Lottery expert explains the big mistake winners make that waste their millions

A National Lottery advisor has opened up about the 'big mistake' jackpot winners often seem to make.

Andy Carter has witnessed over £2 billion worth of Lottery winners throughout his years as a senior financial advisor.

Over the last 18 years, the 50-year-old has helped more than 2,000 jackpot winners, who have taken home over £50k, organise their new-found wealth for the first few months.

The father-of-two introduces winners to financial experts who help with managing their money.

PA

Around 90 percent of National Lottery winners like to use the service Andy offers.

Andy says he loves helping people look after their fortune, telling This is Money: "If you can’t enter then this job is the next best thing.

"It’s a great job - you’re a part of someone’s life at a time which they’ll never forget.

"Winning the Lottery makes people happier - on the whole. It gives them more choice, but it can take a while to get there.

"One day I might be sitting in an 85-year-old lady’s house with a cup of tea and a piece of cake and she’s telling me all her old stories.

"But then I could be on a building site with brickies who want to 'lad it up'. I have to be a chameleon."

Throughout the years, however, Andy has witnessed the downfall of people when they become a lottery winner, from relationships breaking down to making issues at home even worse.

Getty Stock Image

But the big mistake, according to Andy, is when Lottery winners give too much away.

"Winners want to help everyone out and this generosity comes from a good place. But people should work out what they need first," he explained.

"For example, if they have children under 30 and want to help them out with a house purchase, can they afford to do that and give up work themselves?"

Explaining how his experts help out, Andy added: "The experts look at your whole life picture and make a plan, then winners can work out how much they can afford to help others."

Splurging the cash on a sports car or a too-lavish of a holiday is also a no no from Andy.

"Can you fit a pram in the back of a sports car? Some winners hire a sports car for a weekend and then realise it wasn’t all it’s cracked up to be," he said.

"They want that fantastic holiday to spend time with someone, more than the holiday itself."

Although, nowadays, Andy says 'around 98 percent of our winners as very cautious with their new wealth'.