Lotto Max draw is the largest prize pool in Canadian lottery history with a projected jackpot of $70 million, as well as an estimated 70 Maxmillion prizes worth $1 million each.
Let's be clear: that is a lot of money. But let's be even clearer: the odds are not stacked in your favour. It is about a one-in-a-33-million chance you are holding the lucky ticket. But I'm an optimistic person, and let's say you win and win big. It could happen. Maybe it's the $70 million or it is $1 million, or even a large windfall. Either way it could be life-altering.
What should you do?
Stop take a minute and breathe and immediately validate your winnings. Don't say a word to anyone and remain silent until you sort out the claim.
Depending on the size of the windfall, it is fair to expect family and friends to come calling along with requests for donations from charities you may or may not be aligned with.
I'm not saying you shouldn't share some of your winnings nor do I think you shouldn't splurge a little. Because I think there is room for both.
What I would recommend is you reach out to a trusted financial adviser, accountant or lawyer to help you develop a plan. A financial plan that is aligned to your new financial situation.
The fundamentals never change regardless of your new net worth:
We have all heard stories of past winners who spent as if there was no tomorrow. Rich one day and poor the next. That doesn't have to happen to you if you have a plan in place.
Once the plan is in place be very clear on how much discretionary spending you will have, how much you will save and how much you will give. Think of this like a three-legged stool. If one leg is off you will be out of balance in more ways than one.
Your financial life is all about balance.
Now go out and celebrate your winnings … responsibly.
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Five thousand public service jobs will be cut over the next four years, while underused federal office buildings, Canada Post properties and the National Defence Medical Centre in Ottawa could be turned into new housing units, as the federal government looks to find billions of dollars in savings and boost the country's housing portfolio.
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The Liberals are proposing new charges for the use of violence while stealing a vehicle and for links to organized crime, as well as laundering money for the benefit of a criminal organization.
Police say that arrests have been made in connection with a $20-million gold heist at Toronto Pearson International Airport one year ago.
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The Liberals are proposing new charges for the use of violence while stealing a vehicle and for links to organized crime, as well as laundering money for the benefit of a criminal organization.
Defiant and determined, House Speaker Mike Johnson pushed back Tuesday against mounting Republican anger over his proposed U.S. aid package for Ukraine, Israel and other allies, and rejected a call to step aside or risk a vote to oust him from office.
The world installed 117 gigawatts of new wind power capacity in 2023, a 50 per cent increase from the year before, making it the best year for new wind projects on record, according to a new report by the industry's trade association.
Australia's prime minister said Tuesday a French construction worker who confronted a man who stabbed six people to death in a Sydney shopping mall is welcome to stay in the country as long as he likes.
The British government's plan for a landmark smoking ban that aims to stop young people from ever smoking cleared its first hurdle in Parliament on Tuesday despite vocal opposition from within Prime Minister Rishi Sunak's Conservative Party.
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The first seven jurors for Donald Trump's hush money trial were seated Tuesday after lawyers grilled the jury pool about their social media posts, political views and personal lives to decide who can sit in fair judgment of the former president.
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
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The YMCA of Sault Ste. Marie is selling its building and ceasing operations in May.
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