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"A win does not change people's values around money, it exaggerates them."

Topic closed. 3 replies. Last post 2 years ago by Tialuvslotto.

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Bondi Junction
Member #57242
December 24, 2007
1102 Posts
Posted: September 5, 2015, 6:34 pm - IP Logged

With a perfect match of winning numbers the ticket holder was immediately launched into the exclusive club of the UK's ultra-rich.

That, according to those who assist big money winners, is a "daunting" experience that leaves most of them in shock.

They say it can take a couple of years for these millionaires to find the rhythm of their new-found riches.

Understanding the reaction and requirements of these lottery winners can tell us a lot about coping with sudden wealth, from inheritance to rapid business success.

Anyone who has a lottery win of more than £50,000 receives a visit from Andy Carter or one of his team of five winners' advisers.

The 41-year-old, employed by lottery operator Camelot, checks the ticket-holder's identity and other paperwork then oversees the bank transfer of the prize. No longer is it written on a cheque and, unlike some overseas lotteries, the money is paid immediately in one lump sum rather than in instalments.

After nine years in the role, Mr Carter has seen the full range of reactions and spending plans, from plastic surgery to buying a fireworks company.

"By the time I get there [the day after the winners' call], some have already arranged a viewing on a house," he says.

"But the perception is that winners go out and buy a fast car. They don't. They are in shock. They realise they need some help."

He is not allowed to give any financial advice, but he does suggest that winners take a holiday before the spending starts.

He says a tiny minority of winners either go out and blow the cash, or do the opposite and put the money in a bank account and leave it untouched.

"A win does not change people's values around money, it exaggerates them," he says.

Most want to pay off a mortgage, and find the lack of ceremony when it is done to be strange. Nearly all want to look after their families' finances.

He suggests that people take their time and do not promise anything straight away.

We all get a lot out of lotteries!

    Bondi Junction
    Member #57242
    December 24, 2007
    1102 Posts
    Posted: September 5, 2015, 6:39 pm - IP Logged

    I think a cooling-off period for large win would be a good idea. It would give winners time to get their heads around their new circumstances.

    We all get a lot out of lotteries!

      music*'s avatar - bee
      Fresno California
      United States
      Member #157856
      August 2, 2014
      1740 Posts
      Posted: September 5, 2015, 8:48 pm - IP Logged

       Winners with large families can look forward to Christmas.  Only four months of shopping left till the big celebration.

       I agree that the winner is a member of the "Uber Elite".  Billionaire status is the next step upwards.

        A winner needs to create a Decision Free Zone, DFZ. Each winner has a unique set of circumstances to live with.

       Stay off face book. Keep your secret in a tight group.

       If this is your fifteen minutes of fame that you desire then enjoy the moment in the lights.

      Good Luck everyone !!!Party

       Your values might change because the win is like throwing miracle grow on charachter flaws.

      Keep the good times rolling !!!  White Bounce

        Tialuvslotto's avatar - Jailin
        United States
        Member #150797
        December 31, 2013
        824 Posts
        Posted: September 6, 2015, 7:28 am - IP Logged

        Wow, what a great job Andy Carter has!  Although, it would be hard to see a winner run through their cash and end up broke in spite of your counselling.

        Does anyone know if lotteries here provide these services?  I have never heard of anyone having counselling, financial advice, etc. arranged by the lottery.

        "There is no such thing as luck; only adequate or inadequate preparation to cope with a statistical universe."

        ~Robert A. Heinlein