If you have been playing casino games all day whenever you get a chance, you must score a big win sometime. Some days you win, some days you lose, some days you lose some more while someday you get lucky and win a Jackpot!
When the impossible happens, it seems unbelievable for a moment. But as the realization sinks in, everything seems possible. And if you are playing real cash online roulette, then the win feels more real somehow. Getting a sore thumb from swiping the touchscreen seems like paying off finally.
So you won the Jackpot, and all the dreams became achievable immediately, now what? At that moment, everything seems possible, a new house, a vacation in an exotic location, buying a yacht and so on. But losing all that money is even more simple and fast. If you don’t believe me, you can ask the lottery winners listed on the internet. To avoid being one of the names on that list, you need to do these 6 things:
- Take a Chill Pill
I know, as soon as you see the golden letters on your screen, the mind goes blank. And then the brain starts reacting. It is very tempting to shout it to the world that you have become filthy rich. But it is not the best of ideas. In fact, you should do the exact opposite. Put on a poker face and carry on as usual; however difficult it might be. Having so much money can create a lot of pressure. Every Tom, Dick, and Harry will want to come and pat you on the back. But trust me, you don’t need all that. You need to let the excitement go down, and the news that you are a millionaire sinks in. Then you need to organize your thoughts and seriously think about what to do with the money. For that, you need to keep a low profile for some time.
- Hire a Team of Pros
Being in charge of so much money is not an everyday thing for you. And you don’t know what to do with it, how and when. So you need professionals to guide you. You need to hire a professional financial consultant, a tax consultant, and a lawyer. If you already have a lawyer, make the call immediately. The next you need to do is hire the best financial advisor money can buy. In the future, it will help you save more money. A good financial advisor will tell you how not to lose all your money faster than you earned it. Not all money is to spend. Some of it is supposed to go into investment and last you all your life. And a professional will tell you “How to do that?” Plus, in most states, you have to pay tax on lottery money. So a tax pro should also be on your list.
- Be Reasonable
Sudden lifestyle changes can add your name to the list of rags-to-riches-and-back-to-rags. It’s natural that you want to celebrate and splurge blindly, but don’t be unreasonable. Don’t go on a car and house shopping spree immediately. You can definitely upgrade your lifestyle, but at the same time, you need to set aside a major part of the amount for logical usage. This is exactly where your financial advisor will come in.
- Settle All Your Debts
Pay off all the money you owe, whether it is small or big. As a Forbes article “The Best Investment Advice I Ever Received” says that paying off debts is the best investment. Whether it’s paying off the mortgage or credit card debt, pay it off ASAP. In fact, it is the first monetary transaction you should do with your freshly owned money. After you are in a state where you don’t owe a single penny, start thinking of what to do with the rest of your money.
- Make a Budget
As we have established earlier, preserving the winnings is very important. And if you have never owned millions of money before, it will take some serious discipline to preserve your money and not spend them all unwisely. A key to doing that is making a budget and following it. Moreover, make a habit of spending the income and not the principle. As it is, it takes a lot of principles to generate good income. If you start spending the principle, then the base amount starts depleting very fast. In today’s investment world, losing money is very easy once you touch the principal amount. Avoid doing that at any cost.
- Don’t Distribute the Money
Having a lot of money and a golden heart is a dangerous combination. So you have billions. Don’t become a human ATM. If you dish out money to every person who says he/she needs it, very soon you will be at the top of broke people list. That does not mean that you don’t help your friends and family who genuinely need monetary help. Help them, but be moderate about it. Splurge out only on those who really and genuinely need it.
It is satisfying to know that your addiction to casino games can make you rich. If you haven’t yet won, keep playing. Someday you can also get lucky. And when that happens, you know what to do. If you are not a jackpot winner yet, I really hope it comes to you soon!