If I won Lotto: Here's my windfall plan
Once the hangover cleared, the following process would be implemented:
1. 95 per cent of the cash would be placed on a six-month term deposit.
2. 5 per cent of the cash would be available for prioritised and discretionary self-indulgence (home improvement, vehicle upgrade, debt discharge, family assistance, charitable giving, travel, etc).
3. The following six months would be spent gathering advice from a planner, accountant and solicitor.
4. A trust would be established to protect and distribute.
5. A written plan would be created outlining the investment objectives factoring in the age of the beneficiaries, income requirement, risk tolerance, influencing factors.
6. A diversified portfolio of equities, bonds and property would be constructed.
7. The old adage would be kept in mind: "You make a living by what you get... you make a life by what you give".
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Which reader's plan would you support?Related story: (See story)