Progressive Jackpots – What Now?

Did you know that there are progressive jackpots worth millions of dollars in play at all times?
If you go online, you can quickly check the status of each progressive slot and see how much money is still up for grabs.

The total jackpot pool is currently £86,590,947.00 at the time of writing.
Every time a slot is played, it changes.
Since 2009, the Casino Listings website has been keeping track of progressive slot prizes.
£2,603,105,596.00 was paid out in total.
Yes, £2.6 billion is correct.

The majority of that sum comes from tiny wins of less than £1,000.
However, a large number of new millionaires have emerged as a result of a lucky spin.
The basic line is that though jackpots are extremely unusual, they do happen.

When you score a big one, what do you do?
Here’s our top ten list of ways to make the most of your winnings.

 

1. Kill the Credit

Credit and store cards are well-known for being among the most expensive methods of borrowing money.
A credit card’s normal annual percentage rate (APR) varies from 16 percent to 25 percent.
The APR on retail cards is much higher, with an average of roughly 25%.

To put it another way, you’re paying money to borrow money.
It’s frequently a large sum of money in the case of these cards.
Clear these debts first, then relax and enjoy your newfound freedom.

2. Stop Loan

Mortgages are one of life’s most difficult challenges: large loans that allow us to own our own home.
The lender takes a risk, and it costs them money in the form of interest.
We all pay a tremendous amount to borrow that money, whether fixed or variable, and it takes decades to clear.

Extending a mortgage is frequently the cheapest option to borrow money, but you don’t need that loan now that you’ve won the progressive jackpot.
Pay off your mortgage and you’ll be the proud owner of your home.
Keep an eye out for penalties in your contract if you pay off your mortgage early.
To prevent further charges, it can be worth waiting a few months before settling.

3. Real Estate

Someone famously quipped, “Landlords grow rich while sleeping.”
Although house prices fluctuate, Rockefeller, Carnegie, and Trump can all attest to the value of real estate.
It’s difficult to lose and much more difficult to steal.
Get a well-behaved tenant, and you’ll be able to earn some money.

4.Invest In A Pension

Taxes can be a hefty burden when you get a windfall.
A pension is one option to recoup part of that money.
Seek the advice of a reputable financial professional to help you futureproof your big prize.
Make a wager on the future, and make sure you’re still grinning about that winning spin when you’re in your golden years.

5. Get A Little Creative

Investing in art is more than just a smart way to save money.
It’s also a lot of fun to make and looks fantastic on the wall.
The one and only golden rule is to buy what you enjoy.
This manner, even if its value plummets, you can still enjoy it.

Purchasing a ‘name’ is an excellent approach to lock in the value of your artistic asset.
Purchasing a Banksy, Warhol, Hirst, or Emin painting is a rather safe bet.
These artists have been around for a long time, and their work is still in demand.
Make certain that whatever you buy has a decent track record.

6. Accelerate and Accumulate

A antique car is usually a smart purchase if you have the willpower to park it in the garage.
Take, for example, the Ferrari 250 GTO.
There were just 39 manufactured.
A near-mint 1962 model sold for $48.4 million in 2018.
Don’t leave it in the parking lot overnight.

7. Wine On

The key to being a successful rare wine investor is to avoid drinking your assets.
Are you going away for the weekend?
Make sure that Domaine de la Romanee-Conti from 1945 doesn’t end up in a punch bowl.
In 2018, it was sold for £424,000.

But, truly, wine is a terrific investment that pays out handsomely.
A depreciating asset that maintains its worth.
Take the advise of others.

8. Collectable coins, comic books and other things

A little knowledge can be harmful, but if you love comic books, coins, or any other item, you may indulge your passion while winning a jackpot.
You can now afford to buy that gold sovereign, first edition of Batman, or Eric Clapton’s Gibson guitar from Cream.
At the very least, they’ll make you laugh.

9. Cryptocurrency

The Bitcoin world is a rollercoaster.
Take a little portion of your lottery win and invest it in Bitcoin.
Although this is not a risky investment, there is money to be gained if you dare to ride the Bitcoin and other digital currency waves.

10. Enjoy

You’ve put money into it.
You’ve been prudent.
It’s now time to relax and enjoy your big win.
Take that once-in-a-lifetime vacation, exit the plane on the left, tour the world, and buy that five-carat gleaming gem.
You only live once, and as someone famous once remarked, “once is plenty if you do it correctly.”
Good luck in winning that jackpot!

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