So you've won the lottery - poor you!

What do you do if you suddenly inherit, win or earn a big lump of cash?

According to specialist advisers, there are a few things you can do to keep your head - and your cash - while all around are losing theirs:

• Take time - at least three months - to address the emotional fall-out connected to coming into money. It will take a while for you to adjust to your new-found situation and work out properly what you want to do with it. Put the money in a high-interest cash savings account while you think.
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• Also take time to think about and research investments you might want to make. Many lottery winners lose all their money, and more, by thinking they are on a lucky streak and can put money into anything for profit.
• Don't rush into buying anything until you have talked it through with advisers and done some research. If you haven't lived in a big posh house before you won't know just how expensive it is to keep it going. Find out the running costs of a new home/car/art collection before committing your cash to it.
• Keep your friends and family with you. This is where you see who really cares for you. Some will demand money but you have to be firm. If you want to give to them then do it but make sure it is not because of pressure. Those that reject you because you have not given are not real friends, even if they are family. If they see that you are firm and not throwing money away on yourself either, they will come to respect you after a while.
• Get a plan. Once you have taken time out to cope with things emotionally, look at where you are financially. Pay off any debts (including your mortgage), check on your insurance cover and start thinking about what your new goals are and how much money you will need to achieve these.
• Surround yourself with good advisers. You will need an accountant, a financial adviser who specialises in high net-worth individuals and probably a lawyer to help set up trusts and also protect you from possible law-suits from former friends!
• Consider charities. Studies have shown that contributing to the welfare of others gives us happiness and fulfilment. In the case of charities it is also tax-efficient. The ancient custom of 'tithing' (giving 10 per cent of your income to the church) is a good benchmark for your giving level. Set aside at least that amount to give to good causes or to set up your own charity.

Jasmine Birtles is from Moneymagpie.com, the website that gives you a richer life.

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