Best Advice for Lottery Winners in Florida
Best Advice for Lottery Winners in Florida
The decision about what you do with your winnings is entirely yours – you will shape your future.
Winners could find themselves on a high, understandably so, following a major Lotto win but right after a win was not the right time to splurge.
Best Advice for Lottery Winners in Florida By Mintco Financial Advisors
- Decide who you want to tell;
- Deposit the money in an interest-earning bank account;
- Decide if you wanted to spend money straight away. How much and what on?
- Talk to family and close friends about what you could do;
- Decide whether you want professional advice and, if so, who you will ask.
- Work out your new financial position – how much money do you have and owe?
- Start prioritizing what you want to do with your money;
- Make a list of the priorities;
- Visit a financial adviser to discuss your new position and options.
- Review your list of priorities;
- Begin making a financial plan to work out how much money you have and what you could do with it;
- Update your will, or make one if you already don’t have one;
- Review what has happened since your mammoth win;
- Amend your list of priorities – if you need to;
- Complete your financial plan.
- Review your current financial position and get further help if needed;
- Ask yourself if you’re getting what you want from your win?
- If you’re not, write down what’s wrong and what steps you can make to amend things;
- Take action to make things better.
Best Financial Advice for Lottery Winners
- Think before you spend: It’s best to spend some time thinking about your win and what you really want to do with the money before you start forking out;
- Secrecy: Be really careful who you decide to tell about your good fortune;
- Financial advice: Getting help from a professional, who knows what they’re up to;
- Have fun: It’s important to remember to take time to do the things you’ve always wanted to do for fun, once you’ve locked in funds for the future.
How to find good advice for Lottery Winners
Good financial advice should focus on your individual goals and current financial situation, and balance your needs for the short, medium and long terms.
It helps to be clear on the type of advice you’re after.
For financial advisors, make sure you find ones that are a fiduciary financial advisors and interview them.
It’s time to ask the tough questions – there’s real money at stake.
What to do financially if you win the lottery
As you contemplate the view from cloud nine, however, there’s something you should know: even lottery winners run out of money.
In fact, according to Fortune magazine, almost one-third of all lottery winners go on to declare bankruptcy.
That’s right – they end up worse off than they were before they hit the jackpot.
This sobering statistic is not designed to burst your bubble.
Rather, it should be read as motivation.
Every successful financial strategy is based on a robust, well thought-out plan.
This is no different for lottery winners. To develop a plan that is tailored towards your individual circumstances, you will need professional advice (not only to manage your finances but your tax and legal affairs as well).
Once you have selected your financial advisers, the conversation will likely start with a simple question: what do you want to do with your wealth?
Once you begin jotting down and working through your objectives, the outline of a financial plan will quickly appear – estate planning, income projections, tax structuring, protection planning, and investment management.
During this process, you’ll aim to meet your shorter-term goals in conjunction with your longer-term objectives.
Depending on your situation, that might mean deciding on a new house or an extension – a holiday home in Colorado or on the beach – a new car or a new boat, and so on.
Why do you need a financial advisor if you win the lottery?
We all dream of striking it lucky somehow.
Whether it’s by selling a business, inheriting a family estate, or yes, winning the lottery.
Any large windfall can turn those dreams into glorious reality.
If you have found the proverbial pot of gold then this is a joyful time as you start preparing for the life you’ve always wanted.
However, this is also a time for serious reflection. Too many fortunes have gone up in smoke through hasty decisions, wrong choices and lack of planning.
By seeking professional advice and implementing a comprehensive financial plan, you can ensure that ‘set for life’ means just that.
Mintco Financial – Best Financial Advisor for Lottery Winners – Best Advice for Lottery Winners in Florida
There are many strategies you can employ to protect your assets and to make sure they are distributed how and to whom you wish. But to make sure your wishes are carried out faithfully, it is recommended that you work out a vision for your legacy with a trusted financial advisor.
If you have never worked with a financial advisor before, you may have a lot of questions about your options in the marketplace.
Most of the advertising out there is from large investment banks who claim to offer comprehensive financial advice but are oftentimes simply investment managers pitching their own proprietary products, and who have hundreds of clients for whom they have limited to zero availability.
On the other end of the spectrum are Registered Investment Advisors, who operate under the fiduciary standard, which means they are required to always work on behalf their client, in support of their stated objectives.
Mintco Financial Advisors are FIDUCIARY. And What is a fiduciary financial advisor?
A fiduciary has a legal duty to act in a client’s best interest.
It’s also important to know that many advisors are not fiduciaries.
The financial advisor who is a fiduciary owes the client a duty of loyalty, which means they must act in the best interest of the client. If a conflict of interest exists, the advisor must make full and fair disclosure of all material facts so the client can make an informed decision on whether to proceed with a transaction.
Here are the five core principles of the fiduciary standard are:
- Put the client’s best interests first.
- Act with prudence; that is, with the skill, care, diligence and good judgment of a professional.
- Do not mislead clients; provide conspicuous, full, and fair disclosure of all important facts.
- Avoid conflicts of interest.
- Fully disclose and fairly manage, in the client’s favor, unavoidable conflicts.
Those not working to the fiduciary standard are held only to a suitability standard, meaning their advice must be suitable for you.
Investors need to ask a financial advisor if they work as a fiduciaries at all times.
Also, ask your advisors to sign a “Fiduciary Oath” drafted by the Committee For The Fiduciary Standard to make sure that they meet the five core fiduciary principles.
At Mintco Financial, we believe that planning is power, and by formulating a sound financial plan, you will be more confident that your future financial goals will be achieved, allowing you to allocate more time and resources to what you love most.
We take the time to understand each client’s unique circumstances and by providing both comprehensive financial planning and investment management services we are able to provide customized solutions for their specific needs.
WHO WE SERVE
At Mintco Financial, we have the pleasure of working with a diverse range of clients of different ages and from varied backgrounds. But across our clients, there are some common themes.
They want a trusted partner to help protect and grow their hard-earned savings.
Someone with the experience and investment acumen to help them navigate the increasingly difficult investment landscape that we find ourselves in.
Finally, someone will treat them like an individual, rather than a number.
THE Mintco Financial DIFFERENCE for Lottery Winners 19 Best Advice for Lottery Winner in Florida
We’re proud to work so closely with our clients and build long-lasting relationships.
We believe there are a number of reasons why our clients choose to work for us.
For one, they trust us.
As a fiduciaries, we act in their best interests which allows them to rely on us to shoulder some of their financial burdens.
Secondly, we provide a sense of peace. Financial uncertainty can be a source of anxiety, but we strive to instill confidence through a stable and thorough plan for the future.
Call us today! Schedule a meeting: Call us at 813-964-7100