Tag Archives: lottery

Lottery Fever!

Lottery fever is happening. Mega Millions is at $312 million and Super Lotto is at $17 million. I play the lottery on occasion. Most I have ever won was $1000 on Lotto when I was in college. When the numbers get as high as they are this week, it’s very tempting to play. I know my chances are winning are less than getting hit by lightning, but a girl can dream.

What if I won…? What would I do with all that money? First, I wouldn’t have to look for a job anymore or ever again. That would be nice. Pay off all the bills and finally buy a house. Dreams that only money can buy.

But money can bring problems to. As Biggie said, “Mo Money, Mo Problem.” First you have to deal with the onslaught of media. It’s a great story for the media, instant millionaire. I have been the person telling the reporter go out and find out who won all that money. Of course, once your name is out there, every person you ever knew, or wanted to know will start calling looking for a hand out. You have to isolate yourself. You can elect for your name not to be released by the lottery, but in this day of Twitter and Facebook, it is really hard to keep something like that a secret for long.

You would also have to invest that money wisely. Statistics show that over 1/3 of people who win the lottery will file for bankruptcy. It also shows, that divorce rate among those who win is higher than the national average. Those are sad odds. People also don’t understand the tax situation for winning. First, you are not winning that lump sum. First you have to choose, whether to take payments from the state which will equal out to the lump sum over 20 years or opt for the one time lump sum payment which is about half of the advertised winnings. Once you have figured that out, you have taxes to pay. The federal government and state both take their cut, so now you have less than half of the payout left. So really you maybe end up with 1/8 or 1/16th of the advertised winnings.
With all that said, it’s would nice problems to have. Some money is better than no money.

So best of luck to everyone today. I will be buying my tickets too. A girl’s gotta dream.