Millionaires' club... membership at a price

If you win Lotto, chances are you are not a financial genius. Because they know the odds against winning are incredible.
We buy a ticket because of how the dream makes us feel. However, the reality of winning can be overwhelming.
How do we avoid a monster spending spree, taken on with little thought?
Common advice is to take a holiday - prepaid. Leave your riches behind in an interest-bearing bank account with no link to your Eftpos card.
Essential holiday reading would be the Winners Brochure given to you by the New Zealand Lotteries Commission.
"Most lottery winners say they had highs and lows after their big win," the booklet says.
"It's natural to have mixed feelings at first after such a big moment, but your feelings will eventually settle down. Give yourself time. You don't have to work everything out in the first few days, or even in the first few weeks."
It says to tell only those you want to tell about your good fortune - but don't forget to tell any syndicate members.
"You may have bought the winning ticket as part of a group or syndicate. The law requires NZ Lotteries to pay the prize to the ticket holder only. It can't pay out prizes to a group or syndicate. So, if you were part of a group, or syndicate which bought the ticket, you will have to arrange payment to the other prize-winners."
Seek professional advice on the sudden life changes you may find yourself going through - there are many miserable millionaires in the world.
Make a plan. "If you don't do this, you may find yourself giving in to big-spending temptations you'll regret later," the booklet says.
A timetable of action is recommended, but don't make any major purchase decisions while your heart is ruling your head.
"Talk to family and close friends about what you might do (if you don't mind them knowing). Think about what you want to achieve over the rest of your life.
"Decide whether you are going to get professional advice and, if so, who you are going to ask for it. Friends or family may be able to help.
"But remember - well-intentioned but wrong advice is worse than none at all."
Karen Jones, New Zealand Lotteries Commission spokeswoman, said comprehensive support was given to winners depending on their needs.
"Some winners need very little support, they might say they have run a business, but others who may have been on a benefit might wish us to help them with appointments, such as with banks," she said.
The commission had surveyed past winners, she said.
"Many of our winners have been very generous, giving significant amounts to charities that are important to them."
"Most had only told a few family and friends of their win and a lot had just paid off the mortgage and bought a bach - living the Kiwi dream."