First of all, congratulations! After Lottoland added an online casino, it was only a matter of time before you struck gold and now that you did, you’re set for life right?
The Wrong thing
There are a variety of reasons that things could go sideways, including falling back into your old (but more expensive) ways if you’ve never really been good at keeping your finances under control. There are a few things you can do to protect your Lottoland casino winnings and thus, your financial future.
Take Time to Reflect
Don’t do anything right away. Right after your big win, you’ll be flooded with adrenaline. You’ll also be flooded with advice and requests from friends, family, and maybe some wealth professionals reaching out to give unsolicited advice.
Give yourself some time and space to breathe and you’ll be more likely to use your money in ways that honour your core values. This will help you make decisions that lend themselves well to you living a more fulfilling life, maybe making an impact, and stretching the funds to make them last.
Pay off Debt
There are a ton of us out here who have accumulated a bunch of debt, and for many of us, the pandemic has not helped at all. In fact, some of us are in more debt than ever. It makes perfect sense to spend your online casino winnings on giving yourself a little dose of debt relief. There is no better investment than paying off debt. This is especially true for high-interest loans. By paying off debt, you can reduce the amount of interest you have to pay to zero, improve your credit score, and start focusing your energy on saving and other financial goals.
Create an Emergency Fund
Everyone needs an emergency fund. With your winnings, you have enough to create a sizable emergency fund which is especially useful for sudden, unexpected expenses. It’s a good idea to out your online casino winnings into a savings account with a high interest rate and easy access. Whatever you do, just be sure the account is completely separate from the account you use for daily banking. To reduce temptation, of course.
Reach out for Help
It makes complete sense if you are overwhelmed by winning a ton of cash. It makes sense if you aren’t really sure where to start and you want some help. It makes sense. Though they’ll charge you a fee, it might be worth it to bring in a finance professional to help you sort through all of your options and decide what’s best for you.
Or maybe the help you’re looking for is simply someone to teach you the ins and outs of managing money so that you can fend for yourself going forward. That’s ok, too.
After winning big at an online casino, it’s very easy to get overwhelmed, overexcited, and careless. Take a minute to breathe, sort out your thoughts, make a plan, and enjoy your new found freedom.
