I’m a lottery expert – here’s the first thing I tell winners as soon as they strike it big
A LOTTERY expert has revealed the first thing he tells EuroMillions winners as soon as they strike it big.
Robin Melley, a financial adviser from Bridgnorth, Shropshire, has been helping lucky lotto winners with their fortunes for almost a decade.
His firm Matrix Capital has been the go-to place for those who scoop a £1million Premium Bond jackpot – where Robin has been directing winners on what to do with their newly found wealth.
The 62-year-old has helped over 200 lotto winners over the last eight years, and has shared the first piece of advice he gives to the lucky millionaires.
Melley took to LinkedIn to suggest that winners initially put the money in a safe but accessible place such as the NS&I Direct Saver account, which pays 2.85 per cent interest.
But even though it’s not the best rate on the market, because NS&I is government-backed, the money is fully guaranteed.
Speaking to The Telegraph, he said: “This gives the winner time to get used to their changed circumstances, and they’re not rushed into making life changing decisions or long-term investment.”
The financial adviser of 32 years also revealed that clearing outstanding debts is a positive step for new winners to take and can have positive psychological effects on the person.
Whether these are credit card debts, loans or even mortgages, the lotto expert urges winners to clear it up as one of the things they might choose to spend their money on.
Melley explained that his job involves creating personalised financial plans and giving advice – whether they’re the parent of a winning child or a 94-year-old, and every plan looks different.
One of the most popular things lotto scoopers tend to splash their cash on are million pound houses but they often forget about the running costs.
“This is one of the main reasons you see winners go bankrupt within five years. They end up using all their capital on funding the running costs of what they’ve bought, rather than investing it and using it to help fund a long-term financial plan,” Melley told The Telegraph.
This is why he encourages winners to follow his three simple steps to make the most out of their money: “Take your time, don’t tell anyone and take proper advice,” he added.
But even though winning the lottery sounds like a dream come true, the expert warned of the darker side to becoming a millionaire overnight – dubbed “the curse of the jackpot”.
He recalled previous winners wishing they had never won the money, and being so overwhelmed with the not knowing what to do with their wealth.
On his LinkedIn, Melley wrote: “Seek professional collaborative advice from advisers who are highly technically qualified… and are experienced in providing a safe pair of hands that includes the skills needed to handle the emotional and relationship issues that often arise as a result of sudden wealth”.
He stressed that having an awareness of financial abuse is also important – as this is an aftermath of winning the lottery that he has witnessed “a number of time”.
This comes after another lotto expert shared his top tips that could help players scoop a huge jackpot.
One more gaming whizz revealed ways you can pick your numbers to boost your chances of winning big.