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We are living in times when millions of people dream of the possibility that the Christmas Lottery will make them rich. The common belief is that once this miracle has happened, their problems will disappear forever, and happiness will be the norm for the rest of their lives. But everything will depend on the attitude and decisions of the winners from the moment the Children of San Ildefonso call out their numbers. It is not so much about the amount of money the prize represents, but rather the way in which they decide to manage that sudden wealth.<\/p>\n
It is now five years since we published an article entitled \u00abJurassic Park<\/strong><\/a>\u00ab, also at this time of year, that \u00abthe coexistence of a limited capacity to generate wealth and a sudden fortune will, in almost all cases, be an unnatural union that will seek to restore its balance\u00bb. In other words, the union of a windfall of money with people who have not been able to generate it through their own efforts tends, unfortunately, to last only a few years.<\/p>\n <\/p>\n As part of our day-to-day work, we also manage windfalls from lotteries and inheritances. And we know very well, from first-hand experience, the risks faced by the lucky winners of lotteries, the \u2018Primitiva\u2019 and so on.<\/p>\n The fact is that the bigger the prize, the more it tends to change the lives of the lucky winners, which is a double-edged sword. Furthermore, individual personalities and personal and family circumstances mean that the same approach cannot be applied to different situations. Consequently, the chaotic and contradictory advice of all kinds that the winner will face is of little use. It will be almost impossible for them to distinguish the honest advice (which is scarce) from the self-serving advice (which is almost all of it). But in most cases, one\u2019s worst enemy lies within oneself, as it is not easy to curb the urge to overindulge when one has never before had the opportunity to amass such wealth, let alone all at once.<\/p>\n There is no room for error for those who have never faced such a situation. You only win the lottery once, and you will only be able to live happily and wealthily for the rest of your lives if you do not make any mistakes. As you can see, the chances of avoiding failure in the medium and long term are minimal. And only a tiny percentage of the lucky few who come into sudden wealth will manage to do so, because statistically 90% of lottery winners lose all their wealth in less than 10 years.<\/p>\n To achieve success, the fortunate individual will need to engage the services of a specialist adviser. And we\u2019re not talking about a large, ostentatious private bank full of carpets, luxury furnishings and high-end staff \u2013 no. We\u2019re talking about family wealth managers (Family Office<\/strong><\/a>) to manage all present and future assets, and the family\u2019s relationship with those assets. Furthermore, this should have an international scope, to ensure that investments and assets are not ultimately limited to Spanish or European assets and little else. In other words, to ensure proper diversification. And this recommendation applies just as much to those fortunate enough to have inherited 100 million euros (as in the example we\u2019ll give below) as it does to those holding shares valued at \u00abonly\u00bb a few hundred thousand euros. Everyone should seek out Advisers with a capital \u2018A\u2019, not merely suit-and-tie salespeople peddling banking products. And if you make a mistake with the first Family Office you hire, try a second, then a third\u2026 but always choose specialists in family wealth management rather than bankers, who \u2013 despite claiming otherwise \u2013 will only be concerned with selling products that earn them hefty commissions, whilst at the same time preventing your money from leaving the bank to be channelled into other types of investment such as private equity, property, etc.<\/p>\n To round off, we\u2019ll leave you with a success story \u2013 at least for the time being. And as such, she\u2019s choosing to remain anonymous, as otherwise her success would become much more complicated. It\u2019s the story of a young woman who, almost four years ago, won 126 million euros, and whose fortune is now estimated at around 150 million. Learn from her, but be sure to hire some good advisers specialising in sudden wealth should Lady Luck finally smile on you. It will be the best money you\u2019ll ever spend out of all the money you\u2019re going to spend for the rest of your \u2013 happy and wealthy? \u2013 lives.<\/p>\n