What's The Smartest Thing to Do When You Won 10K (Hypothetical Question Only)

Hi All,

Just want to ask what's the smartest thing to do when you won 10K from gambling in casino? (When you not a regular casino player; so please don't advise to gamble the 10K)

Comments

  • Never ever gamble again

  • Short Myer.

  • Not tell people you won $10k?

  • Spend it on something worthwhile.

    Kids education?
    Painting / updating some feature of your house?
    Deposit on $80K Mercedes?

    • not a car guy.
      For me, my honda is more than enough.
      Dont have kids.

      • +11 votes

        You don't need to be a car guy, it's all about the badge and telling people you drive a Mercedes.

        • Out of curiosity, why do so many on here bag Mercedes, BMW, Audi, etc?

          Is it because of that "high yield" guy or do you genuinely not like them?

          • @imurgod: Generally not worth the money, especially in terms of long term reliability.

            • @HighAndDry: Ahh I see. This is somewhat true. They are a fortune in insurance and servicing.

              Mine has been extremely reliable and it's just sublime to drive - Get this, I also use my indicators!!

              I've mainly had Japanese cars (Mazda, Toyota, Honda) until now, which were all fine, but this is another level.

              Granted, I do a lot of driving and it's a business expense for me, so makes total sense in that respect (and I'm pretty lucky to be in the position to own one).

              One major thing is not to have it serviced at the dealership. Find a reputable mechanic to do the work.

              I work in insurance as well which means I pay a similar premium to what most would for their Honda Accord.

              • @imurgod:

                Get this, I also use my indicators!!

                Haha we thank you for your sacrifice.

                But yeah - it's not a universally bad choice, just for most people on OzB the benefits generally aren't worth the added cost. I think your situation is a good example of when it is a good decision, or at least an arguable choice. (A long time ago I drove a friend's parents' Audi. Still remember how smooth the power delivery was and sounded.)

                Oh I'll remember to hit you up when/if I buy a new Euro car.

                • @HighAndDry: You'll be more than welcome.

                  I do have a bunch of friends that have Mercs, Audis, BMW, Porsche, and one with a Ferrari (which is just an orgasm with wheels).
                  Out of about 10 of us, I suspect 4 can't really afford their car.

                  I don't get the need people have to keep up with the Jonses. I live in a suburb full of people living beyond their means to "fit in".

                  I think Australia really needs to look at teaching money management in schools, because I firmly believe that the majority of people in this country have no idea about money or how to manage it.

        • Only if it has an AMG kit.

      • But I thought this wasn't about you.

      • Just like when people say, "asking for a friend"

      • Dont have kids.

        Hey, don't tell me what to do mate. :-)

      • Ah, but are you a high yield investment guy?

      • You don’t even have hypothetical kids? You can’t even hypothetically be a car guy?

  • Takes me back. Well, last time I won 10k at the casino I used most of it to pay back the girlfriend, a loan shark and my mother. Hope that helps.

    • +25 votes

      Wow, you owed money to your girlfriend, mother and a loan shark yet you went to the casino? Logic certainly isn't your strong point.

      • Well it was crazy times back then, that's for sure. For $10,000 they break your arms. For $20,000 they break your legs. And there I was owing $44,000. My girlfriend left me, my mother disowned me and the mob wanted to kill me for what I borrowed. So I went back to the joint that got me in the terrible position in the first place. But I knew it was the only place to make that big score. And I did win big. Enough to pay off everyone, stay alive, keep my dignity and come out ahead.

    • "I used most of it to pay back the girlfriend, a loan shark and my mother."

      Did she say thank you?

    • I used most of it to pay back the girlfriend, a loan shark and my mother

      Hopefully these 3 are not the same person.

      PS: Oxford comma. :-p

    • wow, what an absolute gem you are…

  • I'll PM you a BSB and account number for you to deposit it in to…

  • I would advise to gamble the $10k.

  • Put it towards a deposit for a house. Buy a blue chip stock which pays dividends.
    Put in high interest ING account for short term while you decide. Whatever you do put it into a savings account so you dont spend it all away.

  • An ounce and a half of coke - you get the bulk discount.

  • Off to the casino tonight so I will get back to you with an answer tomorrow.

  • Put it in the offset of your mortgage

  • OP, you might be the one our casino was looking for!

    Due to operator error, we only payout $10k instead of $100k!

    To rectify this issue and due to taxation regulation from our end, please return the $10k into our bank account (PM-ed for confidentiality) along with your bank details for us to send the correct amount.

    Sincerely Yours,
    WeWillScamYou Casino

  • Put it on black

  • Pay down any debts you have. With any remaining amount park it in your bank as savings.

  • I got that before. Dont go back to gambling - blow it on drugs, invest doesnt matter just dont gamble

  • Buy a Panzerfaust model 3 rocket launcher, so that when someone comes to steal your winnings you can defend yourself.

    They cost about 10.5K on the black market.

  • Well, only you can know the sort of purchase you'd get satisfaction from. Myself, I'd go for a state of the art gaming PC… 2080 Ti, high-end gaming monitor, the works, with enough left over to subscribe to all the services to have access to any game on the planet.

    But whatever you choose, make sure you see it as the "reward" for not gambling it back to the casino. That way, your animal brain might associate positive behaviour with a good reward.

    Conversely, if you succumb to the siren song of the casino again, give up the reward.

  • +29 votes

    Don't go to a 7/11 and try and buy a litre of milk, a meat pie and a Coke with your $10k on the way home.

  •  

    What's The Smartest Thing to Do When You Won 10K

    The smartest thing to do, would be not to gamble .

    If you are card counting or something else where the odds are in your favour, that may be the exception. In which case, it would very much depend on several subjective factors, including
    -How much value 10k has to you, and how hard it is for you to come by (earn) 10k. Ie. If you were say a student on centrelink, the smartest thing to do would possibly be to look at how many years of education you have left, if 3 years, split it into equal fortnightly payments over 3 years. If you earn 10k in a few weeks, you could happily blow it on random pointless stuff, and not worry or regret it much later.
    -What do you need and want. Ie. Maybe you have always wanted to get some dental work costing 10k (which wouldn't be much for 10k in Aus, but overseas could go along way, but must find a reputatable dentist overseas).
    Most important thing might be family or your partner, and might be something selfless to spend it on, which may be the 'smartest' because it might be what makes you most happy :)

  • Pay any debt you have.

  • Save yourself the guilt and just give it to me

  • Give It to your mother

  • Travel. That would be 6 months in a cheap region of the world for me.

  • Give the money to me a poor poor person.

  • I started writing something but then realised It depends a lot on your age.

  • Buy ladder, throw on the pile.

  • Save all of it and double-triple your money when you go long after everyone’s shorted the stock market to shreds, you say. That’s what I secrectly dream of doing… if and when it happens.

  • Dont waste time on HYPOTHETICALS!

  • Invest most of it on hookers and coke, and then just waste the rest.

  •  

    The smartest thing to do with any left over money is almost always pay down debt, starting with the most expensive debt.

  • Pay down your most expensive debt (highest rate).

  • Pay down debt first. If you have no credit cards/loans, put it in your mortgage. Guaranteed ~4% return after tax per annum. Don't have a mortgage? Put it in a bank account and wait for something you want and really need. There's no need to spend the money now.

  • Do you have to pay tax on casino winnings?

    • No, unless the casino winnings was based on skill and not just luck, such as a professional poker player.