Tips on How To Invest Your Winnings
By Alex J Coyne © 2016 Great Bridge Links
Congratulations on winning! Many people, especially those new to walking away with a little (or a huge) something from the gambling tables are overwhelmed by the prospect and end up spending the money within a week, or even right there on the spot. Don’t make that mistake! Here’s some tips on how to make the best use of your winnings:
I love how Rich Dad, Poor Dad author Robert T. Kiyosaki defines assets: “An asset is anything you aquire that puts money in your pocket. Assets are what the rich use to aquire money over time.” Rich, here, means money smart. When you invest, ask yourself how this will make you more money over time. A car is an asset, say, only if you keep it in good shape and use it to get onto business. It’s a good measure of what’s risky and not, or a great or terrible investment.
A Financial Advisor
If you happen to have won big (or just need some help with your finances), it might not be a bad idea to consult a financial advisor. A smart, honest financial advisor can give you decent advice on the best (and worst) investments and financial decisions.
Why not give peer-to-peer lending a try? It works like this: You invest a certain amount of money, which is loaned to another approved user on the site. When they pay it back (with interest), you’re rewarded for your input. There are many sites based around this platform, LendingClub is a reputable site for starters.
Start a Business
If you’ve ever wanted to start a business, why not kick the gears into motion by putting your winnings away towards the goal of a new venture? Sit down and set up a proper business plan first: What you’ll need and why, a future projection of where you want to go and, of course, your market research. Even if what you’re putting away is small, it’s closer to your goal than you were before.
A Certificate of Deposit
A certificate of deposit, issued by the bank, is for a set amount of money put away for a set amount of time. This can be a good way to put money in the bank and have it gain interest over time.
If you want to get into investment, Exchange Traded Funds can be found on the stock market and can get you significant returns. Many companies offer ETF trading advice, some systems even show you the best ETF’s for your money. Here, speak to your chosen finance expert to find out more, and take a look over here: http://www.investopedia.com/terms/e/etf.asp
If winnings are big, property is almost always a good investment if you’ve done your research. Buy a property, fix it up and flip it; or, buy an apartment and rent it out. Winnings can even be a down payment on a place, if not the whole amount.
The SMALL Jackpot
I’ll close with a bit of winners advice. So many new gamblers can be heard to say “I’ve got $xx and I’ll play until it’s gone.” Seriously, they actually say this. Deciding to play until your money is gone is a sure way to, well, lose $xx. A better approach is to say “I’ve got $xx and I’ll play until it’s doubled.” Now, you are deciding to walk away with winnings in your pocket.
Play until your money is doubled, or tripled – and then: Walk. Away. And invest your money!
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