Another citizen has joined the ranks of Lithuanian millionaires. As announced by lottery organizers, the million-dollar prize went to a player who purchased a ticket in an unusual way.
Donatas Kazlauskas, Deputy General Director of "Olifėja", spoke more about the million-dollar win.
– Is there already a winner?
– All we know is that the winner bought the ticket online and we informed him. Unfortunately, he has not responded yet. We are really waiting for him to come to our office to arrange all the necessary documents so that the winnings can be paid out.
– It must be very difficult to realize that you won and that this is not some kind of fraud.
– Of course. When I talk to people, they admit that it was a big shock for them. First, they share their impressions with their loved ones, and then they come to our representative office to make sure that everything is really so, and that they are not fooling around. When they receive official confirmations, arranged documents and can collect their winnings, then they calm down and are truly happy with the results they have achieved.
– How much tax do I need to pay?
– There is no need to pay taxes, because the lottery turnover itself is taxable. This is the practice in most European countries – all winnings go directly to the winner's account.
– What is the biggest win in Lithuania? What amounts have Lithuanians won?
– The biggest win is 81 million euros.
– Is there a formula or do you just need luck?
– You just need luck – to choose the numbers that will be lucky.
Sigita Strockytė-Varnė, personal finance expert at SEB Bank, commented in more detail on what to do with unexpected money.
– How to deal with a win of this size?
– When this happens, to put it simply, the mind becomes clouded – emotions become very strong and take over. And when emotions are high, the probability of mistakes is also very high. For this reason, historically, those who win millions usually return to the same financial situation a few years later, and sometimes even to an even worse one.
– What to do now?
– The first and most important piece of advice is to take your time and wait until your emotions calm down. The realization that you have won such an unimaginable amount of money comes gradually – sometimes you have to wait half a year or even a year. The second step is to find a reliable financial advisor or expert who can help you create a strategy on how to divide and distribute this winning amount and how to create sources of passive income. It is important not only to spend the winning amount, but also to ensure that it continues to generate income.
The third step is the distribution of money. Some of the funds should remain in liquid instruments, such as term deposits. Another part could be allocated to low-risk financial instruments, such as government bonds. Another part of the money, after consulting with experts, can be allocated to long-term goals - real estate or a dream business. Undoubtedly, the winner's life changes. If he does not forget to invest in his financial education, his life and that of his loved ones may change radically and never return to the previous level.
– I've heard it said that the average person perceives a million as a very large sum, and anything over a million is a sum that is difficult to comprehend at all. Is that true?
– Indeed, yes. For Lithuanians, a few million is a hard-to-understand amount, because our average income is much lower. An interesting fact is that if a person, earning 2000 euros a month, did not spend a cent and saved all his money, he would accumulate two million only after 83 years. And if we also take into account inflation and currency depreciation, this period becomes even longer. For this reason, winners experience strong emotions – they want to buy something right away, spend money spontaneously and as a result, mistakes occur. Therefore, taking your time can help you save money and invest it wisely.
Author: Asta Dudurytė I LNK.LT
