If you’re lucky enough to win a big prize at an online casino, on a lottery game or otherwise, it can feel like you’re set for life! After all, some jackpots can amount to more money than you have ever seen.
However, winning the jackpot in any kind of game (and regardless of the prize at stake) doesn’t always mean that you’re going to cling to your cash forever.
We’re not here to dampen your spirits. However, it’s vital to know what to do with your money so that it lasts as long as possible.
There are plenty of millionaires who lost it all through poor management – don’t be the next shocking example on a list on someone’s blog!
How far will a jackpot go?
Upon winning a jackpot prize, whether on the back of an online casino bonus or otherwise, your immediate feeling is likely to be one of excitement, and freedom. Money can bring happiness – however, it is still fleeting, regardless of whether you’re a millionaire or not.
A jackpot prize may soon gobble up all kinds of adventures and perks that you otherwise couldn’t afford before. For example, you may want to treat yourself to a long holiday abroad, which is likely to cost you thousands of pounds.
You may also want to buy a new car, new clothes, nights out – you name it. Many people choose to spend on once-in-a-lifetime experiences, and can you blame them? However, these once-in-a-lifetime splurges don’t bring you much financial joy long term.
If you win a jackpot prize, you’re free to spend it however you wish, of course. That said, remember that without some form of saving or investment plan in mind, you could end up burning through that big win sooner than you expected.
How to make a jackpot go further
There’s a lot of advice out there on how to make the most of a windfall or a big gambling win. Ultimately, it all revolves around safeguarding a portion of the money that you can effectively live on for some time to come.
This means, crucially, that you’ll need to work out your living expenses – and any lifestyle adjustments – before you start dipping into your big prize. How much could you feasibly live on, per year, without needing to worry?
Of course, this really does vary depending on how much you win! However, being sensible about having a base amount of money to live on is a great first step towards staying wealthy for longer. If you want to improve your lifestyle for as long as possible, double or triple your typical amount of expenditure if you can, and make sure that you have that in savings.
If you win a large sum of money, it doesn’t mean that you have to stop budgeting. That windfall is likely to disappear before you know it – but did you know that you can also effectively grow your money?
How to increase your wealth over time
Growing your money is never an exact science. However, by taking advantage of high-interest savings accounts and making shrewd investments, depending on the amount of money you win, you may never have to work again. That’s the dream, at least.
Once you win a large sum of money, look carefully at savings options that stand to grow a stock of capital that you’d put aside to live on. Before signing up for any accounts or investing a penny in stocks, however, it’s worth consulting an accountant or a solicitor.
Hiring a solicitor and/or a wealth management expert to help you balance your books is vital if you’d like to thrive on that jackpot win. While saving and budgeting may seem easy at first, it actually gets harder the more money you have available, and the more responsibilities you take on.
Luckily, there’s a wide range of different investment options out there, and you don’t have to be a Wall Street whiz to grow your capital. Sometimes, you may be able to build your fortune with the help of a robo-advisor – an automated service that helps new investors make the most of their finance and navigate often complex portfolio options.
These are all concerns that you can (and should) discuss with solicitors and wealth managers, or accountants. They will look closely at your goals, your expenditure, and work with you to achieve and maintain the lifestyle you’d like to lead.
Of course, again, jackpots will vary. You might win £10,000 or £10m – and there’s an obvious difference here in terms of how far your big win will actually stretch.
In any case, for five figure sums and above, it’s certainly worth reaching out for advice.
A few cautionary notes
To close off our guide, here’s a short warning: don’t tell everyone that you’ve won a jackpot prize if you can help it!
Naturally, you’re going to want to share your amazing news with your family and friends, and to maybe treat your loved ones with things that you’d not otherwise have been able to buy for them.
However, it’s wise to protect your interests. Letting the world know that you’re now considerably richer may attract unwanted attention, and may even put you at risk of crime.
Therefore, always follow the lead from your solicitor. They will help you choose the right path to go down to both protect your money and grow it in the short and long term!
From the biggest casino brands to smaller bingo sites and slots providers, there are lots of jackpot opportunities available worldwide.
If you win a big prize, make sure to invest it and protect it wisely. Set aside money to cater to your immediate adventures and finance your lifestyle with a high-interest account, at least, if you want that windfall to last!