It finally happened. You may have hit a big progressive jackpot on a slot machine in a casino or had a very good run in blackjack. Now you are looking at a significant amount of money coming your way.
Unfortunately, a lot of people who win big tend to squander their money quickly and wind up where they were before. You don’t want to be one of those people. Not to worry. Here are some tips to help you manage those winnings so that they will last a long time.
Have A Plan
Yes, this might seem to fall into the realm of wishful thinking. But there are times when dreams do come true … and you want to be ready if that does happen. Otherwise, you risk being another cautionary tale.
You will need to do everything from making sure that you have someone guiding you through what you need to do with your money, to making good investments to setting firm boundaries for the people in your life so that they do not take advantage of you. The road can be perilous but
Get a Trustworthy Financial Advisor
Winning a large sum of money in a casino, whether a real one or online, can be just like winning the lottery. You will find yourself having to make choices … and you don’t want to spend money on things that will not last. So it is important to have someone in mind that can help steer you toward good financial habits.
If you don’t know someone, you can always discreetly ask around. Should that fail, then you can do research and read people’s reviews of certain financial advisors. Use your gut to tell you which ones are real reviews and which ones are fake ones.
Another good thing about having a financial advisor is that they can sit down with you and help you figure out exactly what you need to live on each month and they can figure out an allowance of sorts so that you can always make sure that you have money when you need it and that you are spending that money wisely. Having that sort of safety net can be very reassuring.
There are a lot of options out there that can grow as time goes on. That way, in the upcoming years, your winnings will still be there for you to use.
What you invest in depends on where you are in your life. If you are younger, like in your early 20s (you are of the legal age to gamble, right?) or 30s, then you could take a portion of those winnings and invest that in maybe more risky things that could pay off big. If you are older, then you want something more conservative and far less volatile.
Your financial advisor could lay out a good course for your investments. But try to be prudent in every case. Do some research on what you are going to be investing in. While there is some risk – it can also be seen as a form of gambling. If you are smart, though, you can possibly turn what is already a nice profit into something more such as investing in real estate. If you want to talk with your local broker, check out this site.
Here is where things can get really rocky for you. Once certain people in your life learn of your windfall, they may approach you with their hands out. They can be friends or family. You are going to have to put a hard number on what you are willing to give them, otherwise they could also wind up bleeding you dry.
Yes, it can be hard to say no to these people. They may have been very instrumental in your life. But you need to stay firm. Otherwise, you could find yourself without money again … and those people you helped will likely then disappear when it is you who needs financial aid.
Winning a lot of money at a casino can be a once-in-a-lifetime thing. You want to make sure that it will be something that is a happy memory, not something that you look back at with regret. If you do the above things, you should have a much better chance of having a great experience.
Also, you will have money to spend if you go back to the casino. Perhaps you will find that lightning does strike twice. If it does, then you will know exactly how to prepare for it again.