Gone with the windfall

1 March 2015

CPA Magazine, Rosalind Stefanac

Many lottery winners go through their new riches in no time. Here are five of their most common mistakes — and how they can be avoided with some help from a CPA.

With a large amount of unexpected cash in hand, it’s tempting to start doling out gifts and spending with abandon. Cynthia Kett, a principal at Stewart & Kett Financial Advisors Inc. in Toronto, says there is a tendency among many lottery recipients to become overwhelmed and make decisions too quickly. “It’s better to take a tiny bit to have some fun but then park the rest for at least a few months before you make any big decisions,” says Kett, who has dealt with several big-ticket winners.

Portrait of a lottery winner

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About Stewart & Kett

Stewart & Kett Financial Advisors Inc.
911- 123 Front Street West,
Toronto, Ontario,
M5J 2M2, Canada
(Adjacent to Union Station)
Phone: (416) 362-6322
Fax: (416) 362-6302