EuroMillions £75m winner: Tips on what to do if you come into a substantial amount of money – Mazars
Commentary and tips on what to do if you come into a substantial amount of money from Ian Pickford, Partner & Head of Financial Planning at Mazars.
Ian Pickford, Partner & Head of Financial Planning at Mazars commented: “£75 million is a sum few people will ever see land in their bank account. But, for the winners of the EuroMillions jackpot this is exactly what has happened. Such a life changing amount of money brings with it both opportunities and challenges. If managed correctly it can offer numerous generations a lifetime of financial security, but it can also cause family rifts and money troubles down the line. That’s why as the dust starts to settle and the champagne is put down, it’s imperative that people seek the advice of experts and put a long-lasting plan in place.”
Ian Pickford, Partner & Head of Financial Planning at Mazars shares his tips on what to do if you come into a substantial amount of money.
• Don’t panic. You don’t need to act quickly because that money isn’t going anywhere unless you want it to. Take your time to make decisions and think through what you want to achieve with that money both now and in the future.
• Start by spending a ‘little’ on something to enjoy your good fortune. Buy the car, take the holiday, stay in the hotel you’ve always wanted and enjoy the experience. Then you can start to put a financial plan in place.
• When you are thinking about your financial plan consider what fits both your goals, but also your family’s. And add a buffer so you have the flexibility to meet changing circumstances as life throws its various curveballs at you.
• Get the right expert advice. This one might feel obvious but there are lottery winners who haven’t accessed financial advice after winning millions. Overnight you have become an ultra-high net worth individual and this means you need team of experts to steer you through the complexities of having millions at your disposal. Seek the support of trusted experts in financial planning and tax, you’ll need some legal advice down the line as well.
• Prioritise paying off any debts. The mortgage is the biggest one. Not owing anyone money is a luxury that gives a real sense of financial freedom. • Protect your position. One of the first things I suggest to my clients who have come into a significant amount of money is to update their will. It’s just a first step before more complex legal advice is needed but it immediately protects your good fortune.
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