So you're the Hawke's Bay woman who's just won a $25.1 million Powerball prize?
Don't quit your job, and don't make any big decisions for three months, or risk becoming one of the numerous Lotto winners who unintentionally blew it all, a financial advisor warns.
The mother, who wished to remain anonymous, purchased her winning ticket from Auckland's Countdown Manukau City Mall, winning a share of the record $50m Powerball jackpot, as well as Lotto First Division.
Financial Adviser and executive director of Stewart Group, Nick Stewart, who joined the financial services industry in 1999, has warned the lucky woman away from splashing the cash on a "depreciating asset."
"Without a plan, millions can become thousands in no time," he said.
"It is best to take financial advice while you are in the strongest position to do so – start thinking about the future, yours and your loved ones.
"I would say put all the winnings spread across a couple of banks for three months in short-dated cash facilities, don't quit your job, sit back and think about what you want to do."
Hawke's Bay's newest multi-millionaire said she has already set her sights on what to spend her winnings on.
"I've mostly been scouring the internet for my dream car," she said. "I will definitely be buying a house, that's the first thing on my list.
"I would also like a new car. There'll be some travel in the future as well as some other fun stuff."
Stewart said he always warned those with new money to stay away from depreciating assets.
"Say you have a million dollars and spend $400k on a depreciating asset – a boat, for instance – that means a lot of money is spent on it each year to keep it up and running."
Over three quarters (81 per cent) of Powerball winners in 2019 bought a new house with their winnings, while 85 per cent of big winners kept working, remaining in the same job as before their win.
Stewart also said most wealthy people talk about their investments, not their spending.
"Lotto winners should think twice before spending large lump sums and focus on the long term," he said. "The best course of action is to quietly contemplate all options.
"I would suggest in time a globally diversified portfolio of low-cost investments within your risk tolerance. Choosing a globally diversified portfolio means you would benefit from the growth of the entire market over the long-term.
"It is a clear and simple way to preserve and grow your wealth on the right foundations over the years to come."
What could $25m buy in Hawke's Bay
The house:
With Te Mata House no longer on the market as the vendors consider their options, Bayleys Realty Group communications manager Scott Cordes suggested a Hastings luxury homestead with an asking price of $4.2m.
"Greenhill Lodge is a historic 1898 homestead. You can buy it for $4.2m – so a lot cheaper than Te Mata."
With 29.5ha of rolling farmland, the luxury nine-bedroom home is just 15 minutes from Hastings and 25 minutes from Napier.
The car:
Mercedes-Benz Hawke's Bay general manager Spencer Pallesen said a new car is a must, but warned the woman to be sensible.
"The most expensive car we sell would be the Maybach S650, which has a list price from $369,700, plus on road costs," he said.
With a six litre V12 biturbo engine and 621 horse power, the Maybach S650 Mercedes-Benz is one of the top vehicles available in the Bay.
"If I was to give the buyer some advice it would be buy whatever you want, but be practical at the same time. There's no use buying a two-seater convertible if you have two kids and a dog for example."
The boat:
Hawke's Bay Marine sales and service manager Tom Forbes said the most expensive boat package they had on offer comes to close to half a million dollars.
The 985 Game King, a 9.85m long boat with a range of additional add ons, carried a $455,145 price tag.
The Napier-based boat salesman said the price could go up depending on additional add-ons.