Monday, June 24

What To Do With Money When You Suddenly Won It?

What To Do With Money When You Suddenly Won It?

A windfall of cash is a dream that rarely comes true. Casino and gambling are two places where players do stand at a chance to win sudden money. But before trying your hands, it is utmost important to know what to do with the windfall? Shall you further invest the money in your business or save all of it to use it later? Online casinos in Canada have come out as a great way to kill stress and win some money. More and more people are logging on to international legitimate websites to try their luck. However, they often find themselves lost when presented with huge winning amount. 

Here, it is vital to understand that there are two types of money – gradual and sudden. The gradual is the amount that you gather from your income i.e. it increases gradually. Sudden income is a sudden rise in income due to profit or other similar transactions. Managing gradual money is easier than handling the sudden money or sudden inflow of money. Suppose you have won 2 million dollars playing online casinos what would you do? It is a difficult question, right? In a situation like this, you can always do what others do when they win a lottery or win a game in the casino. Here are some interesting things that you can do:

  1. Reinvest: People who find casino lucky often end up reinvesting the winning amount to multiple it further. This, however, not always turns out to be beneficial as most of them lose the amount and end up having nothing. They do feel disappointed, but they do not really mind it as the money invested was worth of entertainment for them. 
  2. Offer Drinks: Winning money in the casino can be a dream come true. Some people offer a treat to other casino players or even the entire casino players as a celebration of the money they won. 
  3. Take it Home: There is so much that could be done with the casino money. If you cannot keep it in the bank, you can always keep it in your house and save it to be used later. Very few casino players, however, have admitted of saving the winning amount for future. But, it is always best to keep it safe as a sudden windfall is not going to happen every time. 
  4. Party with Friends: Some casino or lottery winners call up their friends to share their success story and throw a party. Well, who does not like to spend some nice time with friends? A sudden windfall is the most effective way to have a huge party at your place. 
  5. Go for Shopping: Many a time we suppress our desire of buying branded attires for the sake of saving. But with the windfall of cash, you can go shopping and buy great stuff.  
  6. Invest in Business: Some brilliant minds wait for the right time and money to invest and start a new venture. If you have a great idea that is worth investing, why not invest and wait for the great results. 

Playing and winning big is something that rarely happens. You may come across so many websites claiming of having awarded millions of dollars to their respective players. You cannot rely on such claims until and unless you have experienced it by yourself. Remember that there are times when players might lose big. Readiness to accept is one quality that everyone should inculcate to play casinos. Have the guts to face the losses and accept the winning gracefully. Although it may sound wise to invest and save the windfalls, there are certain do’s and dont’s that should also be considered at the same time. Here are a few things that should be considered while planning to invest the winning amount – 

  • Calculate Taxes: Certain casinos will require you to fill in tax forums before claiming the winning amount. In case they don’t you will have to figure it out yourself as for how you will declare the amount in your bank. If you have won too big, you may have to hire someone to help you legally disclose the money. A financial advisor or tax specialist can be consulted for calculating taxes and declaring the winning amount. 
  • Set Deadlines: While playing online you may stand a chance to win millions of dollars. You are the owner of the money, and you have the right to spend it. But spending wisely is what everyone should concentrate on. It is the right time to set deadlines, so you know how much you have to spend and where you need to spend. Spending the entire winning amount on bears may sound crazy. Equally dividing the winning amount to give to a spending bracket is the wisest thing that you can do. For instance, if your wife is pregnant, you can save some money for her and the baby. You can also save money for your new house or property that you would like to buy in the future. Set a priority and decide how much you should invest. This will give you a clear picture of how much you should invest and save. 
  • Keep it a secret: If you have won big, try to keep you’re winning a secret. Tough, nothing can scare you, but do you know what happened to Urooj Khan, an Indian immigrant who won $1 million in the lottery in 2012 in the US state of Illinois? Well, he was murdered, and no one knows who killed him. 

As stated above sudden money windfalls can bring happiness, but too much happiness can become a matter of worry for some. Your happiness relies on how you manage the money you have won in the lottery or while playing in casino. The best thing that you should do is hire someone to help you manage it. Hire a financial advisor if the amount is too big to handle alone. Don’t brag about it until the winning amount is so huge that media cannot resist from publishing it. Set priorities and stick with them. By doing all this, you will be in a position to better manage the sudden windfall. 

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