A LOTTO winner scooped a life-changing $7.19million - before having a quarter of her mammoth winnings chalked off.
The 38-year-old man, who wished to remain anonymous - hit the jackpot in the Michigan StateLottery after nabbing a ticket on their website.
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“This record-setting Lotto 47 jackpot win comes with an incredible story,”Michigan LotteryCommissioner Suzanna Shkreli announced in a press release on June 17.
The victor was inspired by his father to buy a ticket for the May 22 draw.
“I have been playing Lotto 47 for a long time, and would always switch up my numbers,” the winner said in the release.
“One day, my dad told me I should pick a set of numbers and stick with them, so that’s what I did.
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"I purchased an online subscription and have been playing the same set of numbers for a few years."
The lucky winner drew the lucky numbers 22, 24, 26, 40, 41 and 44 and the jackpot.
He opted to receive a lump sum payment - trimming his winnings from $7.19million to $4.9million.
They continued: “I saw an email from the Lottery saying I’d won a prize, so I logged into my Lottery account, and that’s when I saw $7.19 million pending.
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"I was in total shock and instantly thought how my dad had been right."
Lottery player wins $15 million from scratch-off ticket but lost $9.6m just by answering a common question
TWO OPTIONS
Lottery players nationwide have two options when it comes to claiming their winnings.
The winner can opt for several annual installments, typically over the course of 30 years, so the money comes in over an extended period.
Others, like the winner in Michigan, can choose a one-time lump sum payment, where the victor can scoop theirmoneyimmediately.
However, a significant amount will be shaved off.
WINNING WOES
In other lottery news, a player said he trusted his gut decision andended up $2 million richer.
Donnie Leviner, hailing from Laurinburg,North Carolina, near the state border withSouth Carolina, shared the reasoning behind his fateful lottery selection.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you'll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
At just 18 years old, Leviner impulsively purchased a $20 Big Cash Payout ticket, per NC Education Lottery.
Following his win, Leviner visited the state's lottery office to collect his prize.
Opting for the one-time payment of $1.2 million, Leviner's final take-home amount dwindled to $858,006 after deductions for state and federal taxes.
In other Powerball news, a 46-year-old winner has said that he will be using his money tohelp battle his cancerafter having reached billionaire status.
Remember to gamble responsibly
A responsible gambler is someone who:
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- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
If you or someone you know is struggling with gambling addiction, call the National Gambling Helpline at 1-800-522-4700 or visit the National Council on Problem Gamblingonline.
