How To Make The Most Of Your Big Casino Win

It doesn’t matter if you are a regular casino visitor or have never been to one before. Everyone dreams of how exciting it would be to win a jackpot. A sudden influx of cash can solve many of your financial worries, never to be endured again. Winning big in a casino is something you don’t expect until it happens. The largest casino jackpot in history amounted to $39.7 million way back in 2003! So, if you ever find yourself the lucky winner one day, what will you do with all that money? Here’s how you can make the most out of your biggest win.

• Celebrate

This tip is probably the most obvious of all. But that’s because it’s the first thing you will likely do when you win. That is, once you get over the initial shock of it all. You can celebrate with a few trusted friends and family or completely by yourself. Sometimes, it’s better to enjoy this moment yourself before telling your loved ones about your win. It’s your money so you can do anything you want with it. Take that trip you’ve been dreaming of or treat yourself to a luxurious dining experience; the choice is yours. However, it would be best if you were extremely cautious this time. The excitement of winning can cause you to make some reckless decisions that can make you lose your earnings as quickly as you got them.

• Clear your debts

There’s no better thing to do than pay off your debts that have weighed you down for a long time. If you are behind on your car loan, mortgage, or credit card bills, now is the perfect time to eliminate those problems. For better results, it would be wiser to pay off your most expensive loans, such as personal loans or credit card bills that typically have high-interest rates. Your next course of action should be to clear off loans for any depreciating assets like your car. Imagine how liberating it would feel knowing that you no longer owe any money? With good financial planning and advice, you can live debt-free for the rest of your life.

• Get the best legal and financial team

When you win big, it’s not easy to differentiate the people willing to help from those who just want a piece of the cake. Instead of accepting a team of advisers that a friend or family member has assembled on your behalf, why not assemble your perfect team of lawyers, investment, and financial advisors to work for you? Ensure that you conduct a thorough investigation of all advisors before informing them of your situation. A solid investigation will let you know if they are in good standing with their respective associations and have clean track records. Such a team can function as your board of directors. Once you start working with them, they are responsible for monitoring how you use your finances. 

• Don’t change your lifestyle quickly

In the first couple of weeks and months after your win, you might be tempted to quit your job, buy a home in another country, or even start building a luxury collection of items. About 70% of lottery winners, for example, either lose or spend all their earnings in five years or less. Instead of doing so, you should have a plan. In the meantime, you can set aside funds for splurges. You can start a bag collection or build your set of luxury designer watches from sites like watchbox.com with your monthly splurge allocation. If you want to make a big purchase, hold on for a bit. You might be able to buy a house, but will you be able to maintain it in the long run? Instead of rushing into such a purchase, you can rent it out to see if it’s somewhere you like to live. 

• Make wise investments

Most financial experts recommend placing your money into secure short-term investments. Ask your advisors to develop an investment portfolio during that period. Ensure that you use your winnings to work for you and earn more money. You can invest in stocks, bonds, and real estate, which have high appreciation values. For every investment opportunity, ensure that you have a firm understanding of its terms and conditions. It’s better to steer away from investments that seem too good to be true. 

Winning a large amount of money out of the blue can be exhilarating, but it can also be overwhelming. Hopefully, these tips will give you the right guidance when celebrating your big win!