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Brooklyn Teen Wins $1,000 For Life From Lottery Scratch-Off Game [Weekly for Life]
Yahoo Finance ^ | June 13, 2012 | Jill Krasny (Business Insider)

Posted on 06/14/2012 11:45:57 AM PDT by QT3.14

Robert Salo, 18, didn't think twice about following his gut when he plunked down $2 to play New York Lottery's "Win for Life" scratch-off game last week.

No one could have guessed he'd beat the 1 in 7,896,000 odds to become the game's youngest winner.

After coming forward Tuesday, the high school senior is $1 million richer and all set to receive $1,000 payments each week for the rest of his life.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Miscellaneous; News/Current Events; US: New York
KEYWORDS: lottery; newyork; robertsalo
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To: SoothingDave
There are lots of places in the country where you can have a very good life on 52000 a year.

If one spends wisely

21 posted on 06/14/2012 1:23:31 PM PDT by riverrunner
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To: QT3.14

And when he turns 38...


22 posted on 06/14/2012 1:30:17 PM PDT by Liberty Valance (Keep a simple manner for a happy life :o)
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To: riverrunner

Yes, but it’s not “I won the lottery I can buy anything I want” money. It’s “I’m comfortable enough to choose what I really want to do with my life” money.


23 posted on 06/14/2012 1:40:40 PM PDT by SoothingDave
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To: Liberty Valance

He’ll keep getting checks. The lottery guarantees 20 years of payments, it doesn’t limit you to 20.


24 posted on 06/14/2012 1:45:31 PM PDT by SoothingDave
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To: MasterGunner01
Unless this kid has a strong moral compass and supportive family, his $1,000 per week for life is going to destroy him. Acquiring wealth in this manner usually does not end well foe those who do.

That's only $52K/year. It's not piddling small change, but he'll not be a 1%er with just that. It would be pretty sweet to have that as a guaranteed floor though.

25 posted on 06/14/2012 5:33:07 PM PDT by zeugma (Those of us who work for a living are outnumbered by those who vote for a living.)
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To: QT3.14

Bankrupt inside of five years. Like most Lotto winners.


26 posted on 06/14/2012 5:48:32 PM PDT by Cyber Liberty (Obama considers the Third World morally superior to the United States.)
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To: zeugma

No, $52K a year is not chicken feed (except in NYC), but there are far too many people who strike it rich and five years later the money is gone (squandered) and they are lining up for welfare or bankruptcy. Instant wealth like this both a blessing and a curse. There are plenty of newly rich folks who have discovered this to their despair.


27 posted on 06/14/2012 9:32:52 PM PDT by MasterGunner01 (11)
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To: QT3.14

Now he can learn all about the Taxman...


28 posted on 06/15/2012 4:25:35 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: SoothingDave
Knowing you have the back-up of 52K a year can give someone otherwise reluctant to take the sort of risks to start a business a bit more confidence. Starting with whatever is left of a Million as backup/initial capital isn't bad, either. It's one heck of a leg up to better things if he plays it right.

If he goes nuts and starts spending it on all sorts of junk or partying, he's likely going to suffer more than benefit, and may not live to collect for long.

I pray, for his sake, he does well with it and avoids the common (and not so common) pitfalls of windfalls.

29 posted on 06/15/2012 4:34:52 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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