What to do when you’ve won the lottery

Managing a lottery win can be a nightmare if you're not careful, says an economist. (Richard Plume/The Canadian Press)

Many dream of winning a $46 million jackpot — and that dream will come true for one lucky Quebec resident as the Lotto 6/49 Golden Ball ticket was sold in the province.

But it can also be stressful to manage such a large amount of money. Noovo Info’s economic columnist, François Gagnon, broke down some steps to take if you win the lottery.

1 – Let the dust settle

First, it’s best to deposit your cheque in person at the bank. Gagnon warns it’s not a good idea to make the deposit on a mobile app.

“It can be exhilarating, but it can also be stressful, because a lot of people will be after you. But it’s a good kind of stress,” he said Thursday on Noovo Info.

Gagnon recommends that new winners opt for a guaranteed investment certificate (GIC) for one to three months.

Once that amount has grown, it’s a good idea to meet with several bankers and a portfolio manager to choose the best money management strategy.

2 – Maximize your investments

Next, Gagnon recommends “stuffing” your RRSPs and TFSAs, but above all, paying off all your debts.

3 – Treat yourself and your loved ones

If the Gold Ball winner spends about $1 million to treat their loved ones, travel and buy a car, they are still left with a good $45 million.

“If this amount is well invested, it will generate an average income of $2.2 million,” Gagnon concluded.