Whether you play online or at a land-based casino, it is the dream of every player to win the jackpot. But have you ever thought about what you would actually do if you won? It may come as a surprise to you but many previous winners have actually ended up financially ruined just months after winning the jackpot. We take a look at mistakes previous winners have made and what you can do to ensure that you don’t follow the same path.
Upgrading your Lifestyle
Winning the casino jackpot will certainly inject a huge amount of cash into your budget. But while it may appear that you are set up for a long time, the reality is that increasing your lifestyle is not always sustainable. People who have a higher lifestyle usually have a constant source of income to sustain it. Buying a bigger house and an expensive car means paying higher taxes, big insurance payments and constant maintenance costs. If the money stops coming in, you could find yourself seriously in debt. The best advice is to settle any debt you may have and live your life debt free.
Money Doesn’t Buy Happiness
It’s a common enough saying, but it is certainly true. Winning the jackpot won’t solve all your problems. Yes, it will pay off your credit card, give you the cash to buy a new car and stock your fridge with the best champagne money can buy, but it won’t make you fundamentally happier in your life. Money doesn’t buy sustained friendship, job satisfaction or family ties. In fact, sometimes a sudden injection of cash can actually worsen relationships and lead to partners splitting up and family relations dissolving completely.
Going on a Spending Spree
One of the biggest mistakes winners make is to go on a spending spree. Most players have never seen so much money in their bank account at one time. Splashing out on one or two luxury items is perfectly fine; going on a three-day spending spree will leave you wondering where all your money went before any of your debt is paid off. Take the time to think about what you really want before you go out and buy it.
The Wrong Advice
People who win the casino jackpot usually end up with everyone and their mother telling them how to invest and spend their money. While most people are just trying to be helpful, it is best to take each suggestion with a pinch of salt. If you are going to invest your money, go to an investment banker for advice. If you are going to buy property, speak to a property expert. At the end of the day, it is your money to lose not your friend’s. The right investment strategy could provide huge returns after just a few years while the wrong investment could lead to you losing everything.
In today’s financial climate, most people don’t have excess cash stashed away for a holiday or emergencies. What this means is that people have forgotten what it is like to save and keep money aside without spending it straight away. Having self-control is the most important attribute every winner needs to develop. While it may seem like the funds are limitless, eventually your money will run out. If you have the self-control to invest some of your cash, keep some aside and use a little at a time, you will find that you are able to do more with your money over a longer period of time. If you pay off all your debts and maintain an affordable lifestyle, winning the jackpot can certainly be the best thing that will ever happen to you.