How would you spend a Mega Moolah jackpot?
Fans of the Mega Moolah video slot game are also aware that the game's Mega Jackpot has a tendency to pay out tens of millions. That is a lot of money no matter what currency you get paid in.
So here's a question: How would you spend the money if you were fortunate enough to win the Mega Jackpot?
Here at MegaMoolah.com we have profiled several record winners in recent posts. One of the reasons we do this is to demonstrate the fact that ordinary people win these jackpots. But we also do it for another reason: we want to spark some thought and discussion.
It is one thing to dream about winning millions playing one of the most popular progressive jackpot slot machines on the net. It is an entirely different matter to be faced with the pressure of having to decide what to do with the money should you actually win.
Here is a list of suggestions:
1. Pay off your debts
From our perspective, the first thing every Mega Jackpot winner should do is payoff their entire existing debt (if possible). Whether you are talking a mortgage, car loan, home equity loan or credit cards, debt carries with it the extra costs that come with interest, late payment penalties, etc. Also note that interest adds up over time. Just take your average mortgage for example.
Let's say you were to purchase a £150,000 home in United Kingdom. You put down 20% on a 30-year mortgage with a rate of 4.74%. Assuming you take the entire 30 years to pay the loan, your total interest would add up to £105,091.33. Over 30 years you would be paying nearly two-thirds the value of your house just in interest payments alone.
The faster you pay off your mortgage, the less interest you pay. That is why financial experts recommend making an extra mortgage payment or two every year. Just two extra payments annually can save a tremendous amount of interest over 30 years. And if you can completely eliminate your mortgage after winning the Mega Moolah jackpot, you might save even more interest.
2. Save some for retirement
It is not at all unusual for younger people who win large sums of money to blow all of it long before they reach retirement age. If you are already a retiree or pensioner, setting something aside for retirement is a non-issue. For everyone else though, it would be a good idea to set aside a portion of your winnings for the future. There is no point in being filthy rich now only to discover you are flat broke at 65.
It is important to save something for the future regardless of your age. There are multiple ways to do this. First, you could just take a portion of your winnings and put it into an annuity or two. If you are not fond of annuities - and a lot of people are not - you could invest in some sort of self-invested pension or retirement account. A UK resident could establish a self-invested personal pension (SIPP) account. There are options no matter where you live in the world.
The one thing you don't want to do is assume that some sort of social security or state pension program will be around to keep you afloat when you retire. There are never any guarantees with government retirement programs. Besides, why depend on scarce government funds when you can setup your own retirement very nicely just by putting away some of your Mega Moolah winnings?
3. Invest some of it
Your typical financial planner would encourage you to invest some of your winnings. The best investment strategy calls for diversification. In other words, do not put all your money in the same place. By investing in multiple opportunities, you spread out the risk and limit your losses.
You might want to invest in bitcoin or another kind of cryptocurrency. Cryptocurrencies are actually pretty popular among modern investors willing to take risks. And of course, bitcoin is the one that started it all. A lot of cryptocurrency investors choose bitcoin under the assumption that, as it goes, the others follow.
Gold is a good hedge especially when many countries are starting to dedollarize. Gold has been 'money' for 5000 years. Betting against it is foolish so adding some yellow metal to the portfolio is also a solid plan.
Some stocks and shares would be a good idea as well. Investing in a couple of blue chip stocks with a long history of good returns could provide a nice foundation for regular monthly income. They also offer a way to keep growing your money while simultaneously reducing the temptation to spend it all at once. Perhaps wait for the big crash that everyone is talking about and then invest.
From there you could look into other investments. There are bonds, treasury bills, equity funding options, angel investing, and even investment property. The key is working with a competent financial planner capable of helping you understand your best options at any given time.
4. Assist friends and family
It is hard to do better with Mega Moolah jackpot winnings than helping friends and family with genuine needs. Perhaps your parents are struggling to continue to make mortgage payments in their older years. You could pay off their house along with your own. They sure would appreciate the gesture.
You may have nieces and nephews who really want to go to university but do not have the funds to do so. There may be a family down the street dealing with chronic unemployment. And of course, there are plenty of people with ongoing health issues and no means to pay for medical care. In short, there are lots of people with real needs that could be met with a little generosity.
5. Start your own charity
Perhaps you don't have a ton of debt and you don't know a lot of people personally who could use financial assistance. Rather than just give away your winnings to strangers you don't know, you could work with an attorney and some experienced philanthropists to set up your own charity. The great thing about charitable work is that it can address just about any need.
Has your family been affected by some sort of devastating disease? You could set up a charity to assist others dealing with the same thing. Maybe education is something you are really passionate about. A charity focused on making education more accessible to more people could be right up your alley.
There really is no shortage of charitable opportunities out there. It really is just a matter of finding out what drives you and then making it happen. Keep in mind that setting up a charity does not mean you have to fund it completely. The money you contribute could act as seed money to get things off the ground. Once up and running, the charity can engage in normal fundraising activities.
6. Start a business
There have been stories of jackpot winners using a portion of their winnings to start a new business. You might be questioning why, given the fact that winning a jackpot that is worth tens of millions would eliminate the need to work for the rest of your life. Well, the explanation is pretty simple: there are a lot of people out there who aren't content if they're not working. Starting a business keeps them working while allowing total control over their work.
Maybe you have had a business idea but no cash to make it a reality. Winning a Mega Moolah jackpot could bankroll that idea. Success in the business world would mean generating income for yourself and your family. Likewise, it would be an opportunity to help others by creating jobs and stimulating the local economy.
Like charitable work, you wouldn't have to spend enough money to sustain the business in perpetuity. You might not even need enough to keep the business going for three to five years. If you have enough to at least get the ball rolling, you might be able to raise additional funding through bank loans, grants, and private investors.
7. Travel the world
We all have a tendency to view the world through the lens of our own cultural experiences. Many of us never leave our own countries, let alone our hemispheres. Winning a Mega Moolah jackpot could change that. You could take some of your winnings and travel the world and enjoy your new life.
World travel is an opportunity to discover other cultures. It is an opportunity to realize that people all over the world are different in so many ways yet similar in others. The change in perspective that comes with international travel might also serve you well when you return home.
Don't play just to win
In closing this post, we want to make the point in that you should not play Mega Moolah or any other slot game solely for the purposes of winning a progressive jackpot. Being obsessed with a jackpot is a good way to put yourself in a position of losing more than you can afford to. Rather, play because you enjoy playing - win or lose.
Whether you play with bitcoin, pounds or dollars or euros, Mega Moolah offers some of the largest progressive jackpots in the world. Average people just like you win those jackpots. So what would you do if you won?
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Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.
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