This is something that every single casino game winner has thought to themselves, especially after winning a large amount of cash. It’s an absolutely exhilarating feeling, to be sure, and your mind will probably be packed with ideas of what you can do with all of this money that you’ve just won.
Winning money is one of the most common reasons that people like to play online casino games. And while it can certainly take a bit of patience before you start to see the rewards that you deserve, sooner or later a game of blackjack or a slots machine will start spitting out more money than you really know what to do with.
Every now and again, a lucky player hits just the right combination on their favourite progressive jackpot slots game. With the right timing and just the tiniest bit of luck, you might quickly find that that huge pool of money that’s being offered as a prize is now suddenly yours. The worst thing you can do with all that money is to go out and spend it left, right, and centre. Experience the thrill of
Rather, it’s always a better idea to take a deep breath, collect your thoughts, and make a detailed plan about what you’re going to do next. This is where things become a little challenging. A challenge that we recognise and one that isn’t addressed that often, which is why we’ve put together this comprehensive guide to help winners do the right thing with their new pile of cash.
Keep Your Good Fortune Under Wraps
Before you do anything at all, it’s a very good idea to not tell anyone that you’ve won. It’s extremely tempting to pick up your phone and begin sending off texts to friends and family, but we’ve seen from past events that this can only lead to issues down the right.
The only exception to this would be a partner or spouse, although this decision is ultimately up to you. If you feel that you do need to tell anyone, it’s recommended to not tell them any specific amounts, but rather just the fact that you have won.
More details can always be discussed down the road if that’s something that you decide to do. Before then, let’s take a look at the next step.
Contact A Lawyer First
Before you even think about spreading the news that you’ve won, it’s the perfect time to seek legal counsel. There are several reasons for doing this. The first is that a lawyer will be able to tell you what moves you need to take legally.
Winning large amounts of money often means that there might be some tax challenges that need to be sorted out, but many casinos will also have their own terms and conditions in terms of how you get the money, and it’s worth having a lawyer look over the fine print to make sure that all is well. A lawyer can also tell you what kind of options you have in terms of claiming the money as well as the protections you might need to ensure you aren’t exploited in any way.
A Tax Consultant Helps Immensely
Tax is a complicated thing, and when you are dealing with a lot more money than you’re generally used to, having the advice of a professional tax expert can take a huge amount of pressure off you.
If you decide to take the money as a lump sum soon – if it’s an option – you will almost certainly need to pay a portion of the money to whichever tax revenue service is in place in the country where you live.
It’s easy to dismiss the hiring of experts – after all, it’s your money – but always keep it in the back of your mind that hiring the professionals is something of a long-term investment toward making your money last you the rest of your life, and potentially even making you wealthier than you are now.
A Financial Planner Is Vital
The third and final expert you definitely need without question is a financial planner. These are the people that will help you invest and save your money in a way that continues to provide for you for many, many years to come. They can either charge a flat rate per hour, or they might instead get a small percentage of the interest generated on the investments that you make. They will give you a very clear direction when it comes to the money that you have won, and if you happen to have any large debts, they can help you find an effective means of paying it off with your new money in a sustainable way.
While a tax consultant is somewhat optional, a financial planner as well as a lawyer are, without question, the two smartest hires that you can make. Many casinos will offer their customers the choice of taking out a percentage of money every month, but most experts agree that taking out the lump sum is usually the best path to take, even if it means taking a hit with taxes. This process can be made that much easier if you stick with a reputable site like Jupiter Club casino that you can rest assured will pay your winnings out.
A financial planner will also help you set up some funds, such as an emergency fund. These can be challenging to get set up and running properly on your own, but with some professional advice, the entire process is made that much easier. Your financial planner will help you as you go along and will also ensure that you spend your money as well as possible.
Once you’ve got all the paperwork and other nitty gritty stuff out of the way, you can rest easy knowing that you may never have to work another day in your life – all thanks to the great opportunities that many casino games offer to their players.