Hitting that big jackpot in a casino is something most of us have dreamed about at one point or another. The idea of turning your $100 into a huge, life-changing six or seven-figure amount is at the very core of the entire idea of gambling. It is what we play for and what we want to see happen to us, against all odds.
But, are these huge, unexpected wins really all they are made up to be?
Of course, almost all of us would love to have more money in our bank accounts and it would be amazing to get out hands on an amount that pretty much resolves all of our financial difficulties in one clean sweep. Many progressive jackpots out there, online and in live casinos both, offer this very hope.
The thing is, there is always the other side of the coin and that’s usually the side we tend to disregard until the reality hits. Like all major events in life, big jackpot wins do bring some risks and dangers with them and it takes a lot of caution and control to ensure what is supposed to be one of our happiest moments doesn’t turn into a tragic event when all is said and done.
Most of Us Aren’t Really Ready
Yes, we’ve all dreamed about winning that big million jackpot. Yes, we’ve all created plans in our heads how we’d spend the money and how we’d make sure that things don’t get out of hands. After all, we’re responsible adults who have had to be financially savvy for most of our lives. We won’t let such a great and unexpected financial boost go to waste.
The reality is, most of us aren’t really ready to deal with such a big, sudden change.
If you’re someone living on an average or slightly above average income for your country, you probably have no idea how having several million of disposable cash in your bank account could change your life. Yes, your mortgage is done and all your debts are paid off, which is more than most people get to enjoy in this day and age, but what comes after?
The dilemma most people face is that they want to improve their lives because it doesn’t really make much sense to win so much money and keep living the same life you were living. At the same time, we’re all used to a certain lifestyle and now we’re suddenly propelled into a whole different world that is entirely new to us.
That transition can be hard and complicated and many people get lost along the way.
From Rags to Riches – and Back
There are dozens if not hundreds of stories out there about lucky gambling winners who had their unexpected, life-changing wins, only to go broke few years down the line. Despite what most of us may perceive as a lucky break, many of these people have later described the entire experience as depressing and not nearly as gratifying as they initially expected it to be.
In 1993, Janite Lee landed a huge $18 million dollar win. The amount most people believe would secure them for life didn’t last even ten years for Lee, who continued spending mid six-figures on gambling every year and gave out large charitable contributions. While her generosity is certainly commendable, she may have overdone it, as she had to file for bankruptcy in 2001.
Sharon Tirabassi won a $10.4M lotto jackpot in 2004. The entire amount lasted about nine years as Tirabassi kept spending money on luxury cars, expensive vacations for her friends, and other perks in life. At the end of it all, she ended up with pretty much nothing and is now working a part-time job to support her family.
These are actually a couple of lighter stories about big winners. Many of them have ties to attempted (and successful) suicides, murders, frauds, and many various other things no one really wants in their life.
In words of another lottery winner from this group: “Everybody dreams of winning money, but nobody realizes the nightmares that come out of the woodwork.”
Too Much, Too Fast
The biggest problem that most lottery and jackpot winners face is the fact they suddenly come into possession of more money than they can handle. Whether it is their own spending habits that get them in trouble or other people around them looking to profit on their big win, things often seem to go the wrong way.
Many winners have come out publicly, talking about how the “lucky” win has actually turned out to be a real curse because it led to disputes with friends and families, often leaving them feeling lonely and deserted because they couldn’t keep up with everybody’s demands and expectations.
And those who tried to do it in the name of love or friendship often ended up broke and, once again, alone when the money was gone.
Pitfalls of Big Wins: Can You Avoid Them?
All of this isn’t to say that winning a big jackpot is some scary, horrible thing that you should avoid at all costs. For many people, it was a great pleasant experience that helped them turn their lives around for the better, start successful businesses, and secure themselves financially. It is all about being aware of these dangers and knowing how to avoid them.
Keep It as Anonymous as Possible
Although keeping secrets and lying to those around you isn’t something that comes naturally to most people, you should probably try and keep your big win as hidden as possible if you do get so lucky. Of course, you’ll share your joy with those closest to you but having a lot of money has a tendency to bring all sorts of people into your life, many of them simply going after your cash.
As soon as your big win becomes the matter of public knowledge, there’ll be friends and relatives you haven’t heard from in years reaching out to you. Constantly saying “no” to people can make you feel uncomfortable and even guilty, so you’re better off avoiding the whole ordeal and keeping your newly found riches to yourself if at all possible.
Don’t Make Any Rush Decisions
For most people, suddenly having a lot of money at your disposal makes you feel like you can do so many things you weren’t able to do before. But, those zeroes have a tendency to disappear rather quickly from a bank account. If you aren’t careful, you could spend a huge chunk of your win before you even realize it.
So, try to not make any rush decisions. After the win, perhaps take a long vacation and try to think about what you want to do next away from any distractions. Set things straight in your head first. The money isn’t going anywhere and there’ll be plenty of time to spend it.
Afterwards, it is probably a good idea to hire a financial advisor. However, be very careful about who you pick because many people trying to advise you will actually offer bad advice and risky propositions. Before you hire someone, make sure to check their track-record and credentials so you know they’re the real deal.
On top of this, be very careful about any “great” business proposals that will be coming your way from people you know and strangers alike. Everyone seems so enthusiastic to spend somebody else’s money but keep in mind that all these great businesses would likely find a way to take off if they actually had legs to stand on.
Find the Right Balance
All the advice in the world can’t help you with how you handle people around you and their expectations. This gets down to your personality and the kind of relationship you have with these people. The key is to find the right balance where you don’t become a cash cow but also aren’t perceived as stingy and someone who doesn’t want to share in on their luck.
What you need to keep in mind is that you don’t actually own anyone any money. Whatever you do decide to share is a gift and if there are people around you who don’t appreciate it and keep coming for more, you need to distance yourself from them. They are the type of people who will make you feel guilty and unhappy and that’s the last thing you want.
The whole idea of winning big is all about making your life better; if you have more money but are actually feeling miserable, it is totally pointless. So, don’t let those around you ruin it for you. Try and be nice to those who make you happy, though, because they are the ones who are can see beyond the money and the ones you can count on even if everything goes sideways and you end up completely broke.
Conclusion: It’s About You, Not About Money
There isn’t much anyone can do to change his or her luck. You can’t force a jackpot win. For most of us, it will remain an elusive dream that will never materialize. However, for those few that do get lucky, you need to keep in mind that money is just a tool – it is all about what you do with it and how you use it to make your life better.
Stories about how a big win ended up being a nightmare aren’t rare but you don’t have to be one of those stories. With the right approach and keeping a cool head, you can actually use the money the way it should be used and make your and lives of those around you infinitely better.
So, if you do happen to win big, try and keep all these things in mind. Avoid the pitfalls, learn from the mistakes of others, and surround yourself with positive influences. In the end, you should never feel bad or guilty for getting lucky. Be happy about it, enjoy it (in a responsible way), and distance yourself from anyone who’s making you feel bad or depressed.
Money can’t buy happiness, but a happy person can definitely do some great things with it!
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