Time to check the pockets of your pants and clean out the glove compartment of your vehicle because the winning ticket for $50 million Lotto Max jackpot was sold in Calgary and the prize has yet to be claimed.
More than a week after a ticket hit the lucky numbers for the Aug. 30 Lotto Max draw, the big winner has yet to step into the spotlight.
But for the truly large prizes, that’s no surprise.
“Fifty-million dollars is a lot of money,” says Kevin van Edgom, spokesperson for Western Canada Lottery Corporation. “A lot of people want to take a few days, a few weeks - sometimes months - to really think about ‘What is that going to mean for my life?’ Because it’s probably going to be a pretty big change.”
It’s a smart move says Faisal Karmali, portfolio Manager with the CIBC Popowich Karmali Advisory Group. And it applies to everyone from lottery winners to athletes or business people who suddenly find themselves in possession of a life-changing payday.
“Stop. Look. Listen,” he says. “Stop, take a look at what’s going on, listen to what your heart is really telling you to do, and then get the advice. Build a team: financial, tax, legal, build a full team around you and then implement. Don’t rush into this.”
He says it can be hard for some people to remember that they have all the time in the world to start spending, but those that start without having a professionally prepared plan often end up blowing millions of their windfall before they realize how fast it can all disappear.
While LottoMax loves handing out the giant cheques, they understand the need to take a breath.
“People have a year to claim their prize so we’ve still got just under 51 weeks left. I’m not panicking yet," says von Edgom.
The largest prize awarded in Calgary before this ticket was for $40 million in 2013.
At the end of August an Edmonton man claimed a $60 million jackpot drawn in October of 2018. He said he plans to clear some debts and go on a vacation, but keep his landscaping job.
