How Will You Spend Your Jackpot Money?

• Published: October 14, 2013
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In our industry it has become a habit to dig into what people do with the money they earn from huge jackpots. Not that we are nosey, but it is always interesting to hear how life turned up to be for the lucky ones and it turns out that this type of digging has resulted in helpful advice for our players today. Have you ever thought about what you would do if you ever hit that big, juicy jackpot? You might want to start today before your story turns into a horror one like it happens to some people.

Our research suggests that many jackpot winners have no clue about money management, and we are speaking about thousands and even millions of dollars. The end result of this is that they end up being broke in a matter of months, weeks, and even days. This practice is very common for lottery winners, but we have noticed that online casino players are also prone to falling under the same pattern of behavior.

The most common spending patterns are going crazy and buying super expensive things that they cannot upkeep in the long run. If you win $1 million and buy a house for $900,000, do you think the house upkeep will only cost $100,000? That is not the case, and when you are spending big money you should be thinking about long term consequences. Can you earn the upkeep of a $900,000 with a pool, or will your money go to waste and you will end up with more debt than tha actual prize you won? The key is to avoid this behavior and start planning what you will do with your money right now.

There is some simple strategy that we can offer for scenarios in which you can win large, medium, and small amounts of money. If you win a small amount of money that you still consider substantial, use it to pay off as much debt as possible. If you win a medium jackpot, use the money to pay off debt and to set up college and emergency funds. If you win a very large amount of money, it is a good idea to hire an accountant to handle your money and you might want to consider opening a bank account and living off the interest your money generates. We hope those ideas pointed you in the right direction, until next time!