How to Spend Your Gambling Winnings

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Where to Spend Gambling Winnings?

Everyone probably dreams of huge casino and lottery winnings, but many are often simply not ready for the fact that it can really happen; and so, if wealth suddenly comes your way, it can be spent unreasonably. Therefore, it is essential to decide in advance on what to do when you win the lottery or hit the jackpot.

The more your winnings are, the higher the probability of being confused becomes. This can lead, in turn, to spending sprees which will prove unpleasant and harmful in the end. A lucky player can hit a large jackpot in an online casino, and sometimes the amount runs into seven figures. Of course, you could also end up with more modest winnings; but even a relatively small prize can significantly change your life – so it is necessary to steer your spending in the right direction.

Shrewd Planning

The main key to success is understanding what you want, and why. If your main goal is to win a jackpot or just a good deal of money, then think about your real aim. For instance, casino winnings may differ in amount, so you need to make up a plan. For example, if you want to win $10,000, this may help you pay back your loan; and if you want to win more than $100,000, you can buy premises or a vehicle, invest in a business, and so on and so forth. A plan is also needed for even larger sums, like $1,000,000.

No one knows exactly when to expect big gambling wins, so it’s better to always have some ideas in mind.

In Whole or in Parts?

While pursuing the jackpot, it is worth considering the rules of the casino and lottery you’re playing in, as well as your own preferences. Each operator has their own view about cashing out their winnings. Some of them set daily, monthly or annual limits, which means that the largest wins will be paid over a longer time period. On the other hand, others promise instant withdrawals. If this aspect is important to you, then you need to read the rules carefully, before registering in the online casino.

Withdrawing your entire winnings gives you a heavy responsibility; one you might not necessarily cope with very well. You might even end up spending money left and right! Therefore, partial payments are more suitable ways of reducing the risk of buying something expensive and unnecessary which you will regret afterwards. On the other hand, this option does limit your financial freedom. Getting the total amount in one go helps you to achieve your goals immediately; so, make sure you pay attention to the terms and conditions.

What to Spend Money On?

Getting rich quick immediately provokes a desire to give up everything and enjoy life. However, jumping off the deep end is not the best idea. It is better to start by calculating whether you are able to provide yourself with a carefree life, full of pleasures. The win may seem huge, but your desire may seem huge too. In addition, these are likely to increase over time, rather than decrease.

First and foremost, remember that you have to pay a tax on your winnings. It depends on your country of residence. Most countries’ legislation does not prohibit playing lottery and online casino games. Bear in mind that you are unlikely to be able to hide a large jackpot, so you cannot avoid paying taxes.

Tips from Financial Advisors

If you are unsure about managing money and deposits, you can consult a financial adviser. An expert can help you choose the most suitable option, taking into account your requirements. The services of a well-qualified professional can be quite expensive, but it is well worth it. Let your advisor grab the bull by the horns and solve all your tax problems.

What Do Winners Do with Their Money?

According to the UK National Lottery, the most popular choice is the acquisition of property, investment, traveling, and repayment of loans. Some people are obsessed with the desire of increasing their winnings, while others donate money to charity, without changing their way of life. However, it appears that the luckiest winners don’t know how to spend gambling winnings properly and exhaust their money quicker than they ever imagined is possible.

Money Doesn’t Matter After All

The tragic story of Cynthia Jay-Brennan shows that money can’t buy you happiness and many destructive things can happen. Cynthia wasn’t a regular customer of the casinos; but interestingly enough, she did work in the one in Monte Carlo! Visiting a Las Vegas casino resort in 2000 to celebrate her boyfriend’s mother’s birthday, she played a few rounds in a slot game (Megabucks) just to have fun. That was it — her last spin gave her a jackpot worth nearly $35 million! So having spent only $21 on bets, this woman left the casino insanely rich!

Over the next month, Cynthia worked the last weeks, planned a small wedding ceremony, and managed some trust funds and family debts with an attorney. After that, she and her husband started to plan their future together. They wanted to travel for a couple of years and to build a house in Las Vegas. However, things didn’t go as planned — because a devastating car accident changed the course of events forever!

Cynthia was having her whole family as guests in Las Vegas. When she was driving with her sister to a casino resort to enjoy dinner and a show, a drunk driver bumped into her car. Her sister died at the scene, and Cynthia ended up being unable to walk. The money she won helped her pay medical bills, but this tragic accident ruined it all.

Despite what happened, Jay-Brennan still managed to show her strength and empathy towards others. She donates to the Free Wheelchair Mission charity dealing with wheelchair-bound people; as well as to the MADD foundation dedicated to the issue of drunk driving.

Research conducted in the UK showed that property investment is the most popular way people spend the money they win on the lottery. This is hardly surprising: these are the gambling winners who managed not to lose it all, and who bought new houses and cars, paid off their family debts, and ensured some real financial security for their children.

History has seen some really over-the-top decisions, though! The Robinsons, a couple that hit a Powerball jackpot, planned to cover their daughter’s loan; but they ended up buying a mansion instead. Their home had 10 bedrooms, 8 bathrooms, and a private theatre! The Kuteys built a park in honor of their parents after winning a Mega Millions jackpot. Jay Vargas also created a female wrestling TV show on the Powerball prize money.

While these were more or less reasonable decisions, some of the winners made some stupid mistakes, and didn’t manage to keep hold of their money after all! For instance, one of the youngest lottery winners, Michael Carroll, spent his fortune on parties for five whole years and just seemed to go broke in the end. And the statistics show that a lot of people who hit it big ended up completely penniless. While some people wisely donated portions of their winnings to charities and social campaigns, others found themselves too frustrated to make any real decisions. For example, John Trippin, a postal worker who won $12 million in Las Vegas, was so troubled about his money that he even wrote a book describing his devastated state of mind! So, while big money opens many opportunities, it doesn’t automatically make you happy!