'Don't tell too many people': A financial advisor on what to do if you've just won the Lotto

The Journal

18-06-2025

A SINGLE TICKET holder from Ireland has won the €250m EuroMillions jackpot, in what is said to be the largest jackpot to be won in the country.
We don't know who the lucky person is, though we do know the winning ticket was sold in a shop in Munster, and the winner now has 90 days to claim the prize.
National Lottery spokesperson Emma Monaghan has advised that that person should keep calm (if that's possible), make sure their name is on the back of the ticket and it is safe, and have a cup of tea.
Once they contact the National Lottery HQ, they will then be guided through the steps of the process.
But what should they do once they claim the prize, and are suddenly in receipt of tens of millions of euro? We've sought out some advice on their behalf.
Nicholas Charambous, the Managing Director of the Alpha Wealth financial advisory firm in Cork has been here before – in his 27 year career, he's dealt with lotto winners.
'The first thing you need to do is remain calm, and let the euphoria die down a little bit before you tell too many people, or make any sudden decisions.
'Avoid heading to buy a Ferrari as a first port of call, there will be time to think about what you want to spend on,' he said.
Charambous advises that telling a wide circle of people your good news too early is a bad idea, as you might get a lot of conflicting advice.
'Coming into a large amount of money gives you a lot of options you may not have considered before, so it's important to get qualified advice, and that's not just a plug for financial advisors,' he said.
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Charambous added that you want the advice you get to be independent and qualified, rather than someone who is tied to a fund, or an institution, that could potentially profit from getting you to spend or invest your money in a certain way.
'Pay off all of your debts, this puts you in a great position to be debt-free, and it's a sensible first step,' he added.
Be careful with gifting
The Cork- based financial advisor says that giving everyone in your life the same amount off the bat might not be the best idea.
'People will get taxed different amounts, and they will be taxed differently depending on their relationship to you, the ceiling for gifts to your parent or child will be different to the ceiling for your sister's partner, for example,' Charambous said.
When it comes to any savings, whether you opt for deposit accounts or invest your money in stocks, or a managed fund, depends on how soon you will need to access it.
'If you are dealing with a very large amount of money, you should do a combination, and you should get advice before you start making investments, especially if that world is totally new to you,' Charambous said.
He added that online banks like Raisin can often offer a better interest rate for deposit accounts than the standards rates offered banks in Ireland.
'Whatever you do, even if it is such a large amount that you could live off it forever, do not just leave it sitting in a current account. A) The rate of inflation will eat into its value and B) under the Deposit Guarantee Scheme your money is only insured up to €100,000 per each institution, so you'd really want to be spreading that money around to different trusted institutions and through sound investments,' Charambous said.
Plan your financial future
He added that financial roadmapping is important if you come into money suddenly, especially if you plan to quit your job.
'The reality is that you have new options open to you, and you might be able to buy properties in multiple countries, and to quit your job. You need to think about how thi money will sustain you in the longterm and replace potential earnings losses.
'Planning also helps to avoid feeling overwhelmed. It can be quite stressful for people, and research does show that once the euphoria dies down, some people actually end up going back to a version of their life before, and even resume their previous job. You want to make sound decisions so you can enjoy the winnings rather than being overwhelmed,' Charambous added.
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