Managing a Lottery Win – James’ Story

“You know you’ve got someone looking at everything with your best interests at heart.”

Winning the lottery changed James’ life overnight. At just 20, he suddenly had to think about how to protect his wealth, make it last and still enjoy the opportunities it gave him. With AAB Wealth by his side, James was able to turn an overwhelming situation into a clear financial plan for the future.  

“I was at my girlfriend’s house when I got an email saying I’d won a prize on the lottery, I initially thought something wasn’t right, it was only a £10 ticket. But I’d won the jackpot.

I was completely shocked. I went straight to my parents and we triple-checked everything because I couldn’t quite believe it. I then waited for the lottery helpline to open so I could confirm that I had actually won. Once it was confirmed, everything started happening very quickly. I had calls from the lottery, was introduced to different people and they even came out to visit me. I also had calls relating to my mental health and wellbeing, including legal and financial matters, and that’s how I was introduced to Alan.”

Finding the right SUPPORT

“I knew there were certain things I wanted to do straight away, particularly helping my parents, but I also realised quite quickly that I needed to think carefully about what I was going to do with the rest of the money. It wasn’t just about spending it; I wanted to make sure it would last.

The lottery put me in touch with Alan at AAB Wealth, so financial advice was part of the process from the beginning. I’m a bricklayer and I didn’t have a financial background, so I needed someone who could explain everything properly without making me feel like I should already understand it. Alan done just that.

The meetings weren’t overly serious or intimidating – we could have a laugh and a joke – and that really put me at ease. I was only 20 years old at the time, so being faced with all these financial decisions could have felt quite scary, but Alan made everything feel manageable and took the time to go through everything with me.

He able to answer all our questions, he was relaxed, which made me feel relaxed too; and he explained everything clearly. Over time, he’s got to know me well, which makes the relationship even better.”

SEEING THE BIGGER picture

“The cash flow modelling was particularly useful because I’m a visual person. Being able to see how everything worked made it much easier for me to understand what I could spend and what that meant for me over the longer term.

Initially, the bank wanted me to keep all of the money with them. Alan explained the importance of spreading the money to reduce risk and introduced me to different options for protecting and investing it, including National Savings and Investments and Premium Bonds.

There was a lot I simply didn’t know about managing the money. I didn’t realise, for example, that there were limits around how much money is protected when it’s held with a bank. I knew investing was something people did, but I didn’t realise how much of a difference it could make or how many options there were.”

PLANNING FOR THE LONG TERM

“The cash flow modelling and budgeting have been really important. It shows me how much I can afford to spend each year, right through to when I’m 80, including smaller things and bigger projects.

Nice things are nice to have, but I know they don’t last forever. It’s reassuring to know that I can enjoy my money while also making sure it lasts. The budgeting has probably been the biggest thing. It shows me what is worth spending and what isn’t and gives me a much better understanding of what my win actually looks like over the long term.

It’s helped me make smarter decisions rather than spending money on things that aren’t really important. I know I can enjoy the money, but I also understand the importance of making it last.”

BUILDING A RELATIONSHIP

“My relationship with Alan is great. We’ve become friends as well as having a professional relationship. We play golf, go to football matches and speak regularly, sometimes just having a general chat about family and life.

Alan knows me really well now. We’ve developed a really good understanding of each other, and I think that’s a big part of why the relationship works so well. Knowing that Alan is always there is probably the biggest thing. It’s a really comfortable relationship and I don’t dread seeing his name come up on my phone!”

CONFIDENCE AND REASSURANCE

“Having a plan means I can enjoy it while knowing that I’m looking after my future too. It’s given me much more confidence because I understand what I have, what I can spend and how long the money needs to last.

I’d say to anyone who suddenly found themselves in a similar position, speak to AAB Wealth. They’ve made me see everything differently.

Most importantly, you know you’ve got someone looking at everything with your best interests at heart.”