Suppose you’re the recipient of a generous progressive slots jackpot. We know that your initial reaction might be to shout it from the rooftops, but you should exercise caution after hitting a multi-million dollar prize.
Although hitting a jackpot is far from a burden, it is a great responsibility – and we’re here to offer you some tips on how to manage the experience.
Firstly, it is important to try to keep quiet about the win. While it is likely your first instinct to call a friend or family member and let them know, it is best to keep hushed about the jackpot until the dust clears.
At online casinos, you are rarely required to pay taxes on wins, but it may take some time for the payment to clear – and any number of complications could occur.
So, until you have actually claimed the winnings, try not to tell anyone. In the online casino market, you can also keep your win private. Most land-based lotteries require grand prize winners to publish their names in the local media, but this is not the case at online casinos.
When a multi-million dollar jackpot is won, the casino may issue a press release but they normally only publish the first name and last initial of the winner. As such, players can choose to only tell a select group of people about the win – and this is exactly what we would advise.
If all of your friends and family know about your online jackpot win, you will likely feel obligated to share the wealth. We’re not telling you to be greedy, but we are telling you that you will certainly receive your fair share of monetary requests.
If you only tell your immediate family and very close friends, you can avoid phone calls from long-lost relatives requesting a loan or a generous favour.
The next thing you should do is contact an accountant or financial advisor. Most people are not used to having millions of dollars in their bank account and are unsure of how to manage their new found wealth.
A financial advisor will help you manage your funds, letting you know how much you can afford to spend on big ticket items and if you should make any investments with your new capital.
It is always a good idea to invest some of the money in stocks and lock up a portion of the funds in high-interest savings accounts.
Now, you can plan ahead. Many online jackpot winners choose to continue working, despite not needing the income. Keeping busy prevents you from making impulsive, expensive purchases – so consider working part time or simply taking a long vacation from work.
If you do quit your job, it may be a good idea to take up volunteer work or even go back to school.
