5 Things You Need to do After a Big Win. - page 10.

Findingnemo

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Quote from: btc_angela on October 30, 2024, 12:30:59 PM

Why let sit it in your bank though for a month? And I do not think that those who won will do it, they need money that's why they take that risk, (just like in lottery), so that they can settle things specially debt.

Taking money to pay off the mortgage should be an exception but it's done via bank right so it should go into the bank for some reason and importantly for the security of us as well as the money because if the money is huge then obviously it will attract bad actors so temporarily keeping the money in bank is the best choice but more smart option will be buying the digital gold or gold bonds that eliminate the inflation if I am from place with high inflation rate.

I just want to talk about something that benefits with that money, like how to utilize the money well instead of spending on things like buying a car or unnecessary things which are just luxury, should be thinking about using the money to generate passive income.

Oasisman

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Quote from: memehunter on October 30, 2024, 12:19:02 PM

I understand that 'BIG' means different to different individuals. Here by 'BIG' I mean life-changing money (bigger than 20x of your monthly income).

1. Let the money sit in your bank account (wallet) for at least one month. It will allow you to settle down your heightened emotions. Just let the amount sit and do not do anything with it for at least one month.

I think this is not a good idea, because If you suddenly put an amount which is like 20x of your monthly income, the bank might be alarmed thinking this money came from something illegal. They will then conduct a review that will take a few weeks, so that would mean inconvenience to your end.
This will not gonna be the case if a person who won already has huge bank account.
If that will happen to me, I'd rather fund my own business or invest into something that doesn't bear much risks, as soon as I can to avoid unnecessary expenditures. It's inevitable not to go back in gambling once you have this amount of money.

ChiBitCTy

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What you need to keep in mind is one's entire portfolio before making any other decisions. The questions you really need to be asking yourself are these .. 1) Is my long term portfolio on track to meet my retirement goals ( IRAs/401k's etc). 2) Is my mid-term portfolio on track to meet my financial goals (brokerage accounts, high yield savings account ( such as online banks like Ally or Capital One etc) ) 3) Is my short term "bucket" on track..checking account etc. If any of these are "not on track" than this is where those winnings should go.

memehunter

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Quote from: Davidvictorson on October 30, 2024, 12:26:05 PM

I thought this would be take a brief break from gambling. If you let the money sit in your bank account for at least one month but continue to gamble, there is a probability that you will use it for gambling.

This is exactly what I am suggesting when I said immediately.

Quote from: Davidvictorson on October 30, 2024, 12:26:05 PM

Agreed but first solve any pressing need first or invest where there is none before any pleasures.

Believe you will not be properly settled down(emotionally) to make any finance related solutions and chances are you will make mistakes. That is why you need vacation with family and friends to have grasp on your breath.

Quote from: Davidvictorson on October 30, 2024, 12:26:05 PM

No bling, blings you mean. Also the same with your previous point.

By lifestyle changes I mean buying new car, new home etc (which might not be for showing off) simply because you want to upgrade your lifestyle. So it is a separate enough point to include.

Quote from: Davidvictorson on October 30, 2024, 12:26:05 PM

Well, if you don't understand any of the investment stuff, better to save your money rather than lose it in a investment you don't understand.

You are right in this instance, I should have mentioned the need of a counselling session with certified financial consultant.

Quote from: Davidvictorson on October 30, 2024, 12:26:05 PM

It is not a sustainable income source so don't quit your job unless you have a solid plan in place. And that solid plan should be how you'll live off your big win.

Exactly that is why learning finance is must.

Rruchi man

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Quote from: memehunter on October 30, 2024, 12:19:02 PM

2. Go on a low-cost, week-long vacation with your family and friends (do not tell anybody about your winnings; do not boast) immediately. It will help you make your relationships stronger and will certainly help in doing step 1.

There's an amount of money that you would win that would require you to go offline or on vacation for a period longer than a week not just to give you the time to think about how to spend the money but also for the sake of your safety because that amount of money has put your safety in question even amongst the people you call friends.

If you are someone without a partner, it can be better to make such a trip on your own without friends.

btc_angela

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Quote from: memehunter on October 30, 2024, 12:19:02 PM

I understand that 'BIG' means different to different individuals. Here by 'BIG' I mean life-changing money (bigger than 20x of your monthly income).

1. Let the money sit in your bank account (wallet) for at least one month. It will allow you to settle down your heightened emotions. Just let the amount sit and do not do anything with it for at least one month.
2. Go on a low-cost, week-long vacation with your family and friends (do not tell anybody about your winnings; do not boast) immediately. It will help you make your relationships stronger and will certainly help in doing step 1.
3. Do not change your lifestyle immediately, as it will help you to remain disciplined, which will eventually help you out to earn even more.
4. Invest in a diversified portfolio other than gambling, probably for the long term, at least 80% of your winnings.
5. If your winnings are even greater and allow you to quit your job, then use your time to learn finance.

If you have any suggestions feel free to addon.

Why let sit it in your bank though for a month? And I do not think that those who won will do it, they need money that's why they take that risk, (just like in lottery), so that they can settle things specially debt.

For me, it's better to talk to our family about what to do with the money, I do agree that it's better to invest your money, maybe in crypto or real state. As long as it will be sustainable and passive income and building generational wealth.

How about though not gambling anymore?

Davidvictorson

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This reminds me of that meme that say somelike, if I win big, no one will know but there would be signs.

Quote from: memehunter on October 30, 2024, 12:19:02 PM

1. Let the money sit in your bank account (wallet) for at least one month. It will allow you to settle down your heightened emotions. Just let the amount sit and do not do anything with it for at least one month.

I thought this would be take a brief break from gambling. If you let the money sit in your bank account for at least one month but continue to gamble, there is a probability that you will use it for gambling.

Quote

2. Go on a low-cost, week-long vacation with your family and friends (do not tell anybody about your winnings; do not boast) immediately. It will help you make your relationships stronger and will certainly help in doing step 1.

Agreed but first solve any pressing need first or invest where there is none before any pleasures.

Quote

3. Do not change your lifestyle immediately, as it will help you to remain disciplined, which will eventually help you out to earn even more.

No bling, blings you mean. Also the same with your previous point.

Quote

4. Invest in a diversified portfolio other than gambling, probably for the long term, at least 80% of your winnings.

Well, if you don't understand any of the investment stuff, better to save your money rather than lose it in a investment you don't understand.

Quote

5. If your winnings are even greater and allow you to quit your job, then use your time to learn finance.

It is not a sustainable income source so don't quit your job unless you have a solid plan in place. And that solid plan should be how you'll live off your big win.

memehunter

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Activity: 196

Merit: 60

I understand that 'BIG' means different to different individuals. Here by 'BIG' I mean life-changing money (bigger than 20x of your monthly income).

1. Let the money sit in your bank account (wallet) for at least one month. It will allow you to settle down your heightened emotions. Just let the amount sit and do not do anything with it for at least one month.
2. Go on a low-cost, week-long vacation with your family and friends (do not tell anybody about your winnings; do not boast) immediately. It will help you make your relationships stronger and will certainly help in doing step 1.
3. Do not change your lifestyle immediately, as it will help you to remain disciplined, which will eventually help you out to earn even more.
4. Consult a certified financial consultant and invest in a diversified portfolio other than gambling, probably for the long term, at least 80% of your winnings.
5. If your winnings are even greater and allow you to quit your job, then use your time to learn finance.

If you have any suggestions feel free to addon.

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