Whether you frequent the floors of your local casino, or you have never been, you’ve probably fantasized about how exhilarating it would be to win a jackpot – a sudden, unexpected windfall of cash that washes your financial worries away.
But unfortunately, no one expects to win until they do. This means that they likely don’t have a plan for the money until they’ve won, and therefore risk spending it frivolously on things they don’t actually need.
Obviously, it’s your winnings and you have the right to use the money however you see fit. However, in our experience, winners get the most bang for their jackpot buck by spending it in the following ways.
1. Celebrate
What would be the point of landing “the big one” if you didn’t at least celebrate and enjoy the moment?
Go ahead, call up some friends, order some drinks, and revel in your good fortune.
But just be careful – alcohol mixed with a windfall of cash can be a dangerous combination. Be sure to drink and gamble responsibly as you celebrate your big win!
2. Pay off Debts
Winning a jackpot provides you with a fantastic opportunity to pay off any outstanding debts that may have been weighing you down in the past. For example, do you have credit card bills piled up to the ceiling? Are you behind on mortgage or car payments?
Feel free to make the payments required to lift the heavy burden of debt off your shoulders!
3. Take Your Dream Vacation
Do you find yourself constantly daydreaming about escaping the cold and travelling to the white sandy beaches and glimmering opal waters of an exotic island or luxury destination? Or, would you prefer to indulge yourself with some of Europe’s finest cuisine and explore its storied cultural history?
As appealing as these thoughts may be, there’s one thing that often prevents them from becoming realities – money.
With your jackpot win, you now have the ability to leap over this barrier and take the vacation of your life!
4. Take Care of Your Health
Although we’re blessed to live in a country that provides free healthcare to its people, many of your medical expenses may not be covered. For example, often dental work like implants fall under the category of “cosmetic procedures”, preventing them from being covered by the healthcare system.
Also, if you have a health condition that requires treatment from specialists located outside of Canada, you may be on your own.
If you have lady luck on your side and are fortunate to be the recipient of a jackpot, now is the perfect time to take care of those lingering medical issues.
After all, what’s more important than your health?!
5. Save for Your Children’s Education
Do you have children? If so, there’s probably a good chance that at some point they’ll be interested in pursuing further education, and as you probably know, this can be expensive.
Tuition prices are on the rise and are showing no signs of slowing down.
Consider setting aside a portion of your winnings to help get them started on their post-secondary education journey down the road.
6. Invest
What’s better than winning a heaping pile of cash at the casino?
Using your winnings to make even more money!
If you want to see your earnings grow on a year to year basis, enlist the services and advice of a financial professional to help direct you to the best investment options to help you do so!
Due to compound interest, a $50,000 jackpot that returns just 6% annually through investments can be worth as much as $90,000 in just 10 years! Behind on your retirement savings? Investing is a great way to catch up!
There you have it – 6 great ways to spend your jackpot winnings!
Win Big at Eagle River Casino – Whitecourt’s Premier Entertainment Destination
At Eagle River Casino, you’ll find all your favourite table games, slot machines, delicious food, and top-tier service. We’re also known to regularly pay out hundreds of thousands of dollars in jackpots to our guests each month.
Come visit us in Whitecourt and the next one just might be yours!