New Brunswick lottery winner claims $5M prize — What to do if you hit a windfall

Understanding the emotional impact of sudden wealth

Coming into a large sum of money unexpectedly can stir a whirlwind of emotions. While it’s tempting to make immediate life changes — such as quitting your job, buying a house or sharing the wealth with family — it’s crucial to take time to process the situation.

Experts suggest speaking with a financial advisor, a lawyer and even a counselor to navigate the psychological and practical aspects of newfound wealth. This kind of guidance can help winners make informed decisions that align with their long-term goals.

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Steps to manage your newfound fortune wisely

1. Pause and plan – Avoid making large purchases right away. Instead, take a moment to understand your new financial position and set clear goals.
2. Consult professionals – Work with financial advisors, tax experts and lawyers to create a plan for managing your wealth.
3. **Set a budget **– Decide on a sustainable lifestyle that allows you to enjoy your winnings while securing your future.
4. Invest wisely – Diversify investments to minimize risk and ensure financial stability.
5. Plan for taxes – Understand any tax obligations related to your winnings and set money aside accordingly.
6. Give thoughtfully – If you want to support family, friends or charities, do so in a way that aligns with your financial goals and future security.

By following these steps, winners can turn a temporary windfall into long-term financial success.

Common mistakes to avoid when you come into a lot of money

Many lottery winners and sudden inheritors lose their wealth within a few years due to poor financial decisions. Here are some common mistakes to watch out for:

• Spending too quickly – Large, unnecessary purchases can drain winnings faster than expected.
• Not having a plan – Without a strategy, money can disappear before long-term financial security is established.
• Ignoring taxes – Forgetting about tax obligations can lead to serious financial trouble.
• Loaning money to everyone – While generosity is admirable, giving away too much too soon can create financial strain and strain relationships.
• Making bad investments – Rushing into business deals or risky investments without proper guidance can lead to significant losses.
• Quitting your job too soon – While financial freedom is a goal, it’s important to ensure your money will last before making drastic life changes.

Financial experts agree that careful planning and patience are the keys to making the most of a windfall. By avoiding common pitfalls, winners can enjoy their fortune for years to come.

Sources

1. Global News: Someone is $5M richer after buying lotto ticket online in New Brunswick (March 27, 2025)