Entertainment is available in different forms like sports, games, music and so on. Any task that brings earnings while we work becomes more welcoming for anyone. Such is the case with gambling. Winning jackpots in gambling is the most exciting part for some. And those who get that jackpot don’t know how to make the most of it. A life-changing jackpot comes with luck and some fail to cherish that gift.
People do carry some misconceptions when it comes to money matters. There are some notions that people tend to feel happier when they receive big gifts. But psychologists have surveyed several groups of people and came up with the conclusion that happiness coming from similar materials fades soon after a short time. They refer to a state of mind called hedonic adaptation which describes that people get used to situations and materials quickly and develop a steady emotional state later on.
Same happens with the lottery winners. The intensity of that happiness fades after a short time and stays steady thereafter. That being said, we are describing some options on what you can do with the jackpot money:
- Charity: The theory of hedonistic adaptation gets applied to material things but not in social settings. This means when you spend your jackpot money for others, share it with others and the things that others want, your happiness tends to last longer. But you need to keep base wealth for your happiness first than giving away all of it to others.
- Sharing with close ones: While sharing your jackpot with others seems a noble idea, make sure you don’t overdo it. When it comes to your social circle, you may want to share that happiness with everyone or share it with just close ones or just keep it a secret to keep yourself protected from the greedy and vicious people who might trouble you. That’s totally up to you but you need to develop a strategy on how to do that in a perfectly balanced way, to achieve and spread happiness.
- Paying off your Debts: Debts are a serious threat to your financial security. When you win a lottery, you know that after paying off the debts, you’ll survive well financially. In that case, you better pay off the debts to maintain that financial security.
- Avoiding big and impulsive spending: Winning a jackpot makes you capable of checking your wishlist with all the expensive things that you ever wanted to own. You are advised to spend on the things you enjoy without feeling guilty.
- It is always wise to invest in a little: We know you’ve been waiting for this moment for long. But you should not miss the opportunity to further multiply what you have by opting for an investment strategy that works best for you. Leave it to professionals, tell them your priorities, leave the rest to them and relax.
Pitfalls to avoid
- Shout out loud and you might end up attracting unwanted visitors
- Buying whatever you want and paying no attention on what you’re spending
- Making impulsive financial decisions
- Forgetting family, friends and those who helped you sail through bad times
A life changing jackpot is rare to have but is significantly capable of transforming our lives for the good. We can make our dreams come true, drive that Porsche home or just spend a fantastic evening on a cruise. But you know that nothing lasts forever. If we keep spending, one day we’ll probably be left with nothing. That’s the downfall of spending. We all love to go shopping, crave for those delicious delights and want that magnificent house of our own. But amidst this boon, we sometimes fail to realize the long term impacts of it. That’s why we should stay aware of the decisions we make to ensure that our jackpot money sustains for a long time.
We can make a clear strategy; save some for emergencies and invest in something good and profitable in the long run. Planning done in the right way will definitely bring returns in multiple ways later that you can enjoy now and in the later years of your life.