Self-made millionaire Mark Tilbury has outlined four critical steps that lottery winners should take immediately to safeguard and grow their newfound wealth. Tilbury, who left school at 16 and later built a multi-million-dollar business, shares financial guidance on his YouTube channel, which has amassed over 50 million views. He aims to help others achieve "financial freedom" through advice on bank accounts, taxation, and investments.
First 24 Hours: Protect Your Ticket
In a video titled "You Won the Lottery, Now What?", Tilbury emphasised the importance of the first 24 hours after winning. "Step one: sign the lottery ticket, just in case it gets lost or stolen, so you can prove it's yours," he said. This simple action can prevent disputes over ownership.
Stay Calm and Keep It Secret
Tilbury's second step is to "stay calm and collect your prize secretly to avoid unwanted attention." Publicising a win can lead to harassment, scams, and security risks. He advises winners to keep the news confidential until they have a plan in place.
Hire a Specialist Lawyer
Step three involves legal protection: "Get a lawyer from a big firm that specialises in trust and estate planning." Such professionals can help structure the winnings to minimise taxes and protect assets for the long term.
Make Your Money Last Forever
The fourth step focuses on sustainable wealth. Tilbury recommends: "Figure out how much you want to spend per year, then multiply that by 25 and invest it in the S&P 500. That way, you should be able to withdraw four percent per year without it ever running out." This strategy, based on the 4% rule, is designed to preserve capital while providing a steady income.
Verification Process and Lost Tickets
Anita Pires, a former National Lottery call centre operator, revealed in 2023 that ticket verification is "incredibly rigorous" with "no stone left unturned." Checks include the purchase location, date, and time. Winners are advised to sign the back of their ticket immediately after buying it as an additional security measure. If a ticket is lost, claimants must submit a written claim to Camelot within 30 days of the draw. An investigation follows, and if no other valid claims arise within 180 days, Camelot may award the prize at its discretion.
For more details, visit the National Lottery website.
