A windfall from out of the blue can be the answer to all your financial prayers or can become a nightmare if you panic. The problem is that everyone wants to give you advice on what to do.

Your head is spinning and there is the mixture of joy and fear. Joy at how the money can help your lifestyle and fear of making a mistake and blowing the opportunity.

If buying a house is your dream, then go for it. Just think it through.

But no need to panic. Here are 10 steps to follow which will ensure that big financial win sets you up for life.

1) Immediately park your cash in a high interest account.

It could be a cash management fund at your bank or a high interest online account but this a parking place for your winnings until you decide what to do with the money. The worst mistake is to be pressured into making decisions on what to do straight away. Take your time and think about it.

2) Celebrate

Your dream has come true. Whoop it up, don’t be overwhelmed by the prospects of what the money will do, you have to enjoy your life. Buy that new car you've always wanted or go on that overseas holiday you have only ever dreamt about. But don't get too carried away, limit the celebrations to 5-10 per cent of the winnings.

3) Get advice

The money could put you on easy street for the rest of your life by making the right decisions. Forget what Uncle Jim or Aunty Gwen have to say, go to see a professional. The most important investment at this stage is time. Putting the effort into seeing a qualified financial planner, who is a member of the Financial Planning Association, will pay off.

4) Pay off the mortgage

The house is your most important investment and it is a dream of most to get rid of that mortgage millstone around your neck. Despite a stagnating property market in many parts of Australia, residential real estate over the long term is still a pretty good investment performer and any value increases are capital gains tax free. Also remember you can always borrow against your home in the future if you need money for an appropriate project in the future.

5) Get rid of your debt

Often your best investment is paying off your debts. Credit cards, personal loans and leases should all be paid off because with inflation so low and consumer credit interest rates so high, it isn't a time to have debts.

6) Invest in superannuation

Put some money aside for retirement. The Federal Government has clearly indicated that the responsibility for a financially secure retirement is yours, not theirs. Any money invested in superannuation is taxed at a lower rate than most other investments.

7) Remember your age

If you are young, you can afford to take a few risks with investing which may pay off big in the future. Areas like shares and direct property are in this category. But if you are retired or approaching retirement, play it safe and invest in low risk areas.

8) Invest in a balanced portfolio

Don't put all your money in the one investment. Spreading the investments across a number of different areas will spread the risks and insulate you from any unexpected investment shocks.

9) Donate to a charity

Come on, now you've got money to burn why not be a good samaritan as well and donate a portion to those less fortunate. It doesn't have to be much but it will make you feel good.

10) Change your phone number

You will be hounded by long-lost relatives, charities and snake oil salesmen once word gets out of the win.