How to avoid 'decision fatigue' if you win the record breaking $70 million Lotto Max jackpot
SASKATOON -- 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.