Topic: 5 Things You Need to do After a Big Win. - page 4. (Read 1606 times)

This point is probably the one that will definitely help gamblers better manage their finances. It's just that maybe most of those who get big wins will definitely experience a little change in their lifestyle. It is related to some achievements that have never been obtained and when they make enough money, they have the opportunity to make it happen. Not many gamblers can suppress great pleasure. Surely there will be a story that comes out and it can result in a change in lifestyle in a short time.

1. I don't think it'll be effective cause with the hunch of excitement not all won't want to let it sit in their bank account cause before the big wins comes they must have made plans and budget on how to spend it.
2. Mmm for this I think it'll surely let your family and friends know you had such big wins will enable them start asking you questions.
3. About this your definitely right and correct and it will go along way to minimize in your spendings as well. Then I concur to investing as well cause it makes you generate more income with time and  I the future.

Here it would be necessary to take into account the order of things. On the contrary, first of all you need to invest money, and only then think about going on vacation. If you switch these steps around, then there will be no money left for anything. What to do then? Start playing again and wait for a big win? Well, that's not an occupation, since it may never happen. That's what I'm getting at. You should always think several times and properly manage the money that you got quite easily and in large quantities.

For people who do have a good mindset, of course they will not waste opportunities, such as when they succeed in getting a big win, of course they will think about investing the money they get for their future or turning the money over in other ways such as starting a business, but I think people who think like this are very unlikely because when someone succeeds in getting a big win, the main thing they will think about is their needs, so they will most likely spend it on what they want and maybe even gamble it again in gambling.
You are right, when gamblers do not have greed, they will know the most correct way to take advantage of the opportunities available, unlike those who are greedy because they will probably only think about the benefits again which can make them return to gambling and make the winnings they get disappear again.

Let money sit for a month? Is a month not too much? I think a week or some days will do. It will take me only a few days to reminisce about the money won and decide how to spend it.

You are right, spending time doing other things will take your mind off the money for some time and the perfect solution is a vacation with family and friends. It will help your thinking and also buy you time.

Well this is good advice but some people have already planned their perfect lifestyle when they have enough money and money is all that have been keeping them from living the life so winning a huge amount will definitely change their lifestyle even though they try to remain disciplined.

Good advice too, with such an amount if you don’t diversify in a short period gambling with it all from you so be wise and invest in other businesses and don’t rely on gambling because it gave you such huge amount.

Agree to that, once being lucky and provided with a big win it's best to find ways to divert that winning amount to business or investment let the money works for you and avoid overspending as most of the time that's the common mistakes of those gamblers who managed to win and earn a lot, they think that after that big win they'll be able to redo it and instead of taking care of the money they'll use it to something that won't let them to grow the money along the way it will be spent uncarefully and will dissappear without any notice.

After a big win, I believe the gambler has to quit and use the prize won in the most useful ways he can think about. He should use it to make investments, to proportionate good moments to him and his beloved ones, to achieve a more comfortable and pleasant life. If the gambler doesn't do this, he has a high probability of wasting his entire prize in further bets which will just drain all his money.

When the gambler isn't greedy and has objectives in life, he will know how to do the right thing when the moment comes.

Most people who do not understand in controlling their emotions in gambling will pull themselves back to enter the game with more courage to spend more money because they previously got a big win in gambling, therefore the term is often heard, today won big tomorrow lost it, because of excessive self-confidence and believe in things that cannot be invited like luck is difficult to get, but many people are trapped in illusions after getting a big win, and it becomes a serious disease in humans who have low knowledge in controlling their sanity.

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.

You dont need to consult someone but instead you should really be the ones on making up such decision on when it comes to this manner where you should really be that
thinking on having those considerations on trying out to make some diversification with those winnings that you do have on something that it isnt really that related to gambling.
It will really be better if you are really that going for investment or any business that could possibly generate some income or profits.

Losing it back again those winnings into the casino is really just that a waste of money on which you could really that actually make use of it into something more worth
rather than on playing it back again into the casino. Sounds simple on following this step but actually its really hard on doing so.

The majority of people who win big unexpectedly always turn out to lose them all out either to gambling or to other things in life because of the bad choice they make for the money, some due to how they feel that they can still be lucky again next time if they are lucky enough to win it once, they can still win it again, which is why they don't look back while spending such money.

All this for a big win, not all gamblers misbehave and if anyone find his/herself in any situation relating to this should never think of quitting a job. How you measure your resources might be different from mine that’s why I still don’t agree with every point, if anyone should waste longer time as mentioned 1 month why not choose an investment that’s reliable for example bitcoin investment or real estate. I bet no amount of self control can sustain a gambler from using a huge amount mostly when it has no aim, I see a lot of people planning what they’ll achieve with a big win and it’s understandable. Gamblers who lavish their win need this class more than anyone but generally few people don’t know how to spend proper aside gambling win.

Very interesting points raised here.

As for me, what i will do immediately after wining a reasonable amount of money while gambling is to plan on how i could use the fund in making investment, this will help me not to be someway backward again in finances, at least am taking that as an opportunity of making it out in life to get myself back on track by that chance given, if we don't invest, we are going to spend it all and be broke again.

A friend of mine once said that money will be the one to plan for it's self on how to use it and not the holder. Actually he might be right but that's for someone who do not have any kind of discipline on how to spend money. However, people that are disciplined can handle money in a good way by using them to do important things before doing the other unnecessary things. If we have money and consider to do money doubling instead of using the money to do other important things then we we are not making a better choice, actually it's greed that makes a gambler to gamble with the money that's he was supposed to use for important things, because he oe ahe thinks that they might win.

I'm fan of this part , but first I will make things clear gambling is not a form of investment rather is a form of entertainment where one can earn some extra bucks or lose . Well this where most gamblers do get it work, many of them always have this mindset, of thinking that they can use gambling to boost their huge win because it was given to them by gambling the first place, which is wrong.

As a gambler if you experience any huge win,  don't just go into another round just to earn more , because you might lose it all through the means you got it from or back to the source . Rather you use the money to promote your business or skill , further more invest the money in a long-term investment like Bitcoin.

It's just 20x your monthly income... That's not big money we're talking about and you want to start a diversified portfolio? Most people with 20x their income wouldn't be able to buy a new car, not to mention become a serious investor.

For instance, if I had 20x my monthly income available I'd probably spend it on things that I need within the next 2 months because I have a house to maintain, things to buy like winter tires for the car, repair the fence, fix a lot of things that are beginning to break down. I wouldn't be able to take my family on a week long vacation like you're advising because everybody has a job. You can't quit just like that and say you're going to be gone for a week. You have to schedule that shit

You know the funny thing about all this...when the money is not yet in or in your possession,  people will always have all these great ideas of how to manage or spend the money but the second this hits your account all these Do's , all the great plans you had written up somewhere will be thrown out of the window!!

My only advice is to develop that financial discipline with small money and I bet you you will manage big money.

Going on a vacation with your family immediately can make them question your sudden wealth,  if you are trying to lay low this isn't something you should think of first. The second thing is, do you think it's safe to keep your wins in your account for that long? If you are the type that gambles actively it might not be the best thing to do. Lastly, don't quit your job immediately after making a huge win from gambling until you are sure that you are financially stable. Most people don't utilize the wins they make from gambling properly.

That's true. We must learn how to suppress our emotions after a big win. There will be times that we can be talkative to our friends about our gambling experiences and I think that's not a good idea to do that when a very big win comes to our life. It would be better if we kept it for ourselves at the moment and only shared it with trusted people who would understand us and not envy us for the lucky strike.

I have not experienced a really big win that can change my life but I can say I did well at keeping to myself and my wife my winning moment when I hit the x5000 in slots. We are the only ones who knew what happened and although it's not that big, we did spend it wisely and took advantage of the chance which is a very rare thing for us.

This is a good list of what to do but unrealistic for regular gamblers; it will take a highly disciplined gambler to do everything that's on the list.
Gamblers, when they win a big amount of money, will check what are the pressing financial problem that need to be addressed; they check on the necessities because part of gamblers' motivation is to solve their financial problems or buy things that they need or want, its very rare for a gambler to tell you that he will save his winnings in the bank, do an interview with gamblers in your area and everyone of them will tell you want they want to buy or what they want to fix.
What I will add is to take 50% of my winnings and fix all that needs to be fixed when it comes to financial matters; the other half, that's where I kept to the bank and plan everything; I cannot do 100% of my winning.

Exactly, before you quit your job, you must have built your side hustle to give you three times the monthly income you earn from your job. You don't just quit because you won the lottery or your gambling. Even when you win twenty times the money you have, stay in your job, build your side hustle, and then you can leave.

Because this money we are talking about - it might be big the moment it comes, but the when you take ten dollars from it, that's it, it will keep reducing. Then I agree with sit and let the money stay. Let your emotions calm down. Don't go on screaming about it, as people will have many opinions about how you should spend your money.

If you have a trusted friend or partner, go ahead and talk to them about it. Then really take your time to plan out how you will use the money, how you are going to invest it whether in Bitcoin, or whatever you want to invest in. And you can take a short trip to appreciate yourself or maybe give yourself a really good treat for two or three days, as you deem fit.

But don't forget to invest. Investment should be your priority when you see that kind of money. Invest in two or three investments, because you need to sustain that money. If you don't sustain it, the money can disappear fast, and you won't even be able to explain. So, make sure you invest.