There are some key things you should know if you win the lottery. If you have won the lottery and are feeling overwhelmed with the financial, legal, and tax issues, we want to reassure you that you are not alone. Most lottery winners are unsure of what to do. Thus, we have created a process specifically developed to provide you with immediate clarity into what you truly have as well as the critical steps you need to take now in order to protect and preserve your new wealth.
There’s gradual money and then there is sudden wealth. Most of us are used to gradual money, meaning we earn an income and build a nest egg over time. It’s a slow and steady process. As our net worth grows over the years, we adapt and slowly become more financially sophisticated. It’s like riding a smooth elevator. You’re steadily going up, but you hardly feel it.
Then there is sudden wealth. It’s like being on the ground floor of a 50-story building and shooting to the top floor in seconds. Sudden wealth means getting more money than you’re used to being responsible for, getting it all at once, and often feeling pushed outside of your normal financial comfort zone. Although you’re the same person you were the day before you received it, you are quickly thrust into a new and often uncomfortable situation. While sudden wealth can be life changing, for some it can cause anxiety, indecision, and fear in those who don’t surround themselves with the right people and don’t develop a sound and purposeful strategy.
The thrill of winning and the rush of emotions that follow can make it hard to make well-thought out decisions. Some of our clients have told us that their worlds felt like they were turned upside down – that they felt stuck and unsure what to do. That’s where we come in. We will research your options and help you make the most suitable decisions. We will get your legal, tax, and financial team in place so and help you understand all of your options
Here are a few of the most common questions we help our client answer
Vincent Private Wealth is well-suited to provide guidance to lottery winners and has become a valuable resource for serving sudden wealth recipients. You can rely on us for insight into the financial and psychological issues related to navigating a lottery win or virtually any sudden wealth scenario.