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.
