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Not calling you out but Las Vegas has never had a lottery (even to this day).
Taking the lump sum buyout from a 3rd party(aka JC Wentworth) literally gets you pennies on the dollar.
Don't know where the lottery ticket purchased was from but the story I told is 100 percent true. I don't know exactly how the lump sum payout was structured or who he arranged it with.
Don't know where the lottery ticket purchased was from but the story I told is 100 percent true. I don't know exactly how the lump sum payout was structured or who he arranged it with.
I checked and it's only a half hour drive from Vegas to Primm on the California stateline. They have a huge lottery store. Best photos I could find are on Yelp.
It's only slightly longer -- maybe 40 minutes according to my sources -- to get to the Arizona border and I assume they have a lottery store set up to take Nevadans' money into their coffers too.
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 knew a blue collar family who won 2 million, good people and it helped them out a lot. They didn't change their lifestyle much either because they were older but they were able to retire early, travel and help their kids out.
If I ever win the lottery, you all will still be able to say No, because I won't tell any of you.. I won't tell any of my family.. I'm in a state that allows winners to stay anonymous and you can bet your butt that my name will be A. Nonymous.
I think that's where about half these lottery winners get into trouble.. They let everyone know they won and people come out of the woodwork looking for handouts.
I knew a girl and her husband though a friend of mine. We had been introduced years prior.. she and her husband had a couple of children and I don't think he worked much.. I believe they wound up on welfare for years.
They won 4 million dollars and spent it like it would last forever. I saw her in the local newspapers with the story and she was buying a 50 k SUV from town. She had always been friendly to me when she saw me in a grocery store saying hello this was before she won..
After she won the money I saw her a couple of years later in Sears , and a few other places and she looked well dressed and her hair was cut and colored nicely. She must have saw me but I didn't want to approach her and she never said hello. I felt too many people probably had approached her because of her "big" win.
A few more years passed and I got word from the other friend who knew her that she was gambling in Atlantic City . A few years past and I saw her at a local restaurant and her husband was at the bar. She didn't look too prosperous as she came over to say hello. She had went through all the money .. then I heard her husband had laid down on the railroad tracks trying to kill himself and the police intervened.. A year or so later he died of diabetes and she went to live with her sister. The last time I saw her was at a mall and she looked poor and told me how she was living at her sisters house. After she lost her money she then became very friendly again.
They won 4 million dollars and spent it like it would last forever.
It sure sounds like a lot, but after converting to the cash value amount, paying income taxes, and then taking a sensible percentage withdrawal one is looking at (ballpark) $50k annually to be fairly safe.
I did some estate planning work for a couple that netted just under 1 million after taxes from a lottery. They used it to pay off their house and setup college funds for their grandkids. They were a bit surprised how fast you can burn through that much money without much effort.
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