The chances of winning the big prize in Powerball is 1 in 292,201,338. The good news is your odds improve considerably if you buy two tickets! The bad news is winning is still very unlikely. According to Forbes, you are far more likely to be hit by a meteorite. Those odds are 1 in 1,600,000. Your client is discouraged because their $2 ticket was not the winning combination. As their advisor, what can you say?

Winning the lottery can sometimes be a curse as well as a blessing. According to USA Today, a third of lottery winners are bankrupt after three to five years. Clearly, there is a need for financial planning. Here is the good news. Your client already has access to financial planning expertise. You are their financial advisor.

Start by asking your client what they would do if they won the big prize, or even one of the lower levels but still large, prizes.

1. We would take a spectacular vacation. What would they have in mind? Book a 100+ day world cruise? Travel from Istanbul to Paris on the Orient Express? Go on safari? Drive across the United States?

Practicality: Your client needs two things: Time and financial resources. They might not be able to choose the “price is no object” option, but they can get a significant amount of the flavor and experience, ideally at a reasonable price. They might also need to plan this as a future vacation instead of leaving two days from now.

How about: There are many cruise lines out there. “Sailing soon” fares are offered. These can be at fantastic discounts. If they want a longer voyage where they can relax and detach, check out repositioning cruises. If a cruise line moves a ship from the Mediterranean to the Caribbean, they prefer not to do it empty. They often have great fares on a route they will not repeat for another year.

2. We would send the grandchildren to college. We would all agree education is the traditional way to climb the ladder to a better financial and social position. Parents everywhere will sacrifice to make this dream a reality. This needs buy-in from the children and grandchildren, who are expected to study furiously to get the highest grades possible.

Practicality: How old are these children? How many years until they enter college and tuition needs to be paid? Is your client embarking on this mission alone or are aunts and uncles in the picture too? What steps are the parents taking for the education of your client’s grandchild?

How about: Connecting your client with a specialist in college funding. Your firm might have someone on staff. You might have received training in this area. Very few students (and families) pay full price at public and private universities. Depending on the research you view, the number paying full price might be 40%. It even might be 25%. Your client needs a guide to learn how financial aid works. You can also help them with 529 college savings plans, ideally set up at an early age.

3. I would quit work and retire early. Baby boomers might remember the 1981 film, Take This Job and Shove It. They might not remember the plot, but the title sticks in their mind. They would walk away from the world of work, dedicating their life to leisure. FYI: This can get pretty boring, pretty quickly. Kiplinger reports half of people who retire are bored, missing the intellectual stimulation they had at work.

Practicality: Without a huge cash influx from the lottery, quitting tomorrow is unlikely to happen. Ideally your client can get to the point when continuing to work becomes a choice, not a requirement. They might also consider if their stills might earn a much higher paycheck elsewhere. They need to look into that themselves.

How about: Aiming towards the financial independence option. How is your client doing in terms or retirement saving? Are they taking advantage of retirement plan benefits at work? Can they cut back on their spending now to redirect more money towards retirement? Are they fully funding their IRA account? Now it is time to bring your financial planning tools into the picture. What are your client’s current expectations in retirement? When would they be able to stop working? How about if they went with a less expensive lifestyle? Would that bring their potential retirement date earlier? Your client might be better able to cope with work if they knew they had the option of retiring early.

4. We would buy a vacation home. Your client lives in the city but loves the beach. They live up north, can’t stand cold winters and thinks about Florida. If they won the lottery they would buy a second home.

Practicality: Let us assume your client is retired or works from home. They are not tied to one location. How often would they use their vacation property? Would they be comfortable renting it out when they are not in residence?

How about:  Not everyone who winters in Florida owns their own home. They might rent for a season, determining if this lifestyle is for them. They might book an extended stay at a hotel. Many hotel brands offer extended stay suites with kitchen facilities. They can price out two-week, four-week, six-week and eight-week options. This might be an affordable way to escape winter.

5. I would buy an exotic car. Your client sees themselves driving around town in a Ferrari or Lamborghini. This would be their first purchase with their lottery winnings. Since they lost, they are riding around in their SUV. They tend to lose it in parking lots because so many cars look the same.

Practicality: How big is their exotic car universe? Do they really want an exotic car or a convertible, which they associate with high end sports cars. Must it be new? How flexible are they? What are the servicing costs?

How about: Put some effort into researching the used car market. Which exotic cars hold their value better (or worse) than others? How does mileage figure into the resale price? Is there an independent local mechanic who is great at servicing certain brands? Your client came come up with a price on a used sports car. Is it affordable?

6. We would become philanthropists. This is a noble pursuit. They would give money away. This might happen because they are generous people. Your client might be a social climber. Perhaps it is a bit of both.

Practicality: What is your client’s objective? To give money anonymously? To attend charity galas and make connections? To belong to organizations, attend free events and make contributions? What are their favorite nonprofit organizations?

How about: Setup a donor advised fund (DAF) as a starting point. Can your client give it a name? Join several favorite organizations as a basic member. Contribute money to your DAF and start making contributions. Gradually add more money when possible. Let yourself be cultivated by the nonprofits.

7. We would pay off our debts. This is a practical pursuit. It should not depend on winning the lottery. This is a goal you can easily encourage.

Practicality: Get an accurate picture of where your client stands. How much do they owe? To how many lenders? What are they paying in interest?

How about: First, the client needs to get their spending under control. Can they eliminate large impulse purchases they are considering? Can they take advantage of balance transfer offers from other lenders, bearing in mind the losing institution might apply an additional fee? Can your client keep up their higher payment level, although their average lending cost is lower? How much money can they redirect to debt reduction?

8. We would give a large gift to our religious organization.  This is another noble cause. They are an active part of their faith community. If they won the lottery, they would write a large check.

Practicality: There are many ways they can contribute. Money is one, but there are others. Do they volunteer their time? Do they donate items to the food pantry? Does the organization run a thrift store or collect donated clothing. There are many ways they can be supportive.

How about: Your client likely has retirement assets. They probably have an IRA account. Have they considered adding their religious institution as a beneficiary? The money is available during their lifetime, if they need it. A sum of money goes to their religious institution when they die. Although they have a limited lifespan, their religious organization has been going for generations and intends to continue for many more.

Although your client did not win the lottery, they can still have experiences and be generous during their lifetime.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.