Queensland Man Delays Claiming $1M Lottery Winnings For a Month Thinking it Wasn't Real

A Queensland man won over £738,110 ($1 million) in the Saturday Gold Lotto draw on 12th April. However, lottery officials had to wait for the ticket holder to claim the winnings in person as the entry wasn't registered.

The man from Gympie, close to the Sunshine Coast, held one of the three division one winning entries nationally. When he visited the local news agency to verify the ticket, he was told they couldn't pay out the prize. 'That's when I knew it was big,' the man said. 'I just had to sit and ponder the win for a month. I couldn't believe it.'

It took more than a month after the draw announcement for the man to believe he had won. He finally came forward to claim his winnings but had mentioned he avoided telling people about it and plans to keep it 'on the down low.'

'My mom and two uncles were big Golden Casket fans. I don't think they did very well in terms of winnings, but they would be very happy to hear that I've taken home division one myself,' he said. The man plans to purchase a new car with the winnings.

The winning numbers in the 12th April draw were 45, 3, 22, 17, 13, and 6, while the supplementary numbers were 29 and 31. In the same draw, two others in Western Australia and Queensland were also division one entry winners.

The winning entry was purchased at Nextra Gympie at Central Shopping Center. The owner, Kelly Goatham, said there were a 'few expletives' when the big news broke.

'My co-owner Justene thought there was a snake in the house by the way I had yelled out to her,' she said. 'This is the first time Justene and I have sold a division one winning entry since we took over.'

Keeping a Low Profile About Lotto Winnings

The Queensland man's decision to avoid telling people about his winnings is understandable, as the news of massive jackpots often results in friends, family, and distant relatives coming out of the woodwork to claim a share of the winnings. Saying 'no' to such requests can be emotionally and financially draining and lead to strained relationships.

While the jackpot winner plans to buy a car with his newfound wealth, experts like Life and My Finances founder Derek Sall believe that 'lottery winners who are not wealthy don't inherently know how to keep it.'

Overwhelming wealth can lead to overnight lifestyle upgrades, which are unsustainable in the long run. More importantly, many winners try to grow their winnings by investing in assets they believe will yield returns, such as cryptocurrencies or video-game startups. However, these investments rarely succeed without professional guidance.

According to Morris Armstrong, founder of Morris Armstrong EA, poor financial management can lead to reckless spending. 'Losers impulsively buy houses, cars, vacations, and other possessions in excess,' he said. 'The reality is, how many cars or houses do you need? Losers tend to forget that.'

Substantial wealth raises questions about managing funds, determining spending limits, and implementing strategies to grow your money while navigating volatile markets. Finding the correct answers is crucial during such life events.

A financial adviser following fiduciary standards can help safeguard your lottery winnings by creating a detailed, long-term savings and investment plan. These advisers are mandated by law to work in your best interests. Experienced advisers with decades of experience can help you identify financial decisions you should avoid or implement, as well as the best method of cashing out and related tax implications, especially when dealing with lottery winnings.