Cha-ching! 

A 21 year old Lethbridge guy might be the youngest lottery winner ever in Alberta. Don Grimard claimed a $17,292,550 prize last week after purchasing 6/49 tickets for the August 5th draw. 

According the Western Canada Lottery Corporation, Grimard’s windfall is the largest lotto win by one person in Alberta. 

Grimard has quit his oilpatch job and says he plans to use his winnings to help his family and do a little travelling. 

For many people, winning the lottery is the Canadian dream. I mean, who doesn’t think of winning millions of dollars? Wealth should be able to open a lot of doors for many of us and ease concerns of financial security later in life. 

But for many, the reality sometimes can become a nightmare. I don’t know if anyone has ever studied how many lottery winners lose grasp of their fortunes. I did read somewhere that nearly 1/3rd of lottery winners go bankrupt within 5 years! That’s staggering. 

One think is likely certain - Grimard will most certainly be getting plenty of unsolicited advice and offers on what to do with his new-found wealth. 

For what it’s worth, I’d get an unlisted phone number, donate about 10% to various charities, give of the winnings to family and friends, pay off my debts, buy a new house for under $1 million, buy a few toys, travel. Most importantly, I’d spread several million dollars among various investment vehicles, including real estate. I’d like to think I would continue working at my job, but who really knows how you’d feel if you had to cross that bridge.

What would you do?