What should you do if you are lucky enough to win the Mega Moolah jackpot?

It's a wonderful thought isn't it? To think that you could wager as little as 0.25, click spin and then see the Jackpot Bonus game on the Mega Moolah slot appear. You then hit the button to start the wheel and then watch in disbelief as you hit jackpot.

Congratulations! Because if this has happened to you, then you are joining the 51 other Mega Moolah winners of the massive progressive jackpot slot!

Now of course, should this happen, then your life is going to change in an instant. Even if you win a smaller value prize, this is guaranteed to be worth at least 1,000,000 in the currency that you played the game in and this means that you are likely, to be (a) delirious with shock and surprise and (b) completely unsure as to what will happen next.

So in the hope that one day this article might well prove useful to you, we are going to give you some sensible, sound advice that other big jackpot winners have followed to ensure that they enjoy the trappings of their good fortune for the long term.

And for those of you wondering if you need that help, then the story of the self-styled "Lotto Lout" Michael Carroll is well worth a quick read.

How not to celebrate a win - Michael Carroll's story from "Rags to Riches and Back Again"

Norfolk-born Michael Carroll is a perfect example of why you should always get and follow advice should you be fortunate enough to win a lot of money. Back in November 2002, the former part-time binman won over £9.7 million on the National Lottery in the UK.

Eschewing privacy, Carroll went public with his win and pretty much the only advice he followed from the lottery-appointed advisors to help him deal with his fortune, was to open his first bank account.

After winning the lottery, Carroll said that he wouldn't be tempted to spend his money foolishly and his dream was to own property near a lake where he could enjoy fishing. However that didn't prove to be the case.

Over the next few years Carroll would hit the headlines repeatedly for brushes with the law, even being jailed for nine months for affray. Over the years he spent vast sums of his winnings on new homes, drugs, parties, jewellery and cars, even famously purchasing land and a number of older cars, which he and his friends would race around destruction-derby style.

By 2006, after a series of bad investments, huge overspending and being taken advantage of by numerous parties, Carroll had effectively burned through his cash. He reapplied for his job as a binman in 2010 and it is believed that he is now working in a biscuit factory in Scotland with none of his £9.7 million windfall remaining.

Carroll's story is by no means the only one of players winning big and then losing a serious amount of cash but it serves as a salutary warning for those who should be so lucky in the future as to what not to do when you land a life-changing amount of cash.

What you SHOULD do in the event of a big Mega Moolah win!

  1. Wait for the Phone Call!

It's very likely that if you are looking at the screen and seem to have a telephone number in your available balance and the Mega Moolah jackpot bonus game sees the white sector being beneath the pointer, that you cannot believe your good fortune. It is likely, you will even go into shock and denial, perhaps thinking it is a dream and that it cannot be true!

Well don't worry, because as soon as a massive win is generated, your host casino will be in touch with you to confirm the win. They will do this initially with a phone call to you and during this call they may check a few details with you, the purpose of which being to confirm that you are who you say you are, you are legally allowed to play the game (so you aren't under 18 in the UK for example) and that the win was a legitimate one.

Once the casino has completed their checks then they will start to advise you on the next steps to take regarding your win. It is once these steps have been completed that you can start to let that incredible feeling sink in and start to think more clearly about the way forward now you have a huge amount of money with your name on it and the first thing you need to consider, is whether or not to go public.

  1. Should you opt for publicity or not?

One of the great things about Mega Moolah is that you do not have to go public with your win if you do not wish to. The casino will respect your wishes as a winner and details of your win will not be made public, other than the bare facts of the win, such as the amount won and the currency and casino it was won in.

Some Mega Moolah winners like the idea of going public with a win. Watch Jon Heywood's video below and you'll see that he is a level-headed man not looking for publicity but rather being grateful for the win enjoying life with family and friends.

Check out the latest Mega Moolah bonus offers.

On the flip side, going public can have its drawbacks. You might suddendly find people wanting a slice of your time and money. Is it possible to keep a huge win a secret from family and friends? This can lead to resentment too if you keep your loved ones out of the loop. So you should think carefully about who you want and do not want to know about your good fortune.

  1. Consider your employment options carefully and make decisions professionally

If you have won a smaller value jackpot, then quitting work may not be a viable option as even a million does not go far when you consider the rest of your life. However, if you have won several millions then you may well be able to quit work, or at least take a break for a period of time.

However, even if you are not enamoured with your current job and can afford to quit, it is advisable to do so sensibly and with professionalism. You never know what will happen in the future and there may be a time you need your CV, references or your ex-boss to put in a good word for you with a prospective new employer. That is far more likely to happen if you leave your current place of work on good, positive terms.

In terms of the financial aspect of quitting work, you also need to weigh up if you can do without that income. Obviously, this is going to depend on the size of your win and your current earnings, but you also need to think about where you will find money to spend in the future. If you just assume you'll use your winnings, then they can slowly dwindle away.

The final thing to consider is the social aspect of work. Many people find having structure in their lives beneficial and the social side of work with their work colleagues, many of whom become friends, can be something that is difficult to lose. This is why many people still continue to work after a lottery win.

  1. Budget your win and seek expert advice

Depending on how much you have won on Mega Moolah, you will likely have plans for your money. Of course, you may want a new home, a new car, a fancy holiday somewhere, or perhaps you have more mundane items planned such as paying off loans or other debts, paying off your mortgage or the mortgage of family members.

It is therefore absolutely imperative that you work through all the things you want to do with your winnings. For this, you may seek the help of a financial expert. However I would take their advice with a pinch of salt. There are so many so-called financial experts who will for example tell you the bubbly stock market is a great place to put your money. They'll pick the companies for you too and show you nice charts. It is probably a good idea to listen to several "experts" and then make your own decision as to what to invest in. Remember you can always use term deposits while you decide what to do with it.

This is a crucial stage of the process and by carefully planning how you are going to spend and invest your cash, you can safeguard your future and the future of your loved ones, or at least make yourself and your family, considerably better off.

  1. Think about the future and invest a proportion of your winnings

If you have won several million, then investing a proportion of that to safeguard your future is a wise move. Again, expert advice can be massively important here as there are many ways you can invest cash, some more risky than others. Your financial advisor will be able to guide you through the pros and cons of the different options and help you invest to secure your lifestyle for, hopefully, the rest of your days.

Your investments are the safeguard for your future and as such, they should be a priority before you move onto the next part of the process.

  1. Start your shopping list

With your future secure, you will likely have a tidy sum of money left over from your Mega Moolah jackpot win which you can spend on a few items to treat yourself or your loved ones. However, do this sensibly by making a list and working out the cost of the items you want to buy, sure you may have millions in your account, but if you splash out on four houses for your friends and family, plus a car each and donate money to each of them, even a fund of several million can quickly be depleted if you don't track your spending.

Also don't be tempted to spend everything at once. Budget sensibly and look at your income, Ideally, you'd like your spending to be offset by income you may have (perhaps from work, certainly from investments) so that you don't end up having cash flow issues.

  1. Head away for a break

I think this is a very sensible approach to take when you win a lot of money. When you have planned for your future and made some significant planning, it is a great time to head away on holiday for a lengthy spell, at least two weeks, if not longer. Head to somewhere you have always wanted to go, you have the money to do so after all, and during this period of relaxation, you will have time to reflect on your win and how your life is going to change. It will allow you time away to get used to the new situation and help you ensure your win can sustain you throughout your lifetime.

By following these simple steps, you can ensure that you turn your moment of life-changing good fortune on Mega Moolah, into a life that is rich, expansive and exciting.

Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.

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