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What to do When You Win $32.5-million in the Super 74 February 2004VANCOUVER – As reported by the Vancouver Sun: ``This week's Lotto Super 7 jackpot is worth $32.5 million, the second largest in the lottery's history. So let's say you won it. ``…You could invest it. The trick is how and for what purpose. ``That's the challenge most money managers will put to you if you're lucky enough to win that kind of money: to think honestly about what you want to do with your new fortune. ``When the question was put to Diana Reid, vice-president and managing director of BMO Harris Private Banking, she said: ```My immediate suggestion would be to deposit the winnings into a very secure investment such as a GIC or term deposit, and then I would say, 'You need to plan on how best to use these funds.' ' ``Historically, she says, people who win $5 million or less tend to blow it quite quickly -- at least quickly enough so that it doesn't change their lives in any meaningful way. ``…`I'd say, 'Pay off your debts, show a bit of largesse to your family and friends, and keep things pretty close to your chest,' ' Reid advises. ``…Then, she says, take the dream vacation right away. "Do that first. Let it [winning] sink in. Ask yourself: 'What are your values?' As a person, you won't change, so how do you want this money to work for you? How do you want to approach your life going forward?'…" |