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Why are people who play the lottery regularly shocked when they win? They may have dreamt about winning, but they haven’t prepared themselves for the reality of actually receiving a substantial sum of money. Whether you’ve prepared for this situation or not, we’ve outlined three key steps to consider when managing your win.
Firstly, we recommend you take some time to reflect and understand your win. Consider if your current goals are still relevant and identify areas that may need to be recalibrated to prioritise what is most important to you.
How can we help? We seek to discover what is important to you about money, who are the people most important to you, what your lifestyle will cost you, and any specific bucket list goals. This will help create a clear picture of your current financial position and dream lifestyle.
Once you’ve begun to get over the shock of receiving sudden wealth, you start to focus on planning the future. This may include providing security for your win, passing money onto your family or buying a new property.
How can we help? After we’ve gained an understanding of your goals and discussed what funds you need over the short, medium and long-term, we analyse your current arrangements and report back to you with recommendations and an appropriate plan.
Finally, once you’ve considered these things, it’s time to start implementing your plan. Begin by putting the appropriate level of funds to each of your goals, and importantly in the right place in order to achieve them.
How can we help? At this stage, we can discuss any final queries or concerns and work directly with you to ensure a smooth transition from decision-making to execution of plans, providing you with support at all stages.
During each step, there are things to discuss and learn. Decisions to make, and goals to achieve. Sticking to the steps and taking your time will help you build a strong financial foundation in an organised way.
By doing so, you’ll have a better chance of gaining financial security, enjoying your new wealth and avoiding potential mistakes.
By getting to know you and what is important to you, we can put your plan in motion and support you throughout the lifetime of your plan. We hope to provide you with peace of mind that your financial future is in safe hands. Ultimately allowing you to focus your time on the things that matter most.
A common mistake is giving away money too soon. If you start giving money to others without thinking about how it will affect your future finances, you might end up needing financial help yourself someday. We strongly recommend getting professional financial advice before you give money to anyone.
AAB Wealth is completely independent, providing unrestricted and impartial advice, and we are delighted to be selected by Allwyn to help lottery winners.
Ensuring your wealth is preserved for future generations requires careful tax planning. As part of AAB, we are unique in working hand-in-hand with our taxation experts every day. This combination of expertise under one roof is rare in the financial advice market. Our specialists provide tailored inheritance tax strategies to help you protect your assets and pass them on to your loved ones.
Our team of experienced Financial Planners are here to provide a helping hand.
Alan has supported me from the very beginning of my win. I truly appreciated his approach to getting to know me personally and taking time to fully understand what was best for me.
Anonymous, Lottery winner
