Cooking the Books podcast: Why some Lotto winners end up broke

Each week BusinessDesk and the NZ Herald’s Cooking the Books podcast tackles a different money problem. Today, it’s how a windfall can mess with your money mindset, and how to fix that. Hosted by Frances Cook.

It’s a daydream that many of us have had. What would you do if you won the lottery?

Millions fall out of the sky and into your lap, and suddenly, the world is your oyster.

It might be more on your mind lately after Lotto powerball jackpotted to $37 million.

And yet, if it happens, it can actually ruin lives.

Plenty of people who have a lottery win end up poorer than they started, in only a few short years.

A Lotto win can be similar to a big inheritance, or the moment you finally get to crack open your KiwiSaver or retirement fund nest egg.

Suddenly having access to a big whack of cash can throw all sense out the window, and actually ruin our finances.

So how should you handle it instead?

For the latest podcast, I talked to Nick Crawford, financial adviser from The Private Office.

For the interview, listen to the podcast here.

• If you have a question about this podcast, or a question you'd like answered in the next one, come and talk to me about it. I'm on Facebook here, Instagram here, and Twitter here.

• Listen to the full interview on the Cooking the Books podcast. You can subscribe on iHeartRadio, Apple Podcasts, or Spotify.