If you have ever fantasized about all the lovely things you would buy and all the fabulous places to which you would travel if you ever won a massive jackpot, you are not alone. Countless players have indulged similar dreams, however, turning them into a reality would be one of the worst things you could do.
We are definitely not saying that you cannot or that you should not enjoy your winnings. There certainly is time and place for that – it’s just not the first thing you should do. The following tips offer guidance that can help you make the most of your money.
Keep Quiet And Remain Anonymous
When you hit the jackpot while playing top Aussie online slots games, your first instinct might be to tell a few friends or even to post about it on your favourite social media platform, but that would be one of the worst things you could do. It is far better to tell as few people as possible, and it is imperative that you keep the news off Facebook, Instagram, and other platforms.
Family and friends that you didn’t even know you had suddenly will develop emergencies they didn’t know they had, and they will ask you for handouts.
Speak To A Tax Consultant
Some casinos and lotteries offer you a choice between having your jackpot paid in regular instalments or taking the full amount at once. This can have various implications, tax being one of them.
If you choose the instalment option, you may need to pay tax on every payment that you receive. If you take the lump sum, you probably will need to pay tax on the full amount, but that would be a once-off. A consultant also could help you work out whether you ultimately could earn more money by investing the lump sum than you would be saving a portion of monthly instalments.
Get Rid Of Debt
One of the best things you can do for yourself when you win the jackpot is to use a portion of your winnings to pay off all your debts. Whether you owe a small amount on a store credit account, are struggling under a mountain of student loan debt, or are faced with years of mortgage payments, get rid of that debt.
Think of that debt payment as an investment in yourself and your future. There is no way of knowing how financial investments will perform, but when you no longer have debt, you no longer owe anything to anyone, and you do not need to worry about interest compounding that debt.
Resist Making Big Purchases
You may be tempted to rush out and buy all the big things you ever wanted, but all that would accomplish is a shrinking of your fortune. Large purchases should be made wisely. Experts recommend that you budget for them.
Put Together An Advisory Team
Do not try to manage your jackpot win on your own. Instead, put together a team of financial and legal advisors who can help you navigate investments, legal implications, and more.