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Many Lotteries give you the option to change from Annual payment to Lump Sum in the first few years after you won.
This is 100% not true. In todays lotteries they give you 180 days to collect. Most want you to notify them in the first 60 days of your intentions to collect lump sum or annuity.
Once it is invested into the annuity then it is up to a 3rd party to buy out the investment......they do NOT change from annual payment to lump sum once you make the initial deal.
640K after taxes.......divided by 5 years (60 months) is just a shade over $10,000 a month in spending......not real hard to do.
Not hard at all. But still pretty stupid.
OTOH I probably shouldn't judge. There are people who would derive so much pleasure from blowing it that they would think it was worth it and look back on the process fondly.
I'm not one of those. I'd kick myself for the rest of my life if I blew through that amount of money and ended up with nothing to show for it.
My neighbor won the lottery for 2 million, but he was already upper middle class, so it really didn't change his lifestyle one way or the other. They set up trusts for their kids and socked the rest away for retirement. Other than that, it was business as usual.
I was talking to a friend of mine at a bar, and he told me that a friend of his won $1 million from Powerball. Another friend of his won $5,000 from Powerball years ago.
No. I don't know anyone who has won a major lottery jackpot. I won $1,000 on a California lottery scratcher ticket in 1995. Nothing close to that since then. I knew someone that worked for the lottery then and would sometimes joke with her that there must be a way for her to provide me with the winning numbers.
There was a local winner (in the neighborhood of a half million). She bought a house with the money. Her adult children moved in. So did their boyfriends, girlfriends, baby mamas, baby daddies, and babies. Caused problems for the neighborhood, code and crime issues. Finally evicted after a number of years.
Yeah, my mechanic won 2 million in the Powerball lottery. He is co-owner of a very successful repair shop. He was a great guy before the win and still is just a regular person. Still at the shop every day wrenching away, fixing cars and trucks. I've heard that he will occasionally take off a couple of hours early on a Friday. He and his family still live in the same house, still have a listed phone number etc.
A few years before the win I has car trouble on the day before Thanksgiving and I was about 50 miles from home. I took it to a local shop and got a diagnosis and called to tell him what was wrong (it was still driveable) and got to his shop about 3 pm. Well, the other mechanic had not correctly diagnosed the problem and so the part that my mechanic ordered was not what was needed. The shop was closing for 4 days. He ordered the correct part and got it first thing Friday morning and came to my house to do the repairs. At the time I had so much stuff in my garage that I was barely able to pull the nose of the Suburban in a few feet to keep the engine compartment out of the cold rain. (I had told him that it could wait until Monday, no problem, but he insisted on making the house call on Friday). I think it was nearly 2 weeks before I went past the shop during business hours and stopped in and paid the bill.
He did splurge by taking his family and the families of all his employees on a Caribbean cruise around Christmas time. His other big splurge was to go to see the Daytona 500 one year. He could not believe the kind of big city traffic he and his brother encountered.
(Around here a bad traffic jam is when some cows get loose on one of the 2 main roads and then they hang out in the road until enough people stop and help the farmer herd them back in to the pasture.)
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