It’s everybody’s dream, to win a life changing sum of money and create our dream lifestyle. There have been those that have had this opportunity, people who have won the lottery, or a big casino win, but they haven’t been quite smart enough with their finances and ended up with nothing left.
With careful planning and some expert financial advice, it’s completely possible to win the jackpot and make it last a lifetime. However, it can be tempting to buy everything you’ve ever wanted all in one go. After a recent survey asking the public what they would purchase first after a win, the results revealed that it would be very easy for people to make bad investments straight off the bat.
The survey showed that most people would head down the materialistic route and buy themselves a shiny new car, or a giant home with lots of bedrooms or even a vacation of a lifetime. It’s very possible to be able to have all of these things, as long as you can make smart and well timed investments. We took a look over the top 3 things people would spend their winnings on and how they could sustain you for longer and still leave you with money to spare.
A new house
A brand new house or mansion came out on top in the survey, with over 21% of people saying it would be the first thing they would spend their money on after a big win.
Property is definitely a good investment if bought at the right time and for the right price. Property is one of the things you can put your money into that will hopefully benefit you in the future. However, it’s important to note that where past winners have fallen down, is buying a home that they would not be able to afford to run long term.
The cost of owning a large home doesn’t end with the outright purchasing price, you have to also take into consideration the cost of running the property, water bills, gas and electric and any other maintenance jobs that may need doing in the next few years. You also have the option to put money into a smaller property and sell it for a higher price, making a profit, or buying a property to rent out, again helping to make a profit.
A vacation of a lifetime
In second place came a dream vacation or travelling. Many of us have somewhere in the world we’ve always wanted to go, or the more ambitious may have the entire world in their sites. Wherever it is you’ve always dreamed of going, you don’t want to blow all of your money becoming an adventurer, if you’re left with nothing to come back home to.
There are a few ways to be able to still enjoy a vacation and not blow all your winnings. If there are multiple destinations on your bucket list, you can spread them out over a few years, booking in advance for as many as possible. You could also combine a vacation with property and invest in a vacation home in your favourite spot, renting it out when you don’t plan to use it.
Paying off outstanding debts
There was a number of people surveyed who would eliminate any outstanding debt or mortgages first, before splashing out on the items they’ve always wanted.
Despite it not being the most exciting or fun way to spend your money, if you do have any debts or mortgages to pay off, having a giant sum of money fall into your lap can be just the thing to wipe the slate clean and give you a fresh start. Even if it will take a huge chunk of your winnings to get everything paid off, you will still be better off, as the money you would’ve had to pay out to pay off credit cards or loans, will now be able to sit happily in your bank account.
Winning a life changing amount of money should remain just that, life changing. If you’re lucky enough to win a huge jackpot, you want to be able to make that luck last for as long as possible. Being wise with your winnings and investing it in the right places can not only allow you to treat yourself, but also allow you the chance to build a better life in the long run.
Survey conducted by Casino Bonus Tips.