5 Tips For Being a Good Millionaire

CBC Radio Canada

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Although it is a dream for many Canadians hitting the jackpot is not easy. It is can be an intense upheaval that is accompanied by emotions, a multitude of questions, fears and important decisions. While some embrace their new life, for others, this blessing can quickly turn into a nightmare.

…But once the euphoria passes, there is another phase that the rich apprentices’ faces that are often best left alone with their millions. “Once our winners leave our office with their check, we do not contact them” says Jessica Gares, spokesperson for the British Columbia Lottery Corporation.

“Our role is to ensure that the winners receive their prizes. Each personality is different and it is not our role to advise them on their money. At most, we suggest they get close to a professional financial advisor.”

A graduate of psychology and financial planner for Vancouver-based firm Macdonald Shymko & Company Ltd., Gina Macdonald has received windfall clients in her office. She gives several tips.

The first (wise) decision to make as a new millionaire is to make time to breathe and digest the information. “Wait a while, or even months, before making big decisions and take the time to sit down to plan over the long term,” advises Gina Macdonald.  “Many lottery winners squander their entire fortune in a few years.”

“A financial professional will help you define your personal and financial goals, as you want to make your money last and plan for the long term. It is also about assessing and setting an expenditure ceiling depending on your financial plan, “explains Gina McDonald.

The financial aspect is important, but it is important not to overlook the psychological side, according to Gina Macdonald. Being rich may come with many complications we do not think about, said the specialist. Topics include relationship and family problems. A psychologist can help the winner to manage the stress of his present and future. Having a well thought out plan helps minimize stress.

We must also accept the fact that becoming a millionaire cannot answer all the problems of life. “Some people come into my office and are completely lost. I try to reassure my clients reminding them that money does not buy happiness, but it is a tool to accomplish your dreams” expresses Gina Macdonald.   Click here to read the rest of the article

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