Have you ever dreamt of getting an enormous sum of money one day? Most of you will say “oh yes!” But what if this dream will come true? Most Canadian casino players are not prepared for the big burden and spend this money in the wrong way. Our world knows many stories of people who became rich overnight and got into even worse positions than they had before. When people hold thick wads of dollars in their hands, they literally get crazy. In other words, big money spoils people if they were not thought to manage it wisely.
What would be your first purchase with the money? A house? A car? Or you would spend it all away showing off in front of your haters? It doesn’t sound bad, but let’s be realistic. You funded your online casino for so long just to win big and waste it all away? We doubt that you’ll want to come back to work after you run out of money. That’s why we are here to tell you the right way to spend your money and to make it work for you so that you don’t need to waste your time at work ever again. So, let’s prepare a wise plan to spend your big casino wins.
Big Win Online Casinos
Big wins at online casinos are possible, everybody knows it. But even winnings can vary in size and value. If you play, let’s say, a live blackjack game, then you can win plenty of money, but it still can be not enough to get overwhelmed with it. On the other hand, when you play a progressive jackpot like Mega Moolah, a huge seven-figure sum is up for grabs! Some could barely believe it if they had won. You can see these million dollars jackpots at every casino in Canada. But let us first recommend the most trusted gambling sites that payout big:
Tips On How To Spend Your Big Winnings Wisely
When you win a lot of money, you should realize that this sum is not entirely yours. You need to pay taxes to receive the money. It’s a tax policy in every country, so you will have to share a bit of your reward with your government. So, here we tell you what steps you should take:
Plan Your Expenses
When you decide to be persistent in gambling to achieve your goal of becoming rich, or maybe you are on your way to become a high-roller, then you certainly think about winning money on purpose. And we also suggest you define your goal before you even start gambling. Ask yourself: on what will I spend $10,000? Where will $100,000 go? And $1,000,000? Maybe this sum will go for taxes and loans, or maybe to buy your dream house, or you’ll start travelling.
No matter what your goal is, and how many of them you have, you need to plan your expenses. Make a list of necessary purchases that you should make first. If it’s something big like travel expenses, try to predict a sum which you’ll spend on flights, accommodation, and meals. As you make a full list, analyze if the win amount you got can really cover everything and leave you some extra money.
Decide How to Receive the Big Win
This step comes across the issue of choosing an online casino. Some casino operators will not allow you to withdraw the entire sum of money as they only let you withdraw a limited amount per day, week, or month. For example, it can be $ 5,000 a week or $30,000 a month. But if you have a really big win of hundreds of millions, imagine the frustration of getting the money in monthly pieces. So, you need to find out how your online casino pays out.
In fact, monthly payouts aren’t bad. It will help you set limits on your spendings. Thus, you will not waste them all away on stuff that you don’t really need. However, if you were planning to buy a new apartment or a car, $30,000 a month will not help. You need to join a casino which can pay out the whole sum at once. We recommend that you always check the withdrawal policy of a casino which you are about to join.
Best Options To Spend Money
Your first desire will probably be quitting your job and live your dream life to the fullest. However, we do not advise you to do so. First of all, you should do calculations on how long you can live the life the way you want. You might think that a $1,000,000 will be enough for the rest of your life, but you don’t know your standards which will increase immensely once you get to the top. Besides, remember that you must pay tax on the winning amount. So, again, calculate.
At the stage of choosing options to spend your money, you can consider the assistance of financial advisors. They will analyze your amount of money and your needs. As a result you’ll get a good plan of investing money.
We also advise you to look through the following options to wisely spend your money:
- You can purchase real estate abroad
- Invest in an existing business
- Develop your own business
- Invest in the stock market
- Create trust funds for your family members (in this case, they will probably not require you to pay the tax)
- Pay for education
- Make funds to charity
How Do Winners Manage Their Money?
In Canada, casino winners spend their money on their expensive needs, such as buying a property. Many gamblers spend their money on debt repayment because they couldn’t pay debts and taxes before. Some people make professional investments and concentrate on the stock market while others take tours around the world.
Some gamblers reinvest a part of their money to online casinos to increase the recently received wealth. All in all, you should spend the money wisely for yourself and your family. Or if you don’t have any idea or real need to purchase, there is always a chance to send the money to charity.