If you have ever spun a slot reel, bought a lottery ticket or sat down to a card game, you have most assuredly asked yourself the same question – what would I do with a big win? With the number and popularity of local and pooled jackpot games on the rise, a big payday might not be so far away. How would you spend a jackpot prize?
Of course, when deciding how to spend your newly acquired wealth, the next important question is, ‘How much have I won?’ While we’re sure any online casino player will welcome any boost to their finances, a big win will obviously mean a lot more than and small one. Here are some wise tips!
Get some advice
Big jackpots are wildly exciting but after the initial thrill, you need to get practical. Handling a lot of money can be complicated and you should get some expert advice on your state or country legislation regarding income and taxation.
If you hit a jackpot, keep in mind that you do not have to withdraw the funds immediately from the casino, which gives you time to get in touch with the right people and plot a course for managing your newfound wealth.
Pay off your debts
It might be tempting to go nuts with your winnings, buying homes, cars and vacations left and right. But your first priority should be to clear any debts you already have. This means your debts won’t have any more time to accrue interest – the sooner you pay them off, the less chance they have to grow. It may not be the most glamorous thing you can spend your money on but not owing anything is certainly a relief!
Make a plan
Once you claim your winnings, it is a good idea to figure out how you want to use them, not just at that moment but over the years to come. Put together a team of professionals – an accountant, a lawyer and an investment adviser – to come up with a long-term financial plan and act as a sort of impartial ‘board of directors’ for your wealth, ensuring that only the soundest decisions are made.
They will also help you to protect your assets, plan charitable donations and make wise investment choices. Estate planning will also be a consideration and a good team will make that happen for you.
Let’s take a look at what different jackpots could translate to;
Up to €50,000
This would not be considered a very large jackpot but it can still have a very positive impact on a player’s life. Why not book an amazing family holiday? A Caribbean cruise trip, over 7 nights, for a family of four will definitely help you celebrate your win in style. Just make sure to steer clear of hurricane season!
With this kind of money, you are certainly going to make a significant dent in your car loan or even buy a new car outright, though you might only just afford a deposit on a supercar. Still, we wouldn’t mind stepping in to a brand-new Dodge Charger V6 (for that American flair) or the classy Mazda 6.
What if, instead of tangible goods, you wanted something much more precious – more time with your four-legged best friend. Starting from a cool $25,000, you can have Fido or Mittens cloned. Specialist companies will create an exact genetic replica of your beloved pet and still leave you money left over to buy them all the necessities!
Up to €100,000
With this kind of capital, you are likely looking at some life-changing decisions. This size of jackpot would be a great first step in launching that business you’ve always dreamed of or perhaps expanding your real estate portfolio.
For the more investment-minded player, perhaps a foray into cryptocurrency might tempt. At the time of writing, 1 Bitcoin would set you back €3,472.68, which means that €100,000 would translate into 28.2BTC. With the currency looking to continue to gain in value, this might be a great way to grow your bankroll. Oh, and it also makes it easier to try out Bitcoin casinos on for size.
Up to €1,000,000
Now you’re in the big leagues! While a million big ones won’t take you as far as it used to, there’s still plenty of fun to be had with this kind of change in your pocket.
Do you crave the lights, excitement and adventure of big city living? A million dollars will just about cover the price of a one-bedroom apartment in New York City. Enjoy the best the Big Apple has to offer with your own home base in the city that never sleeps.
But really, who has time for all that home maintenance? What you really need is a holiday. With a €1,000,000 budget, you can spend a relaxed two weeks at the most expensive hotel in the world, the Hotel President Wilson in Geneva. The Royal Penthouse suite will set you back about €60,000 a night and comes with all the luxuries – pool, private elevator, gym, and 12 bedrooms. Bill Gates and actor Michael Douglas have stayed here in the past, so we think it might just be up to standard for a jackpot winner.
Every so often, we receive news of a massive jackpot win and then no work gets done all day because we’re all too busy daydreaming about what we could spend that kind of money on.
You could buy Motu Moie, a 20-acre island in the South Pacific, for €9.5 million. If you’re in a rush to get somewhere – but will not compromise on style – you can buy yourself the most expensive car in the world: the McLaren P1 LM.
.At $.37 million, you get the pleasure of driving a 1,000-horsepower creation, with gold-plated engine and a whole host of technical prowess that makes it a contender, both on and off the track.
For the real casino fans though, the ultimate purchase is… their own casino! Prices start at €7,000,000 and you can find casinos for sale on every continent. The ultimate gambler’s fantasy!
Here are some other more responsible things to consider…
A lot of players will tell you that one of the top priorities in their lives are their loved ones. So it stands to reason that a winner’s relatives will be taken care of with the money won.
Take Jonathan Heywood, for example. This British player, 26 years old at the time, won a record-breaking amount on the Mega Moolah slot – an eye-watering £13.2 million – in 2015, with a 25p bet. The very first thing he did? Pledged his money to help his sick dad get better again. The older Mr Heywood needed a heart and lung transplant and Jonathan said he would be spending as much of his win as necessary to secure the best possible medical care for his father. Jonathan also paid for a Mediterranean cruise for his relatives. What a generous guy!
Two lotto winners from the UK also used their newfound wealth to help their loved ones. George and Beryl Keates, from Merseyside, beat some serious odds to take home £3.5 million on the National Lottery. Their first act? Making sure their family members were financially secure. Each of their four sons received £250,000, while their 9 grandchildren received £10,000, and their sisters also got some money too. The Keates couple still play the lotto regularly.
Funding worthy causes
When Robert Erb won $25 million in the Lotto Max in 2012, he had big plans for the money. Beneficiaries of his generosity included several charities, community projects and even individual acts of kindness like helping less fortunate people pay for their dental care. Erb also donated $1 million to support organizations lobbying for the legalization of marijuana.
Florida resident Gloria Mackenzie won a record-breaking $590 million in the Powerball. Even after she had treated herself to a new home and shared some of her wealth with friends and family, Gloria had plenty left over and wanted to support a good cause. She donated $2 million to her old high school, which faced closure if it could not make $1.8 million in essential repairs. Gloria single-handedly rescued an important piece of her own history and a crucial institution within her community.
Living the dream
Of course, there are plenty of jackpot winners who have thrown all caution to the wind and thoroughly enjoyed their winnings. Round-the-world holidays, expensive cars, gigantic new homes and endless shopping sprees are just a few of the ways winners celebrate their good fortune. And why not? Life is short – enjoy it to the max!