Whatever sport you bet on, when you finally hit the jacket and win your bet it is important to invest some part of your earnings for the purpose of a better future.
If you get asked what next after your big win, you would almost certainly want to lavish them on the luxuries of life like expensive cars, parties, or even jewelries. However, these are all liabilities and if you do focus your spending on just liabilities, you will soon be back to square one, being broke again.
In this article I try to break down a few worthwhile investments you should invest if not all, but some of betting earnings on.
- Lend to those in need and earn some interes
There are individuals who would always be in need of money, winning your bet has placed you in a position to be of service to them. You can start a lending club with your earnings and try to make it as a formal as possible.
For a start you could be the only lender and you would set your rates as high as possible but also make it affordable for your target market. With time, you can get more lenders and that could be the start of a big lending business for you.
Be careful to only lend to people you know or make your agreements legal and binding such that you can get your money back at all cost if it requires you going to court.
- Invest in yours and your kids education
One of the best investments of your money and time is your education. Many people make the mistake of thinking they have arrived as soon as they make a big winning and they assume they no longer need an education as they now have enough money to last them for a life time.
This is a very flawed way of thinking and like most bet and lottery winners have shown your winnings could finish faster than you could imagine.
So endeavour to invest some of your earnings in educating yourself. This will improve your chance of getting a better job and would expose you to other opportunities available around you.
If you have kids, also set out some of your winnings to give them the best quality education you can afford. Set aside some of your earnings in a special account for their education, this way you would save yourself from the stress of thinking about how you are going to fund their education when the time comes.
- Pay off your debts
Do you have debts you have been unable to pay off for a long time now? Now that you have won go ahead and pay up. It is one of the most underated investments you can make, however, the peace of mind you get from knowing that you are not owing anyone is priceless.
If your winnings are not enough to pay off all your debts, pay a fraction of it each time you win, before you know it you have become debt-free. If the person or institution you are owing does not want to accept part-payment, instead of spending the money unnecessarily, save it in a dedicated account for paying off your debt and when you have saved enough to cover the debt amount, withdraw and do so.
- Trade Forex
Trading Forex is one of the best ways to invest your money as Forex trading is one of the simplest to understand. Despite the huge rewards you can reap for trading in Foreign Exchange, some brokers can allow you open account with as little as $100 or even less.
When you put some of your earnings in Forex you are diversifying your investments and giving yourself an opportunity to earn from the very profitable Foreign Exchange market.
Whichever investment you choose to use your earnings on, make sure you take some time to study the pro and cons before committing your money, good luck.
