What To Do With A Jackpot

Everyone dreams, and when playing progressive slot games, everyone dreams big. The possibility of winning the jackpot is ever present, and one can’t but help dream about what it would be like to win those life-changing millions. The reels would clank into place, the game would light up and shower all sorts of special effects across the screen, and you would be an instant multi-millionaire. In that instant, you would become a new person, and virtually anything would be possible. At least, anything that a cool few million could buy.

But, have you ever given any real consideration to what should be done if suddenly handed a few million, to do with as you please? It may not be as obvious as it first seems. Sure, millions in instant cash is certainly a dream come true, but there is a right way to be a millionaire, and a wrong way. After all, it isn’t so difficult as is imagined to be stone broke again in a few years.

Let’s take a look at how to properly manage money, should you become a jackpot-winning millionaire.

 Plan Ahead

The first thing many would do upon winning a jackpot is drop a huge amount on a sports car, dream home, or other previously unattainable luxury. The temptation is there, excitement is pulsing through your veins, and who doesn’t want a nice new Porsche, or mansion on the seaside?

This, however, would be the wrong way to go about assuring a future as a millionaire. You may think that a sport car is nothing against your new millions, but such thoughts are not wise. A sports car is a luxury that will keep costing enormous amounts for as long as it is in your possession. The car will need services, new tires, and other such maintenance, simply to maintain its value. In other words; it would be a constant drain on the millions. A drain that may eventually reduce the massive amount of money to nothing.

Now, that isn’t to say that a sports car shouldn’t be bought, only that it should not be bought without due consideration. Any jackpot winner would be wise to plan ahead.

Save For The Long Haul

The smartest thing to do, upon winning the jackpot, would be to immediately put a sum of the cash away in an investment bank account. Enough so that a long term future is secured. Whatever else happens, that money will be there, ready to come into play when it is needed. It need not be more than a quarter of the total sum of cash won, and will stand as a security measure that allows a person to know they are looked after in the future, no matter what else happens.

This does not mean, though, that a jackpot winner cannot still live a life of luxury, and spend the rest of their time alive living the good life. The real trick is ensuring that a short time lived in luxury does not suddenly come to an unexpected and unforeseen end.

Making A Budget

After stashing money for the future, the next wise thing to do would be to work out a budget, one that looks well into the future. A millionaire should still stick to a budget, if they want to stay a millionaire for the rest of their lives. Naturally, the budget should taken into account the fact that a jackpot winner will likely be enjoying much of the time travelling, partying, and going on spending sprees. Hey, spending sprees are still allowed, as long as they fit into the budget.

Once a budget has been decided, and money put away for the future, a jackpot winner may then go about doing exactly what they wish; being a millionaire.

Don’t Forget To Breathe

As an experiment, why not draw up the budget of a millionaire now? Work out what your current costs are, how much you would need to never worry about them again, and then budget all the rest of the jackpot for having a good time. The real trick is, when winning a jackpot amount of money, not to add too many new costs to your already existing life. In this fashion, a person can live a life of luxury, and be assured that a future is secured.

Everything extra, however, could go towards a cruise around the world, stopping off in all the major party locations of the planet, which lasts for years. When the cruise comes to an end, there will still be a good life to retire to, already covered in the budget.

And always remember; the smart millionaire stays a millionaire forever, while the foolish millionaire has to get a job again in fifteen years. Which millionaire would you be, if you won the jackpot today?