What are the odds of winning a million-pound jackpot? Your guess is as good as mine: slim! And while these chances are as close to impossible, it is always fun to visualize how you will spend the money won. vulkan vegas, ICE Casino, and many other top-rated brands tend to offer financial services to the lucky winners. But this only applies when you win a certain threshold. What if you’ve won big but have not reached the threshold to get financial advice from the casino? How should you spend your winnings? This article puts together a list of things you should do as soon as you win big.
Mum’s the Word
You’ve probably noticed a lot of people hide their faces when collecting their wins on social media, TV, or the internet. There is a reason for this. Once word goes out that you’ve hit the jackpot, you’ll likely find lots of new friends. People you haven’t spoken to for years will certainly want to contact you to extend their ‘congratulatory’ messages. Friends and family members who’ve been close to you will expect the new millionaire in town to solve a problem or two for them. So, the best thing to do is keep quiet about your newfound wealth and plan.
Take Some Time to Think
There is an old proverb that goes like this: ‘The art is not in making money, but in keeping it.’ This seems to ring a bell for many online casino winners, especially those lucky to scoop the jackpot.
Cases where gamblers became overnight millionaires are not new. They are all over the internet. Take a closer look, and you’ll realize many share the same sad ending: the winners ended up becoming junkies, drug addicts or spent all the money on hookers. There are even real-life movies where such cases are elaborated, as seen in The Gambler (1974).
Therefore, you mustn’t get carried away and start spending the money instantly. Whether it is in investments, luxury lifestyle, or anything big, take time and plan. Consult with a few experts before reaching your decision.
Failing to Plan Is the Surest Way of Failing
Instead of making a shopping list of what you want to get with your newfound riches, you must come up with your ultimate financial end goal and consider what trade-offs this might require. You might want to purchase a house right away, as well as pay for private tuition for your kids in the future, for example, and, depending on the casino winnings, you might want to do both.
Consider the actual cost of a potential investment before you open your wallet. You know that large tract of land that you’ve always dreamt about and can comfortably purchase now? Just know once you purchase it and build a house on it, you must pay lots of utility bills, which can have a huge impact on utility bills. Many asset-rich people have made the mistake of making lavish expenses and ended up selling the same properties to avoid going under.
Consult With the Experts
You hardly hear a rich person discuss how they spend their money. More often, they’ll talk about the investments made and what they plan on achieving next. Now that you are in the rich club, you should change your mentality and focus more on investing. With the cash you have, if you play your cards right, you could easily generate more. The internet is filled with all sorts of advice and information regarding investments. So, it can be difficult to know what to follow. If you are a little confused about the best investment to make, seek the services of a qualified and experienced professional.
Spoil Yourself
Now, away from the serious stuff. How about spoiling yourself a little? You cannot just invest all the money without thinking about celebrating. You might want to dress the part if you are becoming one of the uber-wealthy guys. Go out and change your wardrobe. Look for those designer clothes you’ve always wanted to wear. Shop for designer cologne, shoes, and watches. If you were using an old phone, you might want to get the latest Samsung or iPhone device.
And after all is said and done, get a whip that will get people’s heads turning. Just ensure it’s one of those rides that require you to spend $100,000 every 12 months to keep it on the road.
Try Other Casino Games
You are only a millionaire because you played a casino game, bought a lottery ticket, or wagered on a sporting event. So, it will only make sense for you to try playing another casino game. Of course, don’t put your money in one bet. Spread your bankroll to ensure you have as many betting opportunities as possible.
Consider the Long Game!
This point might seem very familiar to the outgoing ones, but it is entirely different. You might be tempted to spend your unexpected windfall on something short-term: an exorbitant luxury holiday, a sportscar, or a plane. But the truth is always to think about the future or something long-term.