12 hours ago
- Business
- Irish Independent
‘You'll be pitched everything, from crypto to your cousin's cafe' –€250m EuroMillions winner warned not to get scammed
The new multi-millionaire, who bought the ticket in Cork, will probably be urged to invest in everything from crypto to a cafe, financial experts said.
Today, lottery bosses are expected to reveal the shop where the winning ticket was sold.
The winner, who has made themselves known to National Lottery HQ, has been cautioned not to throw their money away on scams or poor investments.
Large numbers of lottery winners around the world end up going broke because of scams and bad investments.
Financial adviser Colm Power said the winner should avoid high-risk investments. They will need to invest much of the money to stay ahead of inflation and to ensure the money retains its buying power, he said.
Be cautious – if it sounds too good to be true, it probably is
Mr Power, who is managing director of employee benefits and wealth at professional services firm NFP, said: 'Avoid high-risk ventures. You'll be pitched everything: from crypto to your cousin's cafe. Be cautious. If it sounds too good to be true, it probably is.'
Conail Flynn, the executive director of financial advisory firm LHK, said the winner needs to seek out impartial financial advice.
'Be sure to look at all your options and to get impartial investment advice,' Mr Flynn said.
'Be wary of scams. Don't let any exuberance around your Lotto win see you throw caution to the wind and throw your money away on an investment scam or a poor investment.'
Mr Flynn said the EuroMillions winner should get a tax adviser, a regulated and independent financial planner or adviser, and a specialist probate solicitor.
'It's important to sit down with the right person to discuss what you should do with your money, especially if you are a young individual whose parents may have passed away and who may not have anyone to guide you,' he said.
Financial adviser Glenn Gaughran said the winner should conduct a thorough assessment of potential financial advisers before appointing one.
Mr Gaughran, who is head of business development at the Independent Trustee Company, said: 'Before choosing a financial adviser, contact a number of them and compare their fees, qualifications and experience.
'Find out how much the financial adviser will charge, if ongoing advice will be provided and if so, what the cost will be.'
He said the winner should also ask what other payments the financial adviser receives: for example, if they are paid commission from the financial services firm they are selling products for.
The latest EuroMillions winner will be one of the richest 100 people in the State. The record-breaking win surpasses the €175m record for the largest cheque ever presented to an Irish player, in February 2019.
