When people win the lottery, many express delight at being free from financial worries. Andy Carter, one of five winners advisers employed by lottery operator Camelot knows that the sudden influx of cash presents new problems.
Andy and his team are not allowed to give any form of financial advice – they are mainly there to ensure smooth transfer of the prize to the winners’ bank accounts. However, he believes that big winners should seek help from private financial advisers. He further suggests that big winners should take a vacation before deciding how to use their new riches.
He says that from experience, most winners need time to acclimatize to their sudden affluence, a process he says sometimes takes years; and it is not always easy.
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