Financial adviser Mark Richardson yesterday told Herald NOW that new winners should take a “cooling-off period” before making any major decisions.
“If you’re not used to this sort of money, you need a cooling-off period,” he said.
“With easy money in like this, it can be easy money out.”
He urged new millionaires to resist the urge to splurge on expensive houses and cars, warning that “big ticket items come with big bills as well.”
Instead, Richardson recommends taking time to plan and seek professional help. “You’ll need sound accounting advice. You’ll need sound legal advice… You haven’t had to think about tax at this level.”
He also stressed the importance of diversification when investing.
“Don’t just all of a sudden go, ‘Well, it all goes into term deposit, or it all goes into property.’ You’ll want to be diversified.”
For the Powerball jackpot to be claimed, a ticket holder must match all six Lotto numbers plus the Powerball.
Winners who bought their ticket through MyLotto will see immediately if they’ve won.
Prizes of up to $1000 are automatically credited to accounts, while larger prizes require an online form.
Players who purchased physical tickets need to visit a Lotto retailer to claim their winnings.
