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 ...
If one spends wisely
And when he turns 38...
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.
He’ll keep getting checks. The lottery guarantees 20 years of payments, it doesn’t limit you to 20.
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.
Bankrupt inside of five years. Like most Lotto winners.
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.
Now he can learn all about the Taxman...
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.
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