Planning Ahead for Big Jackpot WinsBy: Ryan Alders, Wednesday October 2nd 2013
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There's something that happens with people who score big wins in the online casino world that you see over and over again. You'll hear about it with any type of big gambling game like land-based lotteries as well. It's an event that happens often, and it will continue to happen for the rest of time. The event we're speaking of is someone winning a massive jackpot and then being broke within an absurd amount of time. Here we want to show you how you can plan ahead so that if you do get lucky and pull down the big one, you'll be able to see some success in the long-term instead of just the short-term.
Here's how it works. Someone will win a life-changing sum of money, and they have no experience managing such a large amount of money. It seems like it will last forever because individual purchases don't seem like a significant portion of the sum that was won. However, people tend to start spending more money by making more purchases of higher prices. This creates a spending acceleration that goes through the money faster than you think it is, and eventually most of it is gone.
To help prevent this type of thing from happening to you, you should have a solid plan for what you would do if you won amounts of money in different ranges. Decide on three different ranges for big winnings in the ballpark of $25,000, $250,000 and $2.5 million. From this point, plan out what you would do if you won prizes of each of these three sizes. Have your plans written down somewhere so that you can revise them from time to time as you get bigger ideas. The idea here is that you want to have something to look at from outside of the perspective of having the money if you do happen to win a life-changing amount.
We're going to offer some suggestions on what you should do with small, medium and large sums of money. With large sums of money, we recommend that you hire an accountant to help you make sure that your money is managed well. With medium sums of money, you should pay down debt and set up college funds and emergency funds as needed. If you pick up a substantial, but small, sum of money, then use it to pay down as much debt as you can. If you don't have debt, then we suggest that you put it away for future emergency purchases.
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