Quote from: ChiBitCTy on October 30, 2024, 05:40:05 PM

What you need to keep in mind is one's entire portfolio before making any other decisions. The questions you really need to be asking yourself are these .. 1) Is my long term portfolio on track to meet my retirement goals ( IRAs/401k's etc). 2) Is my mid-term portfolio on track to meet my financial goals (brokerage accounts, high yield savings account ( such as online banks like Ally or Capital One etc) ) 3) Is my short term "bucket" on track..checking account etc. If any of these are "not on track" than this is where those winnings should go.

Now that is some really good practical advice. I like the way you quantified things. Thanks for sharing your insights.

Quote from: Oasisman on October 30, 2024, 05:44:55 PM

If you suddenly put an amount which is like 20x of your monthly income, the bank might be alarmed thinking this money came from something illegal.

Always pay due taxes and you do not have to worry.

Quote from: Dewi Aries on October 30, 2024, 07:12:03 PM

if necessary delete your digital account application temporarily, limiting access is really an important action to take as a barrier.

Nowadays there is no barrier except your own addiction. If you want to gamble and you have money, there is nothing in this universe that can stop you. My post is about giving perspective which one might remember (or not) and being willing to be disciplined, but it is of no use if you do not have willpower

Quote from: crwth on October 30, 2024, 07:54:50 PM

Pay your debt. I think that's pretty basic. If you have debts, you just need to repay it ASAP.

Maybe you could set up a bank account for your emergency fund. It's making sure that you have something to get if something happens to your income and it could be a safety net for the unexpected stuff that could happen in life.

Invest in yourself. Maybe some education or courses to something that you would've really wanted.

Excellent add-ons! I think I have included the last one already though.

Quote from: Porfirii on October 30, 2024, 08:24:39 PM

But what if, for some reason, you don't like finances? or maybe you're not good at it.

It is not a matter of liking; nowadays it is more of a necessary basic skill to grow and live a balanced life. I understand you are not in pursuit of making billions and you might have some other inclinations, but you have to pay bills.

Quote from: Zoomic on October 30, 2024, 08:41:57 PM

it will be ideal if gamblers can create a reserve for themselves from every win they make. My idea is, from every money they win, they send a certain percentage of their winning to that reserve. The money would be there till they are able to figure out something tangible they will do with the money.

You have a point here as individuals behave differently (more disciplined) in groups.

Quote from: OgNasty on October 31, 2024, 03:31:00 AM

I think the more typical way to celebrate after a big win is to spend half of it and hookers and cocaine, but I’ve never had a big win so I don’t know what I would do.

I've always dreamed of such a sophisticated evening.
Yeah, you can never have a BIG winning because all crypto casinos combined with their joint bankroll would be peanuts for you. Grin

Quote from: kotajikikox on October 31, 2024, 05:39:27 AM

What will your loaner think when they find you gambling?

Quote from: dansus021 on October 31, 2024, 06:37:46 AM

I don't know about any dividend stock and bla bla bla. Bro that is simple you can pick an ETF that have ton of dividend stock in it that you don't really need to know behind it. After that you can get money at least per quarter and you can enjoy your life without work

Without having an understanding, you cannot have conviction and confidence in your investment, and you will not be able to handle even the slightest market turbulence, which is inevitable.

Quote from: Gozie51 on October 31, 2024, 04:59:07 PM

but don't wait before winning to give family members a good treat if you can afford it.

Hello Daddy! Grin

Quote from: tread93 on October 31, 2024, 09:01:27 PM

I like this, honestly what I would add in before anything is to create a trust and any assets you buy go into that trust

Excellent suggestion.

Quote from: lovesmayfamilis on November 01, 2024, 11:51:33 AM

Those tips that I want to see all people who have somehow received "big" money follow. There is a proverb that says, "The morning is always wiser than the evening." If you win a large sum, do not be greedy; stop and leave the game. You do not need to rush headlong to spend, treat, or throw money around. This is often done by people for whom a large sum seems like a solution to all their problems and the beginning of a completely new life. But for those who yesterday "were in the dirt, today will not make him a prince." Education is necessary. Sit for some time with this amount and decide how to make it so that you get passive income from this amount. Otherwise, what came easily today will go away even faster tomorrow.

You have summarized it quite well (as always Grin

). You touched on some very crucial mental blocks when it comes to having a trained intellect, which is useful not only in managing finances but in every endeavor of life. Thanks for sharing your wisdom.

Quote from: fullhdpixel on November 01, 2024, 01:40:03 PM

Another reason on why a gambler can hold money on his account is like you said if they are investing because there are also casinos who have this feature.

Great suggestion. If someone wants to stake their coins in a highly reputed casino, it will serve the dual purpose of locking money for a certain time and earning passive income. Although you have to be extremely careful with the selection of a casino, as the market is full of fraud.