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)
What's The Smartest Thing to Do When You Won 10K (Hypothetical Question Only)
Anth0ny on 19/01/2019 - 16:54
Last edited 19/01/2019 - 17:23 by 1 other user
Last edited 19/01/2019 - 17:23 by 1 other user
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Blackjack would be luck. I understand you can use skill to get better odds, however you’ll still never have an advantage over the casino thus will always be classified as luck.
@Nick939: The way a casino is set up, your odds are always below the expected value in whatever game you play. That is how casino's make money. If it's fair odds they will average 0. Even a coin flip, such as putting it all on black, is not 50/50.
Professional Poker players play against each other, not the dealer. So it's always a fair game.
@lostn: Precisely. This is why in Australia, gambling winnings are very rarely taxed. Because you usually don't have an advantage. Professional poker players play against other players and that is where skill can be derived from. When I say professional poker players, I am talking about players in poker tournaments such as Daniel Negreanu, not Bob from across the road who watched a 1 hour poker tutorial.
@Nick939: Watching that guy is half shock half awe. His ability to guess the opponents cards makes them beat themselves. Unless its all TV magic where they only show his correct guesses. Never know.
My friend got buggered in the ass hard by the ATO for not declaring his $20k pokies win on his tax return.
The government knew because he put those $20k in the bank the same day he won it.
They confiscated his money and now he is paying monthly payments for a fine from ATO.
Was he lying or is it possible?From my understanding (as a uni student who did 1 course on a range of taxes), gambling rarely ever leads to taxes. I think it’s highly unlikely, even impossible the ATO could chase someone over gambling winnings, especially from the pokies.
My guess is that the friend is paying monthly REpayments for a LOAN from the BANK. The friend is probably just embarrassed.
Your friend is lying to you.
In America, casino winnings are definitely taxed. The tax is taken out when you cash out.
In Aust, I have no idea.
@lostn: What to exclude from your assessable income
betting and gambling wins (unless you operate a betting or gambling business)
Nope your friend is wrong:
https://www.ato.gov.au/law/view/view.htm?docid=EV/1013114971…Your friend probably owed $ to the ATO already and they took it when he banked his winnings.
if you win 20k at pokies at the casino will they pay it in cash?
Holiday for sure.
Are ypu full of debt that you cant manage? Then use all that to get out of it and or reduce the amount you pay on interest.
If you don’t have any debt that you cant manage then invest.
Don’t waste on vacations and other things that brings you temporary satisfaction.
p.s. if you have mortgage or car finance or student loans these I consider to be managed debts where you considered them to be risks that you can manage with your daily job and other forms of income. Debts that Went out of control are other forms of debts .. maxed out credit cards that you can only manage to pay minimum or debt that went to default etc ..
Donate it to buy some good Karma
Try to buy Rome (Hypothetical Answer Only).
If you haven't got solar
Install that and in 3 years it's all profit
Buy some blue chip shares and forget about it until you retire
Last time I went to casino, a lady on my table hit a jackpot of 13K and she is generous enough to give us all 100$.
I took 100$ and came out before giving it back to Casino.
Lend me $5000
Xiaomi Robot Vacuum
Bose or Sony Headphones
All the eneloops
Charles Tyrwhitt or TM Lewin Shirts
Ebay gift cards
OLED TV
Xiaomi Power Bank
Does it count if I make $10k a month
Does it count if that has nothing to do with winning $10k? Obviously the level of reading comprehension required to attain $10k a month isn't particularly high.
Gimme 5 bucks for the bus mate?
Can I borrow $100 op?
Slap solar on the roof.
This might be actually a good idea.
Pay the electricity bill..
Just all on bitcoin ;)
Offset account
10k isnt really a lot of money in the grand scheme of things my advice would be put it on your home loan or throw it into VAS (EFT) using selfwealth or CMC markets for cheap brokerage
Don't forget the OzBargain referral link for 5 free trades at self wealth.
I vote VDHG rather than VAS for more diversification but either works.Anything Vanguard has pretty solid due to low fees so it is worth a go
AFI might also be worth a look if you want LOW risk
IOZ is also not bad that charge the 2nd lowest fees
I made $10k product on an item I flipped on eBay, I think the wife and I bought a couch. A few nice dinners and put new blinds in the house. Didn’t go too far but was nice at the time
No idea why one of the most sensible answers is downvoted.
Brag on the internet?
If you have any debts, pay the one with the highest interest rate first. Put it in the it'll you're out of debt.
After you're debt free, use an OzBargain referral code you sign up for selfwealth and buy ASX:VDHG. Set it to reinvest the dividends.
Now don't look at the markets, and let it sit there for 10 years. Then come on OzBargain and do an AMA + brag about your wealth :)
Put the question on a T-Shirt and go out for the evening?
Buy solid gold coffee mug
The hypothetical part makes it more sus, so how'd you win 10k? (what games etc)
It really depends on your circumstances. Would be totally different answers to someone in credit card debt, to someone with several million to their name.
If have debt, pay it off.
If in savings mode, add to savings.
If in a comfortable stage in life - blow it on something that will bring you pleasure. Whether that is a new tv, travel or blackjack and hookers…go japan
Tell everyone, buy drugs, gamble, spend it on bitches, have GF and buy shiny stuff for her and so on… NOT.
In the absence of purchasing 5000 $2 scratchies:
- Pay down certain debts (eg credit cards but not HECS)
- Purchase an indexed fund and set the dividends to reinvest
- Travel
Hypothetically, do you have to spend it before your partner finds out?
Use it. Need to renovate the kitchen? Do it. Buy a TV.
Donate to a worthy cause. Give it to someone in need.
You won it and your life won't be worse for not being $10k richer.
I would have invested it. Put it into the mortgage, invest in shares or bank for future investments.
If you have a mortgage, offset account. If you don't have a mortgage and aren't getting one in the short term (e.g. 5-7 years) invest it into an ETF.
I haven’t got a clue, but buy a carton of beer & head round to my place. By the time we’ve finished it we’d have come up with some great ideas
Proggies and coke, money comes and goes, memories last a lifetime.
Last time I won 10k I immediately woke up and looked in my wallet and found 10c.
pay it off your mortgage
Stop playing, the trouble with Gamblers is that once they won something they tend to gamble more and that what the Casino is hoping for. To lure you back and chances that you will spend to lose.
Pay off debt in order.
1. Family and friends
2. The landlord (if you have one)
3. Credit cards at 20%+
4. Credit cards and loans at 7%+
5. (Do not pay 0% balance transfers if you are managing and will pay them back on time).
6. Offset account for mortgage or mortgage if you have no-fee redrawIf no debt then its obvious: Travel.
Invest in sexbot stocks. I forsee these things taking off sooner or later!
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Does Blackjack count as skill or just luck?
Even professional poker hands can and often are won on luck.