More than 240 winners of at least $1 million responded to surveys (42% of
all such winners) by the Ontario Lottery and Gaming Corporation (OLGC) in
2003.
89% put money in the bank.
75% shared money with family or friends.
62% bought a new car.
58% paid off debts.
56% took a vacation.
47% donated to charity.
37% paid off mortgage.
34% bought a house.
28% paid for education for self/family.
15% changed their overall lifestyle.
6% bought a boat.
What was the experience like for the winners?
95% sought professional financial advice.
77% reported they had been contacted by the news media.
93% of those contacted said they received fair and
courteous treatment.
47% of winners said they were solicited for donations. Among those
solicited, 71% said it was "not a problem".
42% of winners either retired, gave up their job, changed jobs, went
to school or opened their own business.
Major lottery winners in Canada are required to reveal their names and
where they're from to lottery officials, and must also submit to being
photographed before they can be allowed to claim their prize.
A news conference is usually held to give the public a look at the newest
millionaire.
Who Buys Lottery Tickets?
Research from the OLGC on the demographics of lottery players claims that
lotteries are popular with adults from every walk of life.
Their market research claims that lottery players reflect the demographics of
the province as a whole.
OLGC surveys approximately 3,600 people each year on their lottery
purchasing. 68% of Ontario adults are regular lottery players (they've played
recently and plan to play again) and 28% of adults play at least once a
week.
As a group, lottery players have the same mean household income as all
people surveyed ($56,640 & $55,450). That
finding is consistent with 58% of players working full-time outside the home
as compared to 53% of all those surveyed report working full-time.
A higher portion of the general
population reported having completed university - 35%, compared to only 30%
of lottery players. A higher rate of lottery players completed only
high school (38% vs. 34%).
There is a higher rate of lottery players in the 35-54 age category than the
general adult population (44% vs. 39%). There are less lottery players 18-34
years old than the general population (29% vs. 34%).
Typical Spending By Income Group: Of those who reported spending $1 or
more in the previous month, those with the lowest income spent
almost as much as the highest income group!
UNDER $30,000
$30,000 TO $49,000
$50,000 TO $74,000
$75,000 AND OVER
Mean Spend
$24.61
$32.78
$34.81
$25.48
The Top 10 things major lottery winners did:
10. Invested in stocks
9. Made charitable donations
8. Made mortgage payments 7. Took vacation(s)
6. Renovated home
5. Purchased appliances/furnishings
4. Purchased a car
3. Shared with relatives
2. Made bill/loan payments
And the number 1 thing that lottery winners do is:
1. Put money in the bank
Other things to consider doing:
Print your name, address and phone number on the back of the lottery
ticket right after you buy it.
If you're playing with a group, put "in trust" after your name. You may
want to obtain a Group Buying Agreement from your lottery retailer. Prizes
are only paid to the rightful ticket holder or group trustee.
Sign the back of the winning ticket and photocopy it.
Guard your ticket well — to the point of secrecy from friends,
co-workers, and relatives.
If you want to maximize the interest income, claim your prize as soon as
possible. Put the money in government treasury bills then start your
planning.
If you decide to wait, put the ticket in a safety deposit box until you
are ready to redeem it.
Bring at least two pieces of signature identification with you,
including one with a picture and current address.
Consider talking to a lawyer.
Hire an accountant and a reputable financial adviser to help you map out
a financial strategy.
Change your phone number to an unlisted one. You’d be surprised how
little privacy you will get — even from people you trust.
Learn how to say no! Beware of fair-weather friends, bogus investment
experts and questionable charities.
Plan your estate.
Consider hiring a bodyguard to protect you from people wanting money.
Advice from previous major winners:
Save some. Spend some. Give some.
Don't change, or take steps to guard against change. Your priorities and
values got you this far, they'll see you through.
Enjoy the moment, the day, the month, the year. Do not move or try to
live outside your comfort zone.
Vancouver Sun articles: What
to do, Worthy
causes, Indulge
yourself.