|
I used to do PR for the state lottery, so for the person who asked, I can tell you that my state took out 30% for taxes, and if you take the cash option on a large (annuity) jackpot like MegaMillions/Powerball, you can expect to lose another 20% or so. In the end, you walk out with about half of the jackpot.
A lot of people think that lottery winners blow the money, but in fact I can tell you from having interviewed hundreds of them that in fact almost all of them are very responsible with the money. The most common uses for the money are paying off mortgages, paying off all debt, buying a new car, saving money for kids/grandkids college funds, and...wait for it...giving it away! Most lottery winners give some money to family and friends who need it, and charities. In fact, it's the generosity that often gets them in trouble (if they do get in trouble) - it's amazing how many people come out of the woodwork when someone hits the jackpot. Lottery winners get phone calls and letters from complete strangers asking for money, and any family member with a financial issue seems to feel entitled to some of the funds. Also, many nonprofits add them to their mailing list and hit them up every time a fundraiser comes around.
As for what I'd do with the money...
- I'd pay off all my student loans
- Fully stock up my emergency fund
- Have an awesome wedding
- Buy a house on the lake front with its own dock
- Save up for kids
- Buy a beach house on the Oregon coast
- Pay off my mom's house
__________________
Gamma Phi Beta
Love. Labor. Learning. Loyalty.
|
Threaded Mode
