5 Things You Need to do After a Big Win. - page 8.

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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).

For me, 20x my monthly salary would not change my life. It's a good amount, but it's not that much.

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.

They say the same thing about an inheritance but for six months. Anyway, I don't think you have to be too strict with this, you can go to good restaurants at the weekend while you think about what to do. The point is not to spend it all in a hurry.

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.

Not bad.

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

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.

I agree but with a 20x my monthly salary I don't need to make an effort not to change my lifestyle

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

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.

I'd do sth like that but I don't need a consultant.

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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. 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.

I have a little objection to the last point you made, when we get a big win should we stop working, unless the big win is indeed a very large amount that can change our life situation for the better, but we think logically people will bet according to their own financial ability, besides that big wins will certainly happen if we are lucky even with those who do have a lot of money and allocate a large amount of money to gambling will not necessarily be able to get a big win.
But if the big win is indeed a large amount like enough to change our life situation and enough to start a business that we wanted before then indeed quitting work is one of the things that must be done, because no matter how small the business we run, we are the boss of the business we run. However, it must also be noted, winning in gambling is not easy to get and is not a long-term source of income so consider it again carefully so as not to make the wrong decision.

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From the points you mentioned I agree from number 3-5 but for number 1 and 2 I think I don't agree because most people who win big will immediately cash it out they don't want to keep their money in the bank for long and use it for their needs and give some of their fortune to their family or treat their friends the most important thing is to stop gambling for a while, but can save some of the big winnings in the bank by 60% rather than cashing it all out to avoid spending beyond the limit, if someone is confused about financial management it is very natural because someone gets lucky suddenly it can make someone confused about managing finances but the most important thing is that the family knows about your victory so that there is someone to remind you not to be careless in managing finances.
the second going on vacation is the same as having a spree rather than using the money for a vacation I would rather think about how the victory can make money such as immediately investing or using it for business if you are successful you can think about going on vacation with your family and friends.

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

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.

With all point bein made, I preferably chose this few. This is the problem of most of us. When we win big we lose control and feel the world revolves around us and allows us to make silly mistakes all in the name of living a standard life. But if people can have self control imidiately they win big, they can plan properly and not change their lifestyle.

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

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.

Surely it's a good idea. The fact that most people can't plan their life's on their own, gives them a benefit of doubt to seek for the opinion of others expecially business consultant to help them plan a well nice business that will aid them to be more productive and become financially stable from unstable.

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

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.

Well this last one I will say that since the number 3 sudjest that we shouldn't change our usual lifestyle even if we have win big, I will say there is no need to quit the job as it will raise suspicion from your friends and will Leed to several questions. You should be learning the skill while working sothat your salary can still be feeding you while you still continue to learn your skills after completion them you can start your own and use the full won amount and invest in your own business than quitting and spending more of your business money on feeding.

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Those are very responsible things to do after a big win, but they don’t sound very fun. Probably why those aren’t the common uses of rewards from a big win. I think the more typical way to celebrate after a big win is to spend half of it and hookers and cocaine, but I’ve never had a big win so I don’t know what I would do.

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To be honest, I am confused that an amount equal to 20 monthly incomes is considered a large sum. In my opinion, no matter how much your monthly income is, it is not a life-changing amount. I would understand if it was at least 10-20 annual incomes. Yes, that is exactly the amount I consider large for myself - 20 annual incomes. As for leaving it in the bank for a month - it seems strange to me. Traveling - yes, that is reasonable. But I would say that you need to pamper yourself with all those things that will not reduce your capital too much, but will allow you to pamper yourself. You should reward yourself for winning. Especially if you have been working towards this for a long time.

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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.

You have made an incredible point though, but it depends on individual. Most people even if they are patient for 1 months with their big win during the time to manage it, they will still misuse their money. But some can key to this your advice and be reasonable for once.

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

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.

This is also another good point well noted. Because most people lack business orientation that is why they usually find it difficult to manage their wining. They think that betting or Gambling is the only thing that can fetch them the kind of money they need but if they can find a business consultant it will go along way, than using their wining to gamble and hoping for something in return.

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

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

Yes, that's a valuable advice for anyone who wins huge amount in gambling but the ones who win huge amount are very few in number because majority of gambler's will win only some amount of money and that's not going to help someone to quit his/her job and do some business or be good at finance.

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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. 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.

The first point you had mentioned was correct,most of the gamblers play the game again after their winning money.But the fact is different,it’s essentially important one to understand of withdrawal of funds after the game big win.Because most of the gamblers doesn’t withdraw to bank account,they play again with the greedy and loss every money of the big win.The greedy gamblers mostly lose their money,because they never satisfied with the money they made from the gambling site.The gambling allow us to make huge profits,when we play the gambling with some good strategies.You should end the day game after making the big money.

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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.

Your tips sounds really good, but I don't think all gamblers will be able to keep to them. Starting with the first one, personally, I'm not sure if i would want to have my money sitting in a bank for an entire one month without putting it to use. In a ideal sense, I assume most people (even if not all) have plans that involves money for the future. So, if someone eventually hits 20×, it won't make any sense if the money sits in the bank, when the person can just easily (swiftly) channel the money to that plan. Just like others have said, having money in the bank for a month without putting it to use can be very tempting, because it might end up back in gambling.

Quote

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.

IMO, we don't really have to earn 20× before learning about diversification of funds or investment. Fine, I know that money is very important for investment, but I think it's best we make plans, thereby knowing what to do with funds whenever it is available. But regardless, I think your tips will help those who are wise enough.

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

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.

I agree with this, a gambler will be easily tempted when they see a nominal amount in their bank account, when there is "free money" in their bank account, then it will be a very extraordinary temptation to let the money idle even for a month. That is quite risky, although we may be able to, but the temptation will always be there. It is better to make some money management to buy safer assets for investment. But once again, talk to your family seriously and wisely.

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

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.

This I really agree, changing lifestyle just because of big win is quite reckless, because we should be able to manage the money wisely and smartly. At least, use the results to make us successful, not to change our appearance and lifestyle drastically. Because no one knows in the future. That's why it would be better to optimize the opportunity for investment or something that has more potential for success in the future.

Beside being rich, we must also be rich mindset.

Source: Rich vs Poor mindset

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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).
If you have any suggestions feel free to addon.

Well I agree to the point you just listed out and I believe it'll be of help to sny gambler because gambling is one and another is you find alot of gamblers with different opinions and perspective so definitely when one is thinking this way to spend the big win another is thinking of lavishing the whole funds and just like that but for me I think after the big win what is needed of one is to take a huge break on gambling and then find a very lucrative measures to invest that money do it can generate more funds and as you follow up this gradually gambling dies off.

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You forgot the include the step zero (0): Withdrawing the money from the casino to a private Bitcoin/Stablecoin wallet and not to pursue any greater win with that life-changing money you already got. Tongue

I feel it should be included, because there is this weird misconception people have when they first manage to make money off gambling and they believe they have managed somehow to "break the code" and will be able to continuously get money from their gambling sessions.
Another step I would include would be to stay as far from casinos and betting houses as possible at least for a whole year, so the person can get used to managing their money and new wealth without stumbling on the temptation and continue to wager their money. For some people who are really into gambling and feel they could not stop (even after a good win) I would go as far as suggesting to lock the money in a multisignature wallet.

Perhaps that is a little bit of an exaggeration to some of you?

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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. 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

I suppose that these depends what you mean of winning big. Because i would definitely have radically different plans for winning $100k, $1M or $60M. Less i would win, more careful i would be. And never ever i would tell anyone except those closest to me. And by that i mean family.

I personally wouldn't just wait a month to calm myself. I would rather start planning immediately. More i win, more i would like to spend some on charity, and i would have to look most effective way to do it. I could even start my own if i won big enough, but most likely i would like to find a good one with existing infrastructure and plans.

points 2-5 are solid, but i would add 2 more

6: I would hire an accountant. A good one that keeps track on my taxes, because they would become hell of a more complex with owning more properties and stocks that might give me more passive income.

7: Start to pay attention to your health. Drinking and smoking are poor man's fun, if you have more money, sky is the limit on how you can enjoy your life. You wouldn't have so many reasons for unhealthy escapism.

hahay

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For points 1 to 4 I strongly agree but for point 5, I personally strongly discourage quitting your job even if you get a big win in gambling. Because after all, getting a big win in gambling will not be able to be done regularly, so when your money has run out and if you only rely on gambling, then in the end your life will still be ruined. Indeed, I know in point 4 you recommend investing but still,when you still have a regular job it will make you more comfortable to do other things including investing and also gambling. So yes, the point is I really agree about the advice, especially points 1 to 4, but for point 5 I think you should still be careful and do careful consideration to quit your job.

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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. 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.

1. If you are gonna still that spend up those money back again in gambling, then its useless.
2. One of the things i do always think about is to make up some worthy use of those winnings instead on losing it back into the casino or gambling site or place.
3. When you do win up something big, then changing up lifestyle will really be that hard to resist or stop.
4. When winning up jackpots or life changing amount and you cant be sure on what you should gonna do, then this one would be the best approach.
5. Quitting on the moment that you do win up in gambling will be suicide. Try out to make use of those winnings to have that passive income. Then, this is the moment that you will
be considering on quitting your job.

Actually all of these things might really that sounds simple on the moment that you do deal up with gambling or on the time that you do win up but actually doing it on the real
situation or moment is something that you will totally forgetting it all. lol

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Quote from: Rockstarguy on October 30, 2024, 03:30:05 PM

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

If you have any suggestions feel free to addon.

Just decide to do what you think will be important to you, something valuable and memorable but never be tempted to go back so soon to win another big win again, this might be a trap for you.

When you win a big win you make sure you enjoy the money because it is not easy to win something huge in gambling. When a huge money comes like this we normally have plans to do with , another thing needs to be consider is to set an emergency fund that one can anytime go back to just incase the money end up getting exhausted .

I have same ideology with you. Whenever I hit a jackpot, I will definitely ensure that I flex a reasonable part of the money. I will firstly share the money in different percentage. The greater part of the percentage will go into savings, one percentage of the money will go into charity. Charity in the sense that I will look within my family members who lack finances and needs financial assistance either for their business needs or health wise then use it to empower them, the other percentage of the money goes to myself. I will use this percent of the money to enjoy myself. Take myself out for vacation however little, pending on the value of the money it amounts to.

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Those are not bad suggestions. This applies to those that are overwhelmed with big wins and they don't know how to keep and prolong it for the rest of their lives.

When we say big for the figure of the example, maybe a hundred thousand dollars to millions. I agree about sitting it in the bank but not just for a month, if you can't decide yet what to do, you keep there for as long as it can be until you have an idea of what and how you should spend it.

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"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.""
Qouted the thing above on which this is something that i would prefer. Why? On the moment that you would really be having such situation on which you are really that on the verge of winning
then you would really be having that kind of heightened winning on which there's a high chance that you would really be that trying out to play even more. I would rather be that
getting some a huge portion of that winning and would really be sitting it out into my bank account on which its of course not only on 1 month but even more.

The key on here is that you wont really be losing back all of those winnings into the casino because you'll really be thinking up that you could be able to win up even more on the moment that you
would really be playing even more. This is where people do usually messed up on the moment or time that they will really be having those bad impressions towards things because
of too much expectation and positivity on the moment that they do experience these conditions.

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Alot of gamblers go out to gamble often without really having a plan in mind if they eventually win. Many which we sometimes see as the responsible gambles have been lucky to have either paid off their debts, acquired a property or done something tangible with their win money. Many others which are sometimes referred to as irresponsible gamblers end up squandering the money even before they figure out what that money could do for them.

In addition to what OP has said, it will be ideal if gamblers can create a reserve for themselves from every win they make. My idea is, from every money they win, they send a certain percentage of their winning to that reserve. The money would be there till they are able to figure out something tangible they will do with the money. They do not neccessarily need to wait till they make a big win. This will require discipline for the gambler(s) to be able to achieve it. If done well, they will be glad they didn't use up everything on vacations and celebrations.

Topic: 5 Things You Need to do After a Big Win. - page 8. (Read 1606 times)