Regardless of the state of the economy, something you can always count on is snaking queues outside Toto outlets in the lead-up to TOTO jackpot draws.

With the possibility to win life-changing amounts of money, can we really be surprised? From 2014, the size of the 20 largest TOTO winning shares range between $9.7 million to $1.9 million.

First of all, congratulations for those who had win the Toto lottery or receive a huge inheritance. But you really know what you gonna do next ? Keep it ? For investment ? For Donation ? Here are some suggestions:

THINKING ABOUT WHAT TO DO WITH A WINDFALL IS VALUABLE

In the course of writing this article, I found that it can be very valuable to seriously contemplate what I would do with a large windfall – seriously being the key word here.

It is easy to fantasise what we’ll do if we have lots of money – thinking about the places we’ll go, the stuff we’ll buy, and the things we’ll stop doing.

But contemplating how we’ll integrate a large amount of money into our existing life and wondering how to make the most out of it requires deep soul-searching and examination of who and what we value, which can yield interesting insights about ourselves. This alone is a win, even if we don’t ever win a TOTO draw.

CLAIM YOUR TOTO PRIZE WINNINGS

It might sound silly to state, but the first thing you need to do is to make your way to claim your prize money from the Toto Lottery Counter as soon as possible. You’ll need to go down in person with your winning TOTO ticket as well as your identification that matches your bank records.

WEALTH PRESERVATION VS IMPROVING YOUR STANDARD OF LIVING

After the euphoria of winning passes and you’ve adjusted to the reality, it is time to sit down and begin planning in earnest.

An obvious first step would be to clear high-interest debts, since they would only eat into your finances over time.

You can then decide what to do with lower-interest loans, such as your home mortgage or home equity loans: you can either be debt-free, or if you’re confident of earning more from investments than the interest you’re incurring, you could take your time to pay them off.

Once you’ve decided what you wish to do with your loans, you should make an appointment with your trusted financial adviser to get suggestions on how to best deploy your considerable funds to achieve your goals in life.

Whenever you have a significant change in life circumstances, it is usually a good time to review your insurance and investment portfolio, and it would be especially beneficial for you to speak with someone who has experience serving individuals with a higher net worth, since you now have access to investment products and services that were closed to you previously.

Wealth banking, accredited investor investments, and products with a high minimum investment are some of the new options that are now available to you.

OPPORTUNITIES COME ALONG WITH OPPORTUNITY COSTS

Choosing to do nothing, and letting your windfall sit quietly in your (regular) bank account, is probably the second worst thing you can do with your money. The worst being squandering it quickly.

By not doing anything with your money, you’re incurring opportunity cost. That money could be earning interest for you, invested to capture growth opportunities and earning dividends, or put to good use by starting or supporting businesses.

Think about what your short-term and long-term needs and aspirations are, and structure your portfolio accordingly to get your desired level of liquidity and long-term capital appreciation.

SPENDING MORE MONEY DOESN’T EQUATE TO A HAPPIER, MORE FULFILLING LIFE

It is worth noting that many millionaires and even billionaires still choose to work, despite their riches. Even if you can drawdown your windfall at a sustainable rate for the rest of your life, you might still choose to work.

You don’t have to work, but as we’ve noted in the past, we can derive great satisfaction in work, whether that’s salaried work, volunteer work, or as a self-employed individual. Work also gives us structure in our lives, social interaction opportunities, and a way to keep our bodies and minds active – all of which can’t be bought with money.

After a certain point, spending (or accumulating) more money won’t bring us more joy or satisfaction, and we’ll probably need to seek out something deeper.

Conclusion

With great financial resources, come great responsibilities. If you ever have the good fortune to receive a windfall, do spend it wisely and benefit the greatest number of people.

As you queue up to buy your next lottery ticket, we hope you’ll remember some of the pointers in this article even as you dream and envision yourself with the winning numbers. Good luck!