What if you win? Keys for investing your Christmas Lottery winnings

“Oooone thousaaaand eeeeeurooooos!” Once again on December 22, as is tradition in Spain, millions of people will be following the Spanish Christmas Lottery closely. Hope, joy, and excitement define this draw, which unofficially marks the start of the Christmas season.

As every year, 198 million lottery tickets (“décimos”), each priced at €20, have gone on sale, resulting in total lottery sales of €3.96 billion. Of this amount, 70% (€2.772 billion) corresponds to prize money distributed among the public.

Let’s be honest: the odds of winning aren’t very high. Specifically, the chance that one of the children from San Ildefonso will call out your number as the big winner—El Gordo—is one in 100,000, exactly the same every year. Still, despite this somewhat discouraging fact, it’s impossible not to dream a little and to ask the inevitable question: what would I do with the money if I won?

Veredas Zarco, a wealth management advisor at MAPFRE Inversión, is clear on this point: when you win a draw of this magnitude, the most important thing is planning.

“Planning. It’s what turns a stroke of luck into a life project. It’s not just about numbers—it’s about setting priorities, protecting wealth, and designing the path before you begin walking it,” explains Zarco.

“The first step is not to take action, but to hit the brakes”

Winning El Gordo is clearly an emotional earthquake. The excitement is overwhelming, and your imagination runs wild thinking about all the things you could do with €400,000 (before taxes). “That mix of euphoria and vertigo is completely natural… and it’s also the most delicate moment for decision-making,” explains Zarco.

The expert goes on to note that, at this stage, it is advisable to “place the prize money in a secure account and allow some time to pass without making major decisions. This will help you to avoid costly mistakes.”

The data speak for themselves: around 70% of lottery winners end up with significantly less money within just five years. According to Zarco, a lack of planning and emotionally driven decisions are usually to blame.

Common mistakes and how to avoid them

When asked about the main mistakes made by newly minted winners, Zarco points out that one of the most understated is believing that the newly acquired money is inexhaustible. “Euphoria makes the prize feel like an endless cushion, when in reality it’s a fragile resource if it isn’t managed with a cool head,” she explains.

There is also a psychological factor at play: experts note that money won by chance feels different from money earned through effort, and it often triggers impulsive spending. “Added to this is the urge to put one’s entire life in order all at once—buying a house too quickly, paying off debts without considering tax implications, or even quitting one’s job,” she adds.

Finally, another of the most common mistakes is a lack of professional advice. For Zarco, it’s essential to keep the lottery ticket safe, not make the news public, and rely on accredited advisors to protect both the money and peace of mind.

At this point, having the support of financial experts, such as those at MAPFRE, is crucial. We have a dedicated financial advisory unit, MAPFRE Gestión Patrimonial, ready to help you make your first investment and achieve your financial goals.

It’s important not to fall into “sudden wealth syndrome”

Zarco warns of a psychological phenomenon that happens to many investors who receive a large sum of money all at once: “Sudden wealth syndrome.” A state in which euphoria coexists with anxiety and the fear of making mistakes, completely altering the way financial decisions are made.   

This type of investor is also affected by an “unexpected distortion of risk perception.” The explanation? When money arrives without prior effort, it’s easy to overestimate one’s ability to manage it and underestimate potential mistakes. In contrast, the habit of saving naturally educates investors and fosters more prudent decision-making. “That is why many experts recommend pausing, allowing emotions to settle before setting a course,” explains Zarco.

At this point, Zarco is as clear as possible in warning that when capital appears suddenly, investing does not begin with choosing products or markets. “It starts with something deeper: learning how to invest.”

How should you invest El Gordo?

The expert explains that the first step in investing a prize like El Gordo is to ask yourself a series of personal questions:

• How much money do I need right now?
• Which funds will provide stability tomorrow?
• Which resources will work for my future?

Once these questions are answered, Zarco recommends relying on three guiding principles: liquidity, stability, and growth.

• Liquidity: a portion of the prize should remain “still”—a comfortable cushion (around 15%) allows you to plan without rushing or making forced decisions.
• Stability: the majority is usually allocated to low-risk assets. Dedicating 55–60% to fixed income helps consolidate and maintain control over your wealth.
• Growth: the remainder (25–30%) can be invested in diversified equities, allowing part of the capital to participate in overall growth without taking excessive risk.

“Remember, an advisor can help you define this structure precisely, ensuring that each allocation matches your profile and the real purpose of the prize,” Zarco advises.

And may luck be on your side!