proud republican Loc: RED CALIFORNIA

He or she bought the ticket at the gas station in Chicago suburbs....Lucky schmuck!!...😁

https://www.cnn.com/2022/07/30/us/mega-millions-lottery-jackpot-saturday/index.html

LogicallyRight Loc: Chicago

And the government can't wait to get their 40%. And taxes on all of his investments, And sales taxes on everything he buys. And then inheritance taxes as soon as he dies. He will have his own IRS agent assigned permanently to watching him.

Blade_Runner Loc: DARK SIDE OF THE MOON

Though the lottery is a dream for many, it seems to be a nightmare for those who actually win. According to the Times, 70% of those who receive a windfall of money will lose it all within a few years. Some of them will end up destitute; others will even end up dead. Why?

In a recent, high-profile case, a lottery winner fought to stay anonymous. This was important, because in many states the lottery winner needs to publicly accept their prize. This may seem odd, but there’s a rationale to it: if the prize isn’t accepted publicly, it’s not easy to show that the lottery was legitimate.

When a lottery is won, the winner has to prove they had the winning ticket. They then need to determine the terms of their lottery winnings: lump sum or installment.

Lump sum payouts are generally far lower than the total installment amount, but it gives them the advantage that they can use the lump sum now to invest. Installment amounts are higher and come with fewer tax payments attached, but they also mean you need to wait for the money.

If you cannot remain anonymous, your name will be publicized — and that’s where the difficulties begin.

Why do so many people lose millions of dollars? Some people even lose hundreds of millions, which can seem like an insane amount to just lose. However, there are a few factors involved, and it isn’t just about being “bad with money.”

If you haven’t remained anonymous, your friends and family (even long lost cousins) will soon be crawling out of the woodwork asking you for money. Many lottery winners find themselves giving a substantial amount of their money to these friends and family members — never to be seen again.

Lottery winners may also find themselves the target of numerous lawsuits, as people will now know that the money is available. Even though these lawsuits can be frivolous, they will still cost money to defend against.

Even if you have remained anonymous, there’s another catch: the people who play the lottery frequently are often people who aren’t experienced managing large sums of money. Many people have been used to spending money when they have it and consequently don’t know how to invest it wisely.

Even those who are smart enough to try to invest are often the targets of con artists, and it can be difficult for them to identify the real opportunities from the f**e ones. And many aren’t aware of the costs of upkeep that their newfound wealth will require — expensive homes and expensive cars cost a lot to maintain.


$758.7 million Powerball winner already broke one rule. What else not to do

After winning the biggest undivided jackpot lottery in U.S. history, Mavis L. Wanczyk of Chicopee, Massachusetts, ignored much of the advice that financial experts typically give to lottery winners. She quit her job, spoke with the press and took her winnings as a lump sum. While she may be able to afford to break the rules, most winners can’t.

Lottery winners are more likely to declare bankruptcy within three to five years than the average American. What’s more, studies have shown that winning the lottery does not necessarily make you happier or healthier.

“Evidence shows that most people who make it to the top one percent of income earners usually don’t stay at the top for very long,” writes The Washington Post’s Jonnelle Marte.

Economist Jay L. Zagorsky agrees with the research. He writes for U.S. News and World Report: “Studies found that instead of getting people out of financial trouble, winning the lottery got people into more trouble, since bankruptcy rates soared for lottery winners three to five years after winning.”

Jack Whittaker, who won $315 million in a lottery in West Virginia in 2002, tells Time, “I wish that we had torn the ticket up.” Since winning, Whittaker’s daughter and granddaughter died due to drug overdoses.

Just eight months after winning, he was robbed of $545,000. “I just don’t like Jack Whittaker. I don’t like the hard heart I’ve got,” he said. “I don’t like what I’ve become.”

“He’s the last person I would have prototyped for going completely crazy but he did,” Don McNay, a financial consultant to lottery winners and the author of “Life Lessons from the Lottery,” tells Time about Whittaker. “No question it was because he won the lottery.”

McNay says many winners struggle with suicide, depression and divorce. “It’s the curse of the lottery because it made their lives worse instead of improving them,” he says.

Another major struggle that winners often face is saying “no” to friends and family who hope to join in on the good fortune.

Charles Conrad, senior financial planner at Szarka Financial, told Teresa Dixon Murray, “Once family and friends learn of the windfall, they have expectations of what they should be entitled to.” He explained, “It can be very difficult to say ‘no.’”

Of course, some lottery winners survive the tumult and go on to thrive. Missouri lottery winner Sandra Hayes has managed to keep her head above water even after splitting a $224 million Powerball jackpot with 12 coworkers.

“I had to endure the greed and the need that people have, trying to get you to release your money to them. That caused a lot of emotional pain,” she told The Associated Press. “These are people who you’ve loved deep down, and they’re turning into vampires trying to suck the life out of me.”

The former social worker has avoided financial misfortune by maintaining her frugal lifestyle even though she no longer lives paycheck to paycheck. “I know a lot of people who won the lottery and are broke today,” she said. “If you’re not disciplined, you will go broke. I don’t care how much money you have.”