Woman finds $7 million lottery ticket stuffed in purse (yay!)

AP ^ | June 11, 2003 | AP

[lainie]

HAYWARD, Calif. - A software consultant came forward Tuesday to claim a $7 million winning lottery ticket she had stashed in her purse two months ago.

"I was sure I was reading the wrong numbers," said Joan Coley during a press conference Wednesday, a day after she checked the numbers on the California Lottery's Web site and realized she held the winning ticket from the April 2 draw.

[lainie]

couldn't resist :)

[mhking]

"Hold muh beer 'n watch this!" PING....

If you want on or off this list, please let me know!

[MatthewViti]

best of luck to her! If I won that kind of money I'd be on a flight to Israel right now.

[nmh]

What a deal? Starts out with 7 million. Coley choses the cash option and will receive a total amount of $2.8 million after taxes.

[Ruth A.]

That's what happens when you don't want you wait for the installments. Patience can be a virtue.

[Rennes Templar]

This story is kind of an ironic contrast to the millions of people who weekly check their numbers the instant they get them. She deserves it!

[xm177e2]

That's what happens when you don't want you wait for the installments. Patience can be a virtue.

You should also take into account that money depreciates over time. The Lotto doesn't raise your payments to match the rate of inflation.

[Capitalist Eric]

Starts out with 7 million. Coley choses the cash option and will receive a total amount of $2.8 million after taxes.

Actually, that's the smart thing.... Such is the nature of NPV (net present value) of future earnings. The person who's smart about money, would take the present cash value, have a little fun, and invest the rest into real-estate (3 bedroom/2 bath homes) to rent, and let someone else pay the mortgage on... when you consider the advantages (taxes, increasing values, etc.)...? That's where the REAL money is....

Be well.

[July 4th]

That's what happens when you don't want you wait for the installments. Patience can be a virtue.

Not necessarily in the case of the lottery. If I recall, the cash option in most lotteries is nearly equal to the present value of the future stream of payments. If you can be responsible with a lump sum, and can successfully invest it, you'll do a lot better than waiting.

[lainie]

Listen, don't get me started on taxpayers/nontaxpayers. You'll be sorry.

[lainie]

mhking posted a story about a person in Alaska who lost $50,000.00 in a garage sale teddy bear (or somesuch) and I posted this to be cute. Just so you know.

[ChefKeith]

I would have to take the cash option

THEN THERE WOULD BE ABOUT $100K PULLED OUT followed by the longest ping list in FR history.

Then a PARTY in central Texas

Then the investing would start

[lainie]

I'd like to be added to your ping list, please




;-)

[ChefKeith]

Done

Now all I need is the winning ticket

[HoustonCurmudgeon]

Then a PARTY in central Texas

Don't forget your friends in Houston! ;-)

[cryptical]

Like Tony Soprano told his kid, "Buy real estate, because they're not making any more of it".

[cinFLA]

What a deal? Starts out with 7 million. Coley choses the cash option and will receive a total amount of $2.8 million after taxes.

Never started out with 7 million (present value). It is hype to inflate the numbers and make it look like the state and gaming company are taking a smaller cut of the kitty.

[CyberAnt]

Will somebody please tell me why we are paying such high taxes. I don't think winning 7 mil and only having 2.8 mil left after the govt takes their share is anything related to fair!!

[Burkeman1]

The best lottery story is about a black guy from New Jersey who got a quickpick on a big "powerball" drawing worth over 100 million. He won- but he didn't know it until almost 11 months later when a story was run on the local news about the man who never claimed his winnings and they named the store and town in which the winning ticket was bought. He had only about ten days left to claim his winnings. He knew he had bought a ticket about that time and from the store mentioned. He and his wife searched the house frantically and found a faded ticket in the brest pocket in one of his flannel work shirts. The numbers were barely visible as it had been washed several times over the last 11 months. But he took it to the store he had bought it at the next day and had the guy run the numbers in the machine. The clerk looked at him and said "your the guy!" He walked out of the store and took a cab to the lottery commission to collect his winnings.