Whether it’s a lottery win, an inheritance, a major work bonus or even the sale of a business, sudden wealth can feel like hitting the reset button on life. But it also comes with a new set of decisions, and pressures, that aren’t always easy to navigate.
Just ask Mark Hanley.
The retired software analyst from Newmarket, ON, woke up one morning a regular guy and went to bed $65 million richer, thanks to a single winning Lotto Max ticket. His first instinct? Pure joy and disbelief. His second? To start dreaming — big.
“I want to buy a castle,” Hanley said in a news release from the Ontario Lottery and Gaming Corporation.
But his wife had other plans.
A winning ticket is just the beginning
The Hanleys’ reaction to their windfall paints a relatable picture: One partner wants to splash out on a grand estate, the other says absolutely not. And therein lies the universal lesson that it’s tempting to go big, but the real win is learning how to go smart.
Their compromise? No castle. But definitely travel. And definitely cheese.
“I want to travel the world for its food,” Hanley told Global News. “I want to go to Italy, and especially France. I love French bread, French wine, and… oh my, French cheese!”
It’s a grounded approach to sudden wealth: Spend a little, savour a lot and plan for the future.
What to do if you come into a financial windfall
While most of us won’t win the lottery, many will experience some form of windfall in our lifetime, such as a settlement, inheritance or equity payout. Here are some best practices to keep your fortune from becoming a regret.
1. Pause before you spend
A sudden influx of money can trigger a rush of emotion, and a rush of decisions. Don’t do either right away. Experts advise keeping your win or windfall quiet at first, so you have time to process and plan. Hanley didn’t even wake his wife immediately. Instead, he sat with the news, confirmed his ticket and considered how to share it. That kind of calm can be your best first move.
2. Build a financial team you trust
Windfalls can lead to unintended tax consequences, poor investments or simply overspending. Bring in a trusted group of professionals:
- A certified financial planner to design a sustainable strategy
- A tax specialist to make the most of deductions and minimize liabilities
- A lawyer to handle estate planning, trusts and asset protection
This team can help set up guardrails, so your wealth lasts far beyond the initial thrill.
3. Set a “fun fund” — and stick to it
It’s okay to treat yourself. In fact, you should. But smart winners do it within limits. One common recommendation is to allocate five to 10% of your windfall for “lifestyle spending,” whether that’s travel, home upgrades or yes, even cheese.
Mark Hanley’s world tour for food is a perfect example: It’s memorable, meaningful and won’t break the bank. A castle? Not so much.
4. Plan for the next generation
One of the biggest joys of a windfall is being able to support your loved ones. Hanley called telling his children “a dream come true.”
Smart ways to share wealth include:
- Funding education for children or grandchildren
- Contributing to a down payment on a home
- Setting up a family trust
- Covering caregiving needs for aging parents
Generosity with purpose can strengthen your family’s future and your legacy.
5. Give back with intention
Charitable giving is a powerful use of sudden wealth. It not only helps others, but can also provide meaningful tax advantages. Whether you support causes you care about or create a donor-advised fund, philanthropy can be a core part of your new financial life.
Spend with joy, not impulse
Mark Hanley’s story is a reminder that even the biggest windfall doesn’t need to change who you are, just what you’re capable of doing. His instinct was to celebrate, his wife’s was to stay grounded.
Together, they struck a balance many can learn from.
If you ever find yourself on the receiving end of a financial windfall, remember: The best use of money isn’t always about buying the biggest thing you can. It’s about creating freedom, security and meaning for yourself and those you love.
And if French cheese is part of the plan? Even better. Just maybe hold off on the castle.
Sources
1. Global News: $65M Ontario lottery winner wants to buy a castle but his wife says no (May 22, 2025)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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