"What you mean she only has two jobs?"
Posted on 08/01/2014 4:52:42 AM PDT by SoFloFreeper
Just to settle any arguments on which states winners can stay anonymous, here it is from straight from the horses’ mouth,
“CAN I REMAIN ANONYMOUS WHEN I HIT THE JACKPOT?
All but five states (DE, KS, MD, ND, OH) have laws that require the lottery to release the name and city of residence to anyone who asks. Some states are considering anonymous claims.”
http://www.powerball.com/pb_contact.asp
Mega Millions has no such list but a good chart on which states tax winners and how much;
http://www.usamega.com/mega-millions-faq.htm
I think she will be broke soon
From the article:
She works two jobs but her boyfriend has been unemployed for a year.
Shes dreaming of vacations and sports cars.
She has spent $10,000 on lottery tickets
Will she turn in her EBT card too?
She had two jobs....if she still needed an EBT card after working two jobs well perhaps something is wrong in America.
"What you mean she only has two jobs?"
anyone who is working two jobs supporting children knows the value of a dollar.
Her money, not yours. She gets to spend it as she chooses.
Check!
“It’s a law in Michigan. All Lottery winners have to be publicly identified. Don’t know why.”
To make sure a real physical person with a name actually won it, not some phantom democrat voter. I would guess.
Makes one wonder about some of the supposed winners in the anonymous states.
If it’s her money (which may be questionable) true. She can spend it how she wants. I don’t see celebrating that as a wise way to spend dollars you do t have. From further up the thread she has already spent 10k playing the lottery. Good on her for winning but foolish and wasteful none the less
Had some friends who won a fair amount they actually had to move out of state to rid themselves of the requests for money and ppl actually coming to their home for handouts. Their mail came in a large box everyday. So I am for anonymity.
She’s so young. Should be taking it over 20 years or whatever to maximize the return.
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Bad advice.
1) if she dies, the money is not in her estate if she takes the annuity.
2) An individual properly managing that money will do better than the government hacks investing that money for her
I now see it the freeper way. I just thought the taxes spread out over 20 years rather than in one year would outweigh the lump sump path. Or are the taxes all paid this year, not in each of the 20 years she takes her yearly allotment. Didn’t winnings used to pay out with taxes paid in the year the money was dispersed? Or am I thinking of something else.
That would be what Hubby and I would do. But, most people don't understand delayed gratification and are in such a rush to collect, they run right out to claim their winnings without thinking of the consequences or putting any long-term plans in place. First thing we would do is stick the ticket in the safety deposit box, then start setting up a professional advising team. Wouldn't even tell the kids it had happened. I'd still be going to work every day.
While your advice about this young woman is right, it wouldn’t be right for me. I have sufficient income to get me and immediate family through life. I’d pretty much give away most of the wind fall and have fun doing it, some, I would blow on small luxuries and maybe set aside a small percentage. Managing huge investments is not my idea of fun. It’s enough managing those I already have.
Plus the fact that I’m 69 years old.
That was the cash option, after taxes IIUC. The $66M would be paid out as an annuity over a long time period, 20-25 years probably. Each year's payout would be taxed in that case. That would be $2.64 million a year over 25 years. If she's smart the first thing she'll do is buy several well located and well managed apartment buildings; even if she blows all the rest she'll always have a place to move into and an income.
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