A lottery jackpot winner’s story may seem unlikely, but many have been there and done that. Some have been rich enough to have luxury items and live on the beach, and some have been left in a state of destitution after winning a large lottery prize. Here are a few stories of lottery winners who have lost their money and are living in miserable conditions.
Most lotteries offer annuitized jackpots. These payouts are usually paid out over thirty years. Mega Millions and Powerball jackpots are higher, and are paid out in 30 yearly instalments. You will likely have to pay taxes on a substantial portion of your lottery winnings. However, you can invest your lottery winnings to make more money in the future.
If you win the lottery, it is important to put together a team of financial planners, accountants, and attorneys to help you manage your lottery winnings. Depending on the amount of money, you can choose to receive the money in cash or in monthly installments. If you win the Powerball jackpot, you can choose between an annuity or an income stream. The first payment is made immediately after you win the jackpot, and the remaining annual payments increase by a certain percentage each year. If you don’t pay your annual payments, the rest of the money becomes part of your estate.
Another lottery jackpot story involves a woman who won a lottery jackpot in 1993 and decided to split it with her family. Sadly, she went into deep debt, despite the fact that she and her family had agreed to split the money equally. She borrowed money with the future lottery payments as collateral, and ended up being in debt. She was able to get the money back through a change in the rules, but she was unable to keep up with the loan payments.