Posted on 04/10/2022 1:20:42 PM PDT by ChicagoConservative27
A Missouri man hit a $1 million jackpot on a scratch lotto ticket this week as he was on the phone with a friend who wanted to grab dinner — and he decided he could afford it once he learned he had won, according to state lottery officials.
The winner bought a $10 Scratchers ticket from the Casey’s General Store at 602 E. Young Ave. in Warrensburg of Johnson County, Missouri, according to a Thursday news release. He told lotto officials he typically buys $10 tickets about twice per month.
(Excerpt) Read more at kansascity.com ...
It will most likely be gone within 3 years. He’ll lose 43%+ to taxes and very easily blow the rest. I hope he is wise with his winnings but most lottery winners are not.
Instant riches are often accompanied by a bevy of unintended consequences.
He will be smart. He will invest in sensible whiskey and a good woman.
the media doesn’t help by letting everyone know you won. Now he is a target of anyone who “needs” money. I would move somewhere where people don’t know me and not flash my money around.
My daughter won $4 last week on a $2 ticket.
Sad but true that most people who win these things blow it. There are exceptions but they usually have good advice from a financial advisor and an attorney. Simple advice would be to take 10% if what’s left after taxes for immediate enjoyment but make zero major changes in your life for at least a year, invest the rest in market funds and never touch the principal once it’s invested. A certain amount of discipline is required for that approach.
Agreed on all accounts
I got a rock.
Not to mention $550k after tax doesn’t go all that far compared to 30 years ago. Would fund about 7 years of expenses at median household expenses. Unfortunately most these folks spend way, way more after winning this much.
wouldn’t hurt to buy more lottery tickets...
And your family all come calling
Slap you on the back and say
Please...
Please...
Lol!
“Not to mention $550k after tax doesn’t go all that far compared to 30 years ago.”
Paying off my house and paying for my children’s college expenses would still leave $200K to keep the bank account padded and the vacation fun going for several years!
I would otherwise continue working and saving for retirement!
Yup but the same amount 30 years ago had double the purchasing power
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