Winning a huge jackpot is meant to be the most exciting moment of your day or maybe even your year.
Imagine the feeling when your lottery numbers come up or the slot machine brings up exactly what you need to claim the progressive jackpot. All you need to do now is enjoy the cash without blowing it in ways like this.
Putting It Back into the Games
You might think that the game you won is perfect for you now. After all, you’ve already won money on it once so what’s stopping you from doing so again and again. This is the reason why a lot of people end up giving their winnings straight back to where they came from.
All types of gambling come with a house edge, meaning that the casino or sportsbook or whatever expects to make money in the long run. Even if you win a huge amount, this theory could see you eventually lose it all by carrying on playing too long.
If you love gambling then just carry on like before, with small stakes here and there. Don’t feel tempted to massively increase your stakes or start playing on much longer sessions. If you’re playing in an online casino, just turn off the computer or mobile device.
In a land casino, collect your winnings and leave if you feel tempted to wager them all.
Buying Things That Lose Value Quickly
We all have a list of exciting things that we’d love to buy if we had a lot of money. This usually includes things like cars, motorbikes, and boats. These are all fantastic items that can add some extra pleasure to life.
The problems begin if you spend too high a percentage of the jackpot on them. These are all depreciating assets, meaning that your money will start to slip away if you buy a lot of them. A fleet of luxury cars look fantastic when you first buy them, but after a few years, they won’t hold anything like their original value unless they’re classic cars.
This is why appreciating assets like property and stocks make for a better choice to invest in. They don’t always go up, but history has shown us that they tend to increase in value in the long term.
Giving Away Too Much
The chance to be generous is one of the biggest benefits of any big jackpot win. If you win a considerable amount of money at Hot Drop Jackpot on Bovada, for example, you might see that as a great opportunity to help out friends and family in need, and that’s one of the very best things you can do with money. You might also decide to give some to a charity or other good cause.
However, you should make sure that you won’t have any regrets later. It might make sense to set aside money for your investments or for your retirement before you start giving the rest away. A jackpot win is a once-in-a-lifetime moment for many of us and you don’t want to feel later that you gave away more than you should have.
You can always give away more later, once things have settled down and you feel more in control of your emotions and your finances.
Having Wild Parties
The idea of having a party to celebrate your good luck makes sense. This is the type of special moment that you want to savor. We all have different ideas of how to have a great party in this sort of situation, so take some time to think about it and plan it well.
What you don’t want to do is blow too much money on one huge party after another. You might set aside a couple of days so that you can enjoy the moment with different groups of loved ones, but don’t fall into the trap of partying your way through a huge chunk of money.
Not Judging the Worth of Anything
Finally, you might find that your senses are distorted for a while after your win. People who win a lot of money often speak of feeling confused and making poor decisions in the days and weeks after it. When you’ve got millions of dollars in your bank account, it’s easy to forget the importance of knowing the worth of things.
This is why the best idea is to let a few days pass without going on any spending sprees. You’ll make better decisions once you’ve settled down and got used to the idea of having a lot of money.
If you’re given the option of collecting your prize in installments rather than a single lump sum, this can make a lot of sense. It takes away the temptation of going wild and spending it all in very little time. Also, don’t forget that you’ll be asked to pay a percentage of your winnings in tax, so putting this amount aside makes sense.