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
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Broadcaster and commentator Rex Murphy dead at 77: National Post
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Millions of cyberattacks per hour as B.C. government investigates multiple breaches
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
New 'Lord of the Rings' film coming in 2026
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.