>Sept.14(UPI)--A Virginia man said getting rained out while trying to mow his lawn led to his winning a $10 million lottery jackpot. Charles Martin of Amelia Courthouse told Virginia Lottery officials he was mowing his lawn after work recently when it started raining too hard for him to continue the chore.
>Martin said he put the mower away and decided to stop by the 460 Pit Stop store in Blackstone, where he played a few lottery games. One of the tickets Martin bought was an Extreme Millions Scratcher game, which won him a $10 million top prize.
>"I scratched it and I about had a heart attack!" he said. He said the store owner scanned the ticket to double-check his win."Oh, it must be a good one because I can't pay it!" Martin recalled the owner saying.
>Martin collected his check from the Virginia Lottery this week. He chose the lump sum option, which came to $6,570,302 before taxes.
Yup, now that was a scratch off. *ssssip*
The Lottery is the purist form of altruistic capitalism there is. Any one can win, of any race, of any gender spectrum, of any tax bracket. What a benefit to society!
>win $10 million >$6,570,302 before taxes >before taxes
wut
William Diaz
Yeah that's the part about lottery prizes on lump sum. The jackpot prize is including a 30 year interest plan which you don't get if you choose to get the money now.
Carson Cox
>He chose the lump sum option, which came to $6,570,302 before taxes.
Literally braindead.
David Cox
The 10 million is if you take a longer payout, say 30 years. If you want the lump sum equivalent you get less.
Juan Foster
He had to get the 6 million dollar mower + quake combo pak.
Evan Ortiz
No, see, that's totally Boomer! They know there's a good chance they won't be alive in 30 years to see the whole payment, so they choose the lump sum.
Jayden Rodriguez
>boomers win the generational lottery >boomers win the real lottery At this rate when boomers die they'll get into heaven and when we die they'll close it due to "overpopulation".
Mason Cooper
But his kids?
Lincoln Carter
He's a boomer, since when would he give a shit about his kid's wealth over his own? He needs to buy that new Porsche, lake house, and some Steely Dan box set.
James Butler
itt....brainlets who can't into the PV of an annuity.
Aaron Sanders
Annuities are for retards. There is a time value at work. The 6.5m is worth more than 10m 30 years from now.
Angel Lee
Just wait it's going to get worse. Lottery threads are always a showcase in financial illiteracy.
Zachary Cox
To be fair financial literacy isn't taught in schools and money is an extremely arcane subject that is very difficult to understand without a guide/teacher. I've tried to become financially literate but I don't even really know where to start.
americans taxing lotteries win always amused me, there's literally no end to their jewery
Hudson Thomas
Little bastards need to buy their own scratchers.
Lincoln Gutierrez
For what its worth I have done some math and changed my mind about the annuity. The periodic payment is small enough that the tax advantage might make this annuity worth it, depending on your tax bracket. Once the prize gets any larger, though, the annuity goes out the window.
Henry Ramirez
there is no way it's worth it, at a very conservative 5% yearly return on his money he'd be up like 5 mil easy by the time he'd get the entire sum annuity
Sebastian Howard
Shouldn't it be AFTER taxes?
Matthew Williams
The listed prize of 10 million is only if the winner accepts the money paid out over 30 years (or something like that, depending on the lottery). But the winner does have an option to take a single lump sum payment immediately, but it won't be for the full prize amount. In this case, it was like 6 million. After he takes the 6 million dollar prize, then taxes will be applied to this "income" as normal.
So it's either 10 million before taxes (if taken as an annuity paid out over time), or 6 million before taxes (if paid out in a lump sum immediately).
Asher Diaz
Actually the lump sum is probably calculated with a time value of money equation that makes the 6 million today worth about the same as 10 million over 30 years.
Parker Reyes
>win ten million >win 6.5 million before taxes >win 3 million This is the most jewsih bullshit ever
Josiah Robinson
No, because he hasn't paid taxes on it yet. The government is comin fo dat money fo dem pograms.
Nathan Adams
if he dies the money goes to his wife and kids. the only risk is the lotteries insolvency.
Jayden Ramirez
start with present and future value.
Zachary Long
Not braindead, you can invest more of it and make even more money
Cooper Cruz
>the only risk is the lotteries insolvency. and this is a real risk. The Illinois State Lottery stopped paying it's winners just a little while ago because of budget problems. A judge had to step in and demand the Lottery winnings to be paid. >Judge: Pay the money you owe! >State of Illinois: We don't have it. >Judge: Wait, are you still selling tickets, right this second, even though you are admitting right now that you can't and won't pay the winners? >State of Illinois: Yeah. And? >Judge: o.O I don't know if this was ever resolved. SO... the lesson is... stick to the multi-state lotteries if you want to be safe in getting your payout. Things like PowerBall.
Benjamin Cooper
Boomers and the lotto are the worst. I always know when one of those stupid mega millions drawings is happening because there's always a line of old fucks crowding the register hoping to buy a ton of tickets. Most big winners end up bankrupt and homeless less than five years after they hit the jackpot anyway.
Jaxson Williams
You're fucking retarded. If you don't take lump sum there is a good chance you won't ever see all the money. Hes 50~+ so it was the best option. If you die before you get paid the money is gone.
Henry Rodriguez
people that drop 500 bucks on the lottery are more likely to win it.
do you believe that people who spend 500 bucks on the lottery are good with money? of course not. so this is hardly surprising
Jason Perry
Always take the money at once, Inflation could ruin your money by the time it's done paying out.
Jacob Campbell
that's actually the best option.
Andrew Harris
It is a one-two dollar purchase on a daydream.
>Buy Ticket >Daydream about quitting your job and buying shit If you can afford a $4 coffee what is a $1 day dream. Odds are you are not going to win big. Then again even at 11million to 1... someone eventually does hit it. Why not you?
Oh and always cash value, with proper investment you can earn much more than over the 20 year payout.
Ok now you have 3 million that is already taxed. Placed in the proper financial engine (property, market, etc.) it can grow and outpace inflation and at the end of 20 years you will have over 10 million. Or you can be a nigger and blow it all on Newports and 22 inch rims.
>win free shit >it's less free shit than you thought >You have to pay taxes on things you're getting for free >Pernie Zanders bls helb
Xavier Barnes
There is no beneficiary for lottery prizes. You literally cannot allow someone else to collect your money before or after you choose your terms.
Landon Smith
>Congratulations sir, you have just won 10 million dollars >Here is your 6 million dollars >Now if you could just sign here to receive your 3 million dollars
