How to avoid 'decision fatigue' if you win the record breaking $70 million Lotto Max jackpot
The biggest lottery draw in Canadian history will happen Tuesday night, with a staggering $117 million in potential total winnings.
There is $70 million to be won in the big draw and an additional 47 Maxmillion prizes worth $1 million.
John Towns, corporate communications manager with the Western Canadian Lottery Corporation (WCLC), said the organization is excited to see a prize this big.
He also has some advice for whoever picked the winning numbers.
“The very first thing you should do is sign the back of your ticket and then make sure you keep it in a safe place.
“The next thing, there’s a number on the back of the ticket, give that number a call.”
A winning ticket won’t mean an instant $70 million in your bank, however.
“There’s quite a bit of verification that needs to be done, a few legal type things on our end. As you can imagine we wouldn’t let $70 million go without verifying that it’s going to the proper person,” said Towns.
“After that’s all done we essentially give you a wire transfer and then you’re on your own to do what you will.”
Todd McLay, founder and senior investment advisor at Precedence Private Wealth, said the winner should start looking for ways to make sure the money lasts.
“What happens is they get this lump sum of money and there’s all this intimidation and all these different opportunities, they almost have decision fatigue and are overwhelmed.”
“What they really need to do is educate themselves. Focus so much on aligning with right professionals, doing as much research as possible, don’t do anything rash, and then understand how to protect that wealth.”
McLay said being smart with the winnings is good when thinking about the future, but that doesn’t mean you have to put away every single dollar.
“If you just slow down, pause, have some fun, spend some money. For the large portion, which will be your future nest egg because your life has changed forever, that is where you just slow down, educate yourself, reach out to multiple professionals.”
Leon Yahyahkeekoot said his girlfriend has already bought a Lotto Max ticket and he is still considering buying one himself to increase the odds, despite having bad luck in the past.
“I don’t know, I buy them a lot but I don’t win, but I can’t win if I don’t buy one. I’m heading to the store now, maybe I will buy one.”
Yahyahkeekoot said if he won the jackpot he would give some of his winnings to charity, and then spread some of the money to friends and family, hoping others will do the same if his numbers aren’t picked.
“I’m excited for someone to win it, hopefully someone I know and then they can hook me up with some money.”
Tickets can be purchased in Saskatchewan up until 8:30 on Tuesday night.
CTVNews.ca Top Stories
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.