Won a million?  Here's what you do!

The size of big lottery wins has gotten so huge that there are many sites that advise winners about what they should do if they win massive lotteries.  The biggest progressive jackpots at online casinos never get to the same level as the big lotteries but the advice is still quite sound so in this article we will talk about how you can protect your big progressive jackpot win.

We’re talking about a progressive jackpot win of about R15,000,000 which translates into USD1,000,000.  This is not a nine-figure sum but it’s certainly big enough to warrant an article about how to protect the win.

Online Versus Land Based

Incidentally, you have a better chance to win a progressive jackpot at an online casino such as Springbok because you never have to wait for a game at an online casino.  All the progressive slot machines may be in use already when you get to the casino floor at a land based casino.  You never have to wait online.

In addition, land based casinos still don’t have mobile casinos; why should they?  Springbok mobile is available to you at all times as long as you have your smartphone with you.  You access the mobile casino via the app and many people play for just a few minutes whilst waiting in an office or commuting home on a train or bus.

So, you do have a better chance of winning a progressive jackpot at Springbok online casino.  Just remember to bet the maximum when you are going after the big progressive jackpot.  Only by betting the max can you qualify to win a progressive jackpot.

Now, let’s get to the most important does and don’ts after you win a big jackpot.

Keep Quiet

Eventually, you will tell your closest family members and friends.  There is a huge temptation to publicize the win immediately.  That will bring out all the people who will see you as someone they can ask for money.  In this sense, winning a progressive jackpot is better than winning a huge lottery.  Lotteries like to publicize the names of winners but at an online casino, you simply retain your winnings in your casino account.  The casino will report your win but will not reveal your full name.

Don’t Go on a Shopping Spree

This is similar to the advice to keep quiet.  If you buy a new wardrobe of clothes or go on a luxury holiday, people will know that you have suddenly come into some money from some source.  Spending a lot of money when you really don’t need to is quite the opposite of keeping quiet about the win.

Buying new clothes or taking a luxury cruise are small compared to the pitfall many fall into in which they buy a new house or a sparkling new car. Many people have been known to buy a house that is far bigger than they need or a car that is part transportation and part show. 

Get Financial Advice

This is very important but don’t go asking family and friends to recommend a financial adviser.  This is, of course, a dead giveaway that you have new money to invest.  They’ll want you to invest in their projects.

If you’re doing research in order to find a good financial adviser without relying on family and friends, you need to take your time.  This requires some research.  Keep in mind that good financial advisers are known for respecting their clients’ privacy.  A really top grade financial adviser will likely have many clients with one million dollars or more to invest so you needn’t worry about their credibility and respect for privacy.

Once you have chosen an adviser, listen carefully to everything he or she says.  Investing large sums will probably be new to you so there are terms that you will need to learn to fully understand what they are advising you to do.

A financial adviser will help you begin a sound and conservative investment plan.  You might expand into more speculative investments later on but sadly many big winners even of huge lotteries end up with little to show for it just a few years down the road because they put too much money into speculative investments that didn’t work out.

At least at the beginning of your new life with a lot more wealth than you ever imagined possible, allow the financial adviser to steer you in the direction of conservative investments.

Begin Withdrawing Money

Some casinos have a maximum sum you can withdraw per week or month so it’s a good idea to begin the process immediately.  Have the money sent to your bank.

Pay Off Some Debts

Since you can now afford to do so, pay off small debts such as credit card debt, student loans, or small borrowings.  Depending on how much you still owe on your house you might consider paying off your mortgage.  If you want to do so, be sure to get good advice beforehand.  First, the mortgage might be too big to pay off at once.  Second, there might be substantial penalties for paying off a mortgage early.

Think about Staying Wealthy Years from Now

You might win the progressive jackpot when you’re 25 or when you’re 65.  Even a 65-year-old man or woman can expect to live for at least 20 more years given the level of modern medical care and everything we know about healthy eating and living.

So, you need to invest for the long term.  As we said earlier, a good financial adviser would probably start you off with conservative investments.  Ask her or him all the pertinent questions you have regarding investing for the future.

Think about Sharing Your Wealth

A lot of people who win really big go off and give a lot of their money away quickly.  First, you might want to give some money to close family members.  This is a fine sentiment.  The best way to do so is with the help of a financial adviser and a tax lawyer.

You might also want to give money to your favourite charities.  This is also a wonderful sentiment.  Just keep in mind that you can give smaller amounts over a longer period of time.  A study found that fully one-third of people surveyed said that their number one priority after a big win would be to share their wealth (Source: T.D. Ameritrade).  The best advice is to take everything slowly and deliberately even though you are determined to give money away.

It’s Fun to Daydream

We all daydream about scoring a big win.  when we actually do, we need to think very hard about the best way to protect our winnings.