A self-made millionaire has shared essential advice for any future lottery winners on how to handle their newfound wealth. Mark Tilbury, who left school at 16 and now runs a multi-million-dollar business, is known for his wealth-building videos on YouTube and has has grossed "over 50 million".
He now seeks to help others become "financially free," offering tips on everything from bank accounts to taxes and investments. Mark recently weighed in on the crucial steps you should take if you ever find yourself in the enviable position of winning the lottery.
In a recent video titled 'You won the lottery, now what?' Mark outlined four specific steps to help you safeguard your win — and one that could help you avoid "ever running out" of cash.
Mark advises: "What to do in your first 24 hours after winning $50,000,000 (around £36,504,344). Step one: sign the lottery ticket, just in case it gets lost or stolen, so you can prove it's yours."
He adds: "Step two: stay calm and collect your prize secretly to avoid unwanted attention. Step three: get a lawyer from a big firm that specialises in trust and estate planning."
"Step four: make it last forever by figuring out how much you want to spend per year, then multiplying that by 25 and investing it in the S&P 500. That way, you should be able to withdraw four percent per year without it ever running out."
In 2023, Anita Pires, who works as a call centre operator for the National Lottery, explained that the process of verifying a winning lottery ticket is "incredibly rigorous" to ensure "no stone is left unturned".
The verification process includes several checks, such as confirming the location where the winning ticket was purchased and the exact time of purchase. If these details match up, the claim is then "further investigated" before any prize money is released.
She emphasised: "The most important thing for ease of validation is to be in possession of your ticket and the required validation information. For instance, if you paid by card in a retailer, this transaction would show under your bank statement."
Anita also advised that if you buy a paper ticket, it's wise to sign the back after purchase to help confirm ownership should you be lucky enough to win.
However, even if you lose your ticket, there's still a chance to claim your winnings — provided you have a legitimate claim and notify Camelot in writing within 30 days of the draw date.
Following such a claim, Camelot will conduct an investigation and may award the prize at its discretion if no other valid claims are made within 180 days.
You can learn more about claiming a prize on the National Lottery website here.
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