Lottery millionaire 'lived off credit cards' before win

A lottery winner has spoken about the importance of managing money wisely, it has emerged.

In an interview with the Sunday Mail, the anonymous Adelaide millionaire - who won $20 million on Powerball eight years ago - reveals how upon landing the cash prize he and his wife immediately met with a number of financial advisers for guidance on what to do with his earnings.

"It was just too daunting," he claims, adding that some of those with such a vast amount of money could get "carried away" and land themselves with a significant tax bill come the end of the financial year.

Such financial prudence comes as the former graphic artist reveals that before their lottery win they relied heavily on their credit cards to meet their day-to-day financial commitments.

However, those who do not have the luxury of a multimillion dollar lottery win to supplement their money management could find that a 0% balance transfer credit card can help them get to grips with their spending.

Indeed, Shaun Cornelius, chief executive of InfoChoice, recently told Business Day that although such a credit card product can be useful to pay off debts, it should not be used to make further purchases.

Written by Joe Letts