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How to Spend Your Gambling Winnings

By Chris Blain
Published on January 06, 2018
Cars Mansion and Money

Your palms begin to sweat as your hand closes around the lever; your final dollars are about to be extinguished. Your thoughts are filled a begging hope to any forces in the universe that can hear your plea as you feel the gears engage as you slowly pull down.

Instantly, the reels begin to spin rapidly as your fate gets determined by the slot machine overlords. Your eyes begin to widen as you watch the reels start to line up. One after another they are falling into place, and that spark of hope begins to flicker.

Finally, the reels come to a halt, and you can barely contain your excitement at your good fortune as the sirens begin to emit from the machine, indicating that you have hit the jackpot. You shake as an attendant comes to assist you in confirming your great fortune.

As tax forms and verifications come your way, your mind fills with the possibilities of what you can potentially experience with the glorious winnings that are about to be presented to your person. Finally, the day in the sun has come for you!

Today you will learn about the possibilities that lay in the future of those favored by the glorious gambling overlords that may smile upon your fate. Those who are the wisest can understand the amazing opportunities before them if they find themselves winners in the great game we call life.

Intelligent Uses for Your Gambling Winnings

Whether sports betting, playing cards, table games, slots, lottery tickets, or any other games of chance, when you finally win big, it is sometimes difficult to step back and just assess the situation. Your mind is a whirlwind of emotion as you get caught up in the moment.

When asked the question of what would you do if you won a large sum of money, luxuries may come to mind that you wouldn’t normally have. Maybe the thoughts of expensive cars and vast amounts of entertainment fill your mind with a myriad of possibilities that wealth can provide.

People receive prize money all the time in the world and stories of that . If you find yourself in a situation where you have succeeded in a great gambling endeavor, you don’t want to find yourself classified in the wasted wealth section.

When gambling with games of chance, please understand the odds are against you. Although putting down a wager adds a lot of excitement and other benefits to the entire process, you can’t go in assuming you will win.

That may seem a bit pessimistic. However, you just might go in with the assumption that you are going to lose, and be pleasantly surprised when you come out a winner. You now have finances that you were not relying on to make some potentially dramatic life changes.

If you can come to your senses quickly, you might just find yourself in a life-changing opportunity. Regardless of the amount that you have won or your current life circumstances, you should be smart with your next steps.

Pay Off Your Debts

When someone asks you what you would do if you came into a large sum of money, they typically want to hear about your wildest dreams. The standard boring answer that people don’t want to hear is that you say, “you will pay off your debts” and other bills.

Although the idea sounds so boring,
it is by far the smartest thing that a person can do with their winnings.

Think about it for a second before you scoff at the whole notion of just paying off some bills.

When you consider the many methods people use to become wealthy, a person’s income is the most common way to begin building up those funds. Unfortunately, our finances often get allocated to funding our lives as quickly as they become available to us.

We can’t enjoy extra things when we have bills, car payments, and mortgages to worry about. A nice unexpected gambling win can be a great way of removing some of the debts that we owe and get us on the right track to future success.

Establishing a Gambling Fund

Everyone wants to win more money when it comes to gambling. The more you win, the more you want to win. Based on your game of choice, you could turn that win into multiple wins down the road.

That mindset is how casinos stay in business. Their hope is that you will continue to play and end up putting more in than you originally won. Most casual players don’t find themselves in a situation where they have extensive plans for their gambling habits.

The goal of establishing habits should primarily focus
on how you want to ration your finances.

The whole concept of taking gambling into consideration when it comes to your budget. People should set aside an allocated amount that gets dedicated to their betting.

In your standard budgeting for life, you typically wouldn’t set up money that was allocated for gambling because it doesn’t get considered a need. Logically, budgeting should get based on your necessities before any of your luxury items.

Most of the time when we are gambling, most of us don’t put it under our “needs” category, and it ends up being more of a spur of the moment expense. Just like when you walk past a slot machine, and you think it’s calling out to you.

Slot machines don’t make extensive amounts of noise and use flashing lights because they aren’t trying to get your attention. You may not have planned to play a slot machine for hours on end, and yet there you sit with thousands invested into it, wondering how it even happened.

That is why having an established budget for gambling is smart; it defines your limits and establishes boundaries.

Having an “oops” fund is always a smart idea to have as a person because you never know what may occur in your life. Unexpected car accidents, hospital visits, etc. can be a detrimental problem for people.

Winning money is a great way to get that fund started because you wouldn’t normally have had those finances in the first place.

Planning for the Future – Children, Retirement and Investments

This day and age, the whole idea of being able to plan for future endeavors are not even conceivable for because the costs of just living is skyrocketing. Setting aside money for children or even for yourself does not seem practical in most cases.

Most of us live in a world where the whole idea of being able to retire at any point becomes a fantasy and funding an account for the future never seems to occur. Many of us are well aware the whole concept that it takes money to make it and investments are one of the time-honored wealth growing methods.

Finding those additional funds and putting them to work isn’t always an easy task.

That is why unexpected winnings are the best way to throw a nice chunk of money into planning for the future and getting involved in those investments.

Making your money work for you is one of the best ways to save for those school-based expenses and get a great start on that retirement fund.

If done right, those winnings could make you profits for years to come and be a fantastic reminder of what you accomplished. Nothing keeps a great memory of a miraculous victory alive like that of continued success.

Charity

Many people, if given the opportunity, would love to do something for others. However, they are limited by their income.

When winnings happen to become available, this may be that chance you needed to get involved in some charitable endeavors. Now, the concept of giving charity means something different to everyone, and there isn’t just a single way for someone to be charitable.

Having said that, when addressing winnings, I think starting at home is one of smartest paths people should take before going to save the cultures of other countries. Although we all want to see the world as a great place for everyone, there may be a better use of those winnings closer to home.

Your immediate family may need some help, but not want to come “asking” for assistance because of one reason or another. Humans are prideful creatures after all.

That’s why you may have to let your family know you are willing to share. If your immediate family isn’t in need, your local community may be, and your charity can branch out from there.

Fun Fund

Let’s have some fun! Many of us have heard the saying that money won is so much sweeter than money earned. That concept is applied because it was unexpected money that you didn’t plan on having.

Many people will try to give you advice on how to spend your winnings. Whether you let the outside forces influence your mind or not, there’s nothing wrong with having a little fun.

However, you want to be smart about how you spend your entertainment money because you don’t want to be a winner who has nothing to show for themselves aside from an interesting story. Life is defined by the experiences we have, but you don’t want them to destroy your future.

Establishing a fun style budget can be very useful because it will help set parameters on what and where you intend to spend your finances. Whether it be experiences or possessions, figuring out a price you would put on “fun” can help in providing smarter purchases overall.

Wrap Up

The downfall of many people who come into large amounts of money is the lack of boundaries they established for themselves. Remember, you cannot let yourself get caught up in the moment and make poor decisions because of the fact you won something.

You will need to think about the that get associated with winning money.

Every so often we hear the precautionary tales of lottery and jackpot winners who fall victim to their overspending. There are many factors out there that can enter your life and be a difficulty when dealing with your winnings.

Try to keep in mind that budgeting, whether it be for investments, fun, or even charity can be just the tool you need to keep yourself from becoming just another precautionary tale.

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