5 Things You Need to do After a Big Win. - page 9.

Rockstarguy

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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 .

Porfirii

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

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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.

But what if, for some reason, you don't like finances? or maybe you're not good at it.

Although I agree that this is a good advice in general, instead of quitting one's job and living an idle life, why not find your passion and get paid for it? Most people work where they have no choice, because they cannot afford to choose, but winning the lottery, for example, is the perfect scenario where you can take your time to find your vocation and look for a fulfilling job.

If you didn't win a prize big enough to secure your future, it may be better to keep working in something you like, rather than study finance and dedicate yourself to manage your money, if you don't like it.

And even if you won enough to retire comfortably, humans need a purpose in life, and some millionaires end up depressed because they no longer know what to do with their lives, even if they managed well their wealth and they have no worries about their future in that regard.

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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.

Having a big win is a wonderful thing especially when you have played for long and have been losing. It also shows that there is hope. Your suggestion on what do when you have such win is nice but if you have plans already, I do not know why the money should be kept in the bank for months.

I think if your job is giving you a great pay too, quitting is not an option but getting many streams of income should be the goal. We have plenty of place to invest like cryptocurrency, buying of shares with big organization.

You should also try to make an impact in people though your family will be top priority. Donations to charity foundation as a means to giving back to the community.

Rabata

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Some gamblers often make big mistakes after suddenly winning big. Some don't immediately know what to do. There is no immediate idea of how to use that money properly. The gambler must pay special attention to his emotional side. Those who receive a large reward for the first time sometimes behave abnormally, which causes them to lose more than their gains. After getting any win, I should not get excited and think that I can lose that money at any time. So first I have to settle down and after that I can share my victory with someone I trust who is closest to me i.e. someone who always wants me well. He can definitely give me good advice on how to use my winnings. I will try to get ideas from someone who has a good understanding of money management.

rachael9385

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The best thing to do after winning 20× of your monthly salary from gamble is to quit gamble for a while, then after that you think of important things to do with the money you won. If not, by the time you would resume gambling again you might probably lose half of the money you won. So using your winnings to own an assets is the best thing to do before going out for a vacations. Well, some gamblers that won big but nothing to show for their winning might have used the money they won to settle their depts, because many gamblers intends to use dept money to gamble believing that one day they would win and settle back their depts.

danherbias07

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I won big once upon a time but I didn't mind what I did with the money. I bought a mattress for me and my wife, I bought some kitchen stuff, and I took my family to a good restaurant where we feed like kings and princes.
But if that win is bigger than that, I already have a plan to maximize the money that I will have. Fixing the house and then a business will probably make me live with ease and so will my sons and grandsons.
I think we all have our own plans when we win that jackpot prize but we must also keep it calm first. It took me two days before I spent the winning money because I wanted to think twice before spending it so that it would be for good. You are right, we need that bit of rest after a big win.

Agbe

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What you said is not far from the truth and I have seen someone like that around me. The guy won big in our local currency and nobody knows till today since 2022. And even those of us that heard it from rumour are still contemplating about the guy because the way he dresses does not change and he lives a very poor man life. But someone told last month that he has completed a bungalow to the roofing level. It is because of the building people started to believe that he won big amount to f money to up to millions in the local currency. So this your thread has reminded me of that guy in my resident community.

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What an interesting list that you have included here. It's definitely amazing to experience something like that and I believe there are some things that can be added on to your topic.

Pay your debt. I think that's pretty basic. If you have debts, you just need to repay it ASAP.

Maybe you could set up a bank account for your emergency fund. It's making sure that you have something to get if something happens to your income and it could be a safety net for the unexpected stuff that could happen in life.

Invest in yourself. Maybe some education or courses to something that you would've really wanted.

Ever-young

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Quote from: the rise on October 30, 2024, 02:40:57 PM

If possible, try opening a business, even if it's small, at least you already have additional income. Opening a business is better than a long-term investment, because the business you build will certainly be more profitable if you are serious about it.

Running into a business when you just hit that money without proper preparation can lead to wasting that money without even realising it.

You need to study the business before you invest your money and time on it; no proper knowledge can lead to wastage unless the person already has that business idea in his head before the arrival of that money. I don't consider that a good plan.

bering

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The most problem after big win is people usually will wasting their money on unnecessary things and because win big in gambling is not always be happened everyday even possibly it will happen only once in a lifetime so people who experience things like this should be able to managing their money and this is the biggest challenge for them because if they are not smart to used their winning money then eventually those people will wasted their money

I have been post my thought several month ago that if i won from gambling and those amount of money allows me to be able to retire from my current job then i will not let my money sit to the bank account because i want to used those money and starting to learn how to build my own business for my future

the rise

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If possible, try opening a business, even if it's small, at least you already have additional income. Opening a business is better than a long-term investment, because the business you build will certainly be more profitable if you are serious about it.

Richbased

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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.

Allowing the money to sit in the bank for a month or over is not advisable because within those periods you can be tempted to gamble again with the idea that you can win more since you now have enough money to stake with, so you might have the feelings that after several attempts that you're gonna win, which might turn out to be a wrong decision after, the best thing to do after a big win is to start planning on what business or investment you should start immediately, never allow the money to still remain in your custody where you can access it at will.

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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.

It is not necessary to go on a long vacation with anyone because it will attract different opinions from your friends and family which you might end up becoming confused. You can go on the vacation alone, it will help you reason straight about the kind of business to venture into and make a lot of research before making a firm decision.

Pandu Geddon

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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.

Even though I won a huge amount, I would never think of quitting my job. to enjoy the victory we can choose the time and plan it.
When you decide to gamble, you should already have an understanding of your finances. you know how much your income is, and how much you will allocate for gambling without affecting your finances.
Big wins always give surprises to gamblers that even allow us to think out of control. stop for a moment and do something that is our plan. take a vacation or buy something that we have dreamed of. that's a natural thing that gamblers will do who get a big win.

Nwada001

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These are good tips, but in a normal sense you can agree to keeping them, but I won't agree with the vacation part, especially when I haven't done it before, as such movement can bring conversation that could lead to exposing the good news that just happened.

Another important thing some people see as common something in times like this is debt. If you have any big win and you have any debt of any kind that you owe somewhere, the best thing to do that moment before even starting to plan for the money is to pay off those debts so that you can plan well with what you have left.

Dewi Aries

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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 your first point is not a good idea for a gambler who has just won a big win, we must understand and learn from experience that when someone wins, there will be many temptations that haunt their minds that will indirectly continue to encourage them to gamble again using the amount of winnings they have previously obtained and we know how easy it is to make a deposit when you have some money in your account.

Understand that saying it will always be much easier than practicing, meaning the idea of holding money in an account for the next few weeks or months is a plan that will be very easy for a gambler to break, especially if they have previously won a big win which is very likely for them to miss the previous happy scenario and in that situation it is very easy for you to make a deposit again.

This means holding some money in the account is not good, if you really want to secure everything then withdraw all the money in your account, and if necessary delete your digital account application temporarily, limiting access is really an important action to take as a barrier.

Cantsay

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One advice I have is “don’t just jump into a business immediately” - the fact that you have the money doesn’t mean you should just go and enter into that business you think is lucrative - take you time to research about it and if the place you intend to open it is an ideal location and if the people there are your target audience or not.

If you just rush into a business you might end up folding up the business within a year or even shorter time because of lack of information - so if you manage to win that jackpot or good money from gambling make sure you do your due diligence on that business you intend to start before you go on and start it.

Slow death

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Most people who win the lottery go bankrupt months or years after winning the lottery. This is because when they got the money they did not have a moderate lifestyle in which they would spend little money while they were doing research to know what kind of business they could do. In many cases the winners rush to do business and the business fails and leads them to poverty. I would not advise anyone to do the following things if they won a lot of money gambling:

1 - spend money on travel, even if that person won many millions of dollars, first that person should use little money and focus on doing research on good businesses and investments

2 - Quit their job, no matter how many millions of dollars that person wins from gambling and does business, they should not quit their job.

Stablexcoin

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Everyone has their decision to make in times like this. And whatever decisions they make they will take responsibility for it.

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.

Some people have what they intend to do with the money once they get it. This is why I don't think keeping the money til the stipulated period is a good idea. Unless keeping it in a place where one cannot access it until the one-month time is due. Aside from that holding the money in our wallet can be tempting. We may want to spend little from it and before you know it will start depreciating. As for me, I would prefer if the gambler ventures into one thing immediately.

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 is good advice because such an amount can make someone change from a lifestyle of managing into one that he spends carelessly. To not change requires discipline and that is what every gambler should do.

Fiatless

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

If you have any suggestions feel free to addon.

I agree with all you have said except going on vacation and quitting your job. Your family might suspect that you have gotten some funds even if it is a low-cost one. This is applicable especially if you don't usually go on vacation with the family. Leaving my job will depend on the amount I have won.

20× of my monthly income wouldn't be a big money to live big. And I won't quit my job if it is thousands of dollars, but some millions might make me consider that. I would only leave when I have invested in a business that can bring reasonable income. However, your recommendation is just wonderful especially not changing your lifestyle and keeping it secret from people.

Let me add that I will invest in Bitcoin, and real estate and donate some part to charity, especially refugees and prisoners.

Spaceman1000$

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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.

Controlling your emotions after a big win is what a lot of people don't have, the surprise and sudden shock that comes with a big win is not something you can easily control especially if you don't have strong emotional maturity, because different thoughts will be coming to your mind at the same time. Just as you've said OP, the best thing to do is allow the money stay in your wallet for at least a month, then if I'm the one, I will sincerely look for a financial expert, that will guide me properly as I make my investments.

Of course staying low key will definitely help you, as it will make you remain focused without much distractions, because hence you begin to tell people about your current financial status, a lot of persons will be bugging you with their financial issues, even when they don't have one, they will just want to help to embezzle your money.

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