK, gifts are generally free from inheritance tax if you live for seven years after making them.
But there are annual allowances and exemptions that you need to navigate.
Focus on the long-term
Once your immediate needs are addressed, it's time to think about the future.
Investing is a key consideration - inflation and interest rate risk mean that leaving all your money in cash could reduce its value over time.
You should consider investing your money in a way that aims to increase its value versus inflation.
You also need to think about retirement - you may want to retire early or reduce your working hours.
A financial plan can show you what's possible. Your legacy is another important factor - consider how you want to support your children, grandchildren, or the causes you care about.
Estate planning and trusts can help you leave a lasting impact.
And finally...
Most of us fantasise about a big lottery win. I've seen it change people's lives immeasurably for the better.
But it can also cause problems.
The happiest winners I work with are the ones who balance a bit of fun with good planning.
That might mean helping their children, taking dream holidays, or giving to causes close to their heart – but always with the confidence that their wealth is protected, and their future is secure.
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