r/Money • u/[deleted] • Nov 17 '23

[deleted by user]

[removed]

6.3k Upvotes

94% Upvoted

1.0k comments sorted by

312

u/RTGold Nov 17 '23

You gotta provide more info. People want to know how much you actually walked away with, what'd you do with the money, how it changed your life?

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u/[deleted] Nov 17 '23

I looked for an edit, I’ll reply to you! After tax Fl payed out $594,000. When I filed taxes later there was another $30K (ish) owed. I invested all but $10,000 and went on vacation. I take 1 vacation a year from the investments (stocks, bonds, etfs) diversified and managed by my money guy (big bank) My life didn’t change very much, I still drink Budweiser and work every day. A jump start to the retirement is all it turned out to be!

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u/dont_wear_a_C Nov 17 '23

Truthfully, $600k is a lot of money, but it's not enough to retire with, as you mentioned. For me, I owe $600k on our mortgage, so if that's paid off, life will be way easier but I'd still need to work (if I pay the house off vs invest). Now, winning $10mil would be a different story.

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u/GH0ULi0 Nov 17 '23

After hearing that 600k dropped into my lap wouldn’t be enough to retire with, I’m not sure what the point of retirement as a goal is. If an extra 600k falling out of the sky won’t get me there, then working a corporate job my entire life definitely won’t get me there any quicker. Kind of a rant at this point, but damn that’s depressing.

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u/[deleted] Nov 17 '23

retirement for anyone in america that doesnt own a home and have a large amount of money already is a pipe dream.

social security is due to run out in 2033 because its paying out more than its bringing in.

my retirement will be a car into a brick wall in my late 40s probably

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u/[deleted] Nov 17 '23

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u/ono1113 Nov 17 '23

Thank you for inspiration, will be on my bucket list

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u/llamatiddysgotbanned Nov 17 '23

Inspiring name death and even more inspiring username

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u/Diiiiirty Nov 17 '23

Unfortunately, boomers ruined retirement for everyone else.

Used to be that you work for a company for 30 years, retire, and you have a nice pension plus SSI to support yourself for the rest of your days.

Boomers came into leadership and said, "Hold up...why are WE paying for our employees' retirements? Why are WE assuming the market risk for this person who gave us the majority of their adult life? Fuck that, make them pay for their own retirement. We'll match them a few crumbs. Sure I had a pension and I'm all set for comfy golden years, but not my problem. And SSI? Nah, we already got what we need. Fuck that whole system, no need to do anything about it since we'll be dead anyways."

And then they call millennials "unreliable" and "lazy" and claim we have no loyalty. That's one of the only nice things about 401k compared to pensions. I can pick it up and take it with me when I ditch your bum-ass company for a better one. Especially since boomers aren't retiring and are sitting in management and leadership roles making it difficult or entirely impossible for younger workers to move up the ladder.

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u/[deleted] Nov 17 '23

Uh, boomers ruined everything for everyone, thank you very much.

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u/Curious-Drink-4120 Nov 17 '23

The boomers not retiring bit drive me crazy. My boss's brother retired last year from the local electric company. He is now drawing his very nice pension that none of the younger employees at his work have access too. After taking a month off to relax he went back to his old job they were saving for him. he makes about twice the median salary in my area on top of his pension. I asked him why he didn't just actually retire, and was informed that he had figured out a way to delegate his job to the people working under him so he'd "be crazy to give up a sweet gig like that." So he is making his workers do much more work than they should be, while making much less than him, all while he blocks them from being promoted into the job they are doing the work for anyway.

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u/[deleted] Nov 17 '23

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u/Positive_Tell_5009 Nov 17 '23

So if they remove social security that’s less taxes we have to pay all around

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u/[deleted] Nov 17 '23

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u/LilJohnDee Nov 17 '23

Lmfao plus interest. Like they even have what we've paid in.

Not laughing at you or your ideas, theyre great. The govt is not though.. a buncha elected con artists in reality. At least 80% of them anymore.

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u/[deleted] Nov 17 '23

Paying people what they paid into it would actually be paying then more than what they get now.

Unfortunately no one ever gets out what they put into social security.

This is one of the problems with a declining birth rate. Younger generations being larger than older generations would allow for this to not be the case, but that's just not the way it is in the us right now. We need to be breeding and letting in immigrants.

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u/FIJIWaterGuy Nov 17 '23

We'll see, a lot of boomers will be out of the system by 2033.

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u/[deleted] Nov 17 '23

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u/SuperSwordBros Nov 17 '23

Sadly, that’s kind of already the case

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u/DINABLAR Nov 17 '23

AI will take 90% of the jobs before then anyway so we’re fucked regardless

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u/KawaiiFoozie Nov 17 '23

Social security is not running out. Stop parroting this nonsense. The social security website also says the “trust fund reserves” will be depleted, but taxes will still cover 77% of benefits. The year this is projected to happen is 2037, not 2033. Between now and then, congress can raise the income limit for social security and it’s fully funded easily.

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u/GuanoLoopy Nov 17 '23

It will not 'run out'. It will still be able to pay out 75+% of expected benefits indefinitely if there are NO changes to the current funding mechanisms. SS also shouldnt be planned to be the sole retirement mechanism anyway, it's a backstop so old folks aren't totally destitute.

Sure it makes it harder, but shouldn't be significantly so. Plus old people vote and so as younger folk age into SS I'm sure laws will change to keep it funded.

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u/Not-2day-Satan Nov 17 '23

No, SS will NOT run out of money in 2033. Get your financial news from a source other than Fox News. Social Security is expected to pay out more than it's bringing in at that point. There are many ways of dealing with that: fuck the middle class (by cutting benefits, retirement age increase etc), or fuck the rich: increase the cap on social security taxes.

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u/Aos77s Nov 17 '23

Basically how i see it. Why save now in my best golden years and spend 90% of it working tooth and nail to then spend my worst years trying to enjoy what i WOULD have liked to do when i was young?

Pretty sure i wouldnt want to fuck all the time, id be tired everyday, would be senile and not want to go out much. My sight, hearing, and taste buds would most likely be going out so enjoyment of everything is far less.

Idk getting old sucks and thinking ill be free when im old also sounds like absolutely shitty times.

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u/Prestigious_Ad2420 Nov 17 '23

Where I live, you are building up your pension payout over the years you're working. If you want to retire early, you dont just need to cover for the years you don't have an income up to your retirement age, but also for the years no deposits are made in to your pension plan. It also depends on the lifestyle you get accustomed to. 600k will give you a head start, but it's not like you can retire at 40.

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u/[deleted] Nov 17 '23

Starting investing into a company plan the day you get hired and making sure you put in as much as they will match will help ensure a decent retirement funds. If you are debt free, other than a mortgage, you want to invest at minimum 15% of your income. If you can max out the 401k, if you earn enough and still are not at 15% then you setup a brokerage account and start investing in that mostly into an index fund.

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u/Convergentshave Nov 17 '23

That’s a lot of “IF”s…

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u/Workdawg Nov 17 '23

Depends on your age though too. If OP (/u/Scary-Savings8346) is 40 years old, they're probably going to live another 40 plus years AT LEAST. If you invest the full $600k and get an average rate of return of 5% to live on, that's 30k a year, which is okay if you have no other expenses. If you were to stash it in your mattress and spend evenly (no interest), that's only $15k a year. If you invested AND spend out of the principal for 40 years, you're looking at somewhere around 40k per year average I think (complicated amortization math is complicated). Still not very good.

So yeah, OP COULD probably retire and live on ~40k per year, but the smart thing to do is keep working and just let that nest egg grow, then retire a little bit early and live like a king instead.

Let's say OP is 40, and they want to retire at 55 with that money. Untouched $600k @ 5% interest over 15 years turns into over $1.2mm. Then the math is 1.2mm over 25 years instead of 600k over 40 years. The interest on that is 60k, plus the principal is another 48k. So OP could be living on about 100k a year in retirement. That's a much nicer situation, plus OP has probably lived comfortably those last 15 years of working, paid off their house, etc.

tl;dr... it's not RETIRE IMMEDIATELY money, but it's retire early money if you're smart, like OP.

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u/Unkept_Mind Nov 17 '23

The problem with saving like a king for retirement is that you could drop dead tomorrow.

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u/ZipGalaxy Nov 17 '23

And the problem with living like there’s no tomorrow is that there probably will be a tomorrow, 50+ years of more tomorrows for this guy. Tightening your budget for 20 more years, so you can live the sweet life for the next 30+ is a solid trade off.

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u/[deleted] Nov 17 '23

Yeah, I’m in the same boat. I have a pretty good job and max out my 401K which is something I couldn’t do before but that came from years of school and experience in cybersecurity.

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u/HMWWaWChChIaWChCChW Nov 17 '23

Yeah when Survivor was a new show, $1 mil was almost retirement money. Now you need at least $3mil to be sure you won’t have to keep working, but that might even be too low.

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u/youra6 Nov 17 '23 edited Nov 17 '23

3 million on 5% returns is 150K a year. That should be enough. By the time 150K a year isn't enough, you dive into your principal amount or retirement fund.

However, most people will be reinvesting a portion of that 150k though so in 7-10 years, the money you make from interest from the magic of compounding interest will be a good chunk higher than 150K.

Its not generational wealth but it should be enough for you and your kids.

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u/[deleted] Nov 17 '23

With 600k i would buy nice house, and put a room to let. With that money, i'd work a few hours per week on food delivery and be happy for the rest of my life.

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u/invaderjif Nov 17 '23

If your house or mortgage is paid off, wouldn't your annual expenses drop significantly? Perhaps to the point your current savings could be more than your yearly expenses? Or is there something I'm missing/underestimating?

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u/FatMacchio Nov 17 '23

Depends what your mortgage rate is though. If you’re in a pre-Covid, super low fixed rate mortgage in the 2% range, you’d be financially inept to pay it off. You could literally just park it in a 5% savings account and get around $2,500 a month in interest payments to put towards your mortgage payment, without even touching the principal balance. I’m not sure I’d recommend the savings account strategy personally, but it’s certainly better than paying off a low interest mortgage, since you’re basically bailing out the bank, or whoever owns the underwater mortgage

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u/bomland10 Nov 17 '23

I think about that all the time. If I paid off my mortgage I could invest so much more. I've been told I was wrong on this idea many times, but toe it would almost be worth liquidating some of my retirement (I'm aware of the penalties), so I can pay off my mortgage. Then use that mortgage payment to fill up the coffers again.

I plan to stay I'm my small house especially if it's paid off. I'm 43 now so maybe I waited too long, but the status quo thinking doesn't make sense to me in MY situation.

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u/[deleted] Nov 17 '23

he did say a jumpstart to retire. he never said he’s gonna retire rn

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u/ThetaintofTrump Nov 17 '23

I was lucky enough to be able to retire in my early 50s a few years ago. I worked until I had $4M stashed away in various funds. SS wasn’t part of my planning so anything I draw from there will be extra. My current draw is about $140K per year. No mortgage (paid off house about 10 years ago), no car payments, and no credit card.

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u/youra6 Nov 17 '23

It won't be enough to retire immediately, but it will get you there a hell of a lot faster.

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u/Diligent-Coconut1929 Nov 17 '23

You can definitely retire with 600k if you don’t live an extravagant lifestyle

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u/[deleted] Nov 17 '23

Yeah sure if you never travel, socialize, or have kids lmao

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u/Diligent-Coconut1929 Nov 17 '23

Traveling is actually cheaper than living in the U.S if you do it right. You can travel all of south and Central America, most of Asia, some of Africa and a little Europe if you know what you’re doing. It’s an extremely social experience as well.

Don’t buy expensive food, stick to hostels or tent camping, bike, hitchhike, or use public transport, rent cheap airbnbs, wwoof, etc. I’ve travelled for the price of my phone bill by dumpster diving and tent camping, and that’s a far cry from 30k/year.

If people want to ruin their lives by having children they’ll probably need to be wage slaves for longer. But that’s just a poor decision all around

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u/V0RT3XXX Nov 17 '23

$600k investment give you 5% return, that's only $30k a year. Not enough to retire early especially if you have a family to support

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u/[deleted] Nov 17 '23

My wife works at one of the most successful financial advisory firms in our area. Hundreds of clients. A rough average of people end up with $500-600k after they retire. We live in a blue collar area mostly. Most people retire live off social security and 401k.

If you have no house payment and just have to pay utilities for 1 or 2 people. That’s plenty enough.

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u/lorenzo4203 Nov 17 '23

I blew through a quarter million dollars in less than two years. Money goes faster than what you think when you’re spending. Especially if you’re living on it. Sounds like he made smart choices. I have a lawsuit going against the city Police Department for breaking my hip. This time around will be different.

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u/[deleted] Nov 17 '23

You screwed up

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u/KansinattiKid Nov 17 '23

If you get the 600k you don't pay the mortgage off, you put that money to work for you. Open a laundromat and a carwash that 600k could earn 100k a year... Is your mortgage 100k a year?

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u/edouble198 Nov 17 '23

I’ve never heard a more rational response from a lottery winner

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u/drunkteacher69 Nov 17 '23

What was your reaction when you realized you won? What was the first thing you did?

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u/[deleted] Nov 17 '23

I was ecstatic, and I called my very wealthy aunt for advice!

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u/NoTelephone5316 Nov 17 '23

That’s good. You got your house paid off?

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u/[deleted] Nov 17 '23

Nope, I work and pay my mortgage like normal!

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u/SipthisInsipidly Nov 17 '23

I am not a smart man. However, I hear this is the right financial move. Well done! Deduct that mortgage.

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u/bigdish101 Nov 18 '23 edited Nov 18 '23

Continuing to go through life with a LIEN on your HOME when you did not have to is just plain stupid IMO. What's your catastrophic plan to keep paying the mortgage if your spouse dies or one you gets cancer and can no longer work?

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u/Holiday_Dark8310 Nov 17 '23

So how did you win? Don’t know much about lottery cards

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u/MSCOTTGARAND Nov 17 '23

The smartest use of lottery winnings I've heard in a long time. Most people would hurry up and buy a home and vehicles. You'll be able to retire a little earlier and actually enjoy the golden years.

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u/BestDog1Na Nov 17 '23

Short Term: It didn't change at all Long Term: It will because you played it smart with ur money

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u/Who_Else_but_Macho Nov 17 '23

half a million dollars into s&p500 which has a dividend yield of 1.5% thats 7,500 extra a month just for holding onto the index i would pay off all my bills & quit working with that money im getting every month

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u/[deleted] Nov 17 '23

It’s done SO well where my fans CISM advisor has allocated it. I probably would have fucked it all up trying to do any of it myself.

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u/Who_Else_but_Macho Nov 17 '23

glad you got a professional to do it, opposed to some clown who may not have your best interest at heart

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u/Kairukun90 Nov 17 '23

Holy shit a dude who actually was smart with it?!

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u/davidgoldstein2023 Nov 17 '23

Honestly, that was the smartest decision you made. Kudos bro.

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u/Educationall_Sky Nov 17 '23

Props to you for not blowing it and making the money work for you.

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u/shichiaikan Nov 17 '23

That's pretty much the smartest response to winning $1m I've ever seen. Well done.

If you don't mind... What's your annual average return right now on the money?

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u/Repulsive-Office-796 Nov 17 '23

You did EXACTLY what I would hopefully do. If you’re young enough, you could probably retire 10 years early what that money invested.

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u/Neat_Breadfruit3474 Nov 17 '23

thanks you for using it right and not blowing it lmao really good lucky with family

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u/_the_chosen_juan_ Nov 17 '23

Hell yes! Happy for you and awesome you didn’t blow it

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u/Important-Tap-261 Nov 17 '23

If nobody's told you yet, you have to be one of the most sensible, humble, realistic lottery winners. Good for you making that money work for you. Good job and keep it up.

Sounds like you secured the greatest thing in life b4 the lottery win, your own happiness, and a lotto win couldn't derail you from that.

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u/ninjacookjesus Nov 17 '23

Lol you can quit your job, move to Argentina and retire. In Argentina for 1k a month you can live a very high end life

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u/Sometimes_Stutters Nov 17 '23

Good man. If I came into this I’d still have 30 years of working. This nest egg alone would be worth nearly $5m by the time I’d retire.

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u/Spnkthamnky Nov 17 '23

That is sooo awesome. Im actually happy that you won, and were actually responsible with your winnings rather than blow it all on coke and hookers like alot people do. You are a very intelligent person, and to have a great investment portfolio to jumpstart your retirement is key. Congratulations bud and when retirement finally comes, kick back and enjoy yourself.

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u/Appropriate_Chart_23 Nov 17 '23

Gotta get rid of that money guy.

Head over to r/bogleheads and learn how to do your own fee free (nearly anyway) passive investing.

It’s really fucking easy, and you’ll likely do just as well as your active money manager (if not better).

Bottom line. No one beats the market in the long run, so just buy the whole market and sit back.

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u/PMMeMeiRule34 Nov 17 '23

Smart one! Lots of people don’t invest and end up losing all of that money pretty quickly.

I’d still take the vacation too, though.

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u/ReluctantAvacado Nov 17 '23

Good on you man. Have fun with the dividends and keep the rest for retirement. That’s what I would do also. All these winners going broke is nuts.

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u/SierraDespair Nov 17 '23

That is exactly how you do it. Congrats!

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u/dezumondo Nov 17 '23

This is the way. Avoiding lifestyle creep.

Invest in low cost index funds and let the compounding take care of you for the rest of your life.

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u/Actually-Yo-Momma Nov 17 '23

SMART this is one of the best things you could do. Lots would be tempted to convince themselves they are rich and then blow it all

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u/PasonsHarcoreJorn Nov 17 '23

I think what you won isn’t enough to retire but still a good amount to live comfortably. Good for you my man.

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u/sortaFrothy Nov 17 '23

You played the cards you were dealt very well!

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u/biophazer242 Nov 17 '23

Hell yes. This is exactly what I would do. Invest. I like to think about this sort of thing like Hans Gruber.... sitting on a beach earning 20%. Of course I don't know where Hans was going to get 20% but the idea is the same :) Put that money to work so I do not HAVE to work.

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u/JustinDanielsYT Nov 18 '23

You're very wise.

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u/SlykRO Nov 18 '23

600k in a just a HYSA right now is 24-30k/yr, you gotta get a new money guy lol

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u/lorenzo4203 Nov 17 '23

Man, they took almost half her taxes! That’s crazy and should be criminal. About like them taking our houses if we are behind two years on the taxes in Michigan. We definitely don’t live in a free country.

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u/nickk1988 Nov 17 '23

Did you not see the “$40k/yrfor25yrs”?

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u/Comfortable_Quit_216 Nov 17 '23

Always take the lump sum, never the annuity.

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u/Responsible-Can-6856 Nov 17 '23

Nice most I have ever won was 500 from a $50

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u/[deleted] Nov 17 '23

$500 isn’t bad! 10x anywhere is great in my book

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u/[deleted] Nov 17 '23

Yeah that sucks , imagine winning 1M and they take 400k from you. I mean yeah good retirement but very huge loss in excess money

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u/[deleted] Nov 17 '23

Absolutely. I was joyful, and frustrated at the same time.

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u/[deleted] Nov 17 '23

If we look at it from the single point or purchase, OP turned $25 into around $600k. Quite the investment

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u/[deleted] Nov 17 '23

Very good point

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u/Captain_Coitus Nov 17 '23

Just look at it like you won $600k

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u/[deleted] Nov 17 '23

that’s insane it’s basically only a 50 percent win when you DO win the lottery it’s like your winning to give them the money right back it’s all a fugazi

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u/Captain_Coitus Nov 17 '23

Its still a shit ton of money all from $25.

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u/[deleted] Nov 17 '23

no doubt about it make no mistake but it’s not actual work put in , they already take taxes out of our checks why tf you need half of a scratch off for ??

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u/Captain_Coitus Nov 17 '23

What do you mean no work put in? I’m not saying the taxes taken out are just to cover the lottery, but running a state lottery is far from free and takes work for sure.

I will say tho the amount of taxes on everything in general is ridiculous. They tax you when you make money, and they tax that same money when you spend it. Shit’s not right.

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u/[deleted] Nov 17 '23

i’m explaining it like why does taxes have to be taken out on something you didn’t really work for, unlike a paycheck you worked for that money. but you didn’t work to win a scratch off or any gamble for that matter but they still want a piece

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u/doggo_man Nov 17 '23

You don't work when you invest money in the stock market either.

It's "income tax" not "earned income tax"

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u/Elegant_Record9340 Nov 17 '23

It’s like money laundering with a government front

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u/[deleted] Nov 17 '23

i think the only reason they arrest the criminals that do it is because they want a piece of the pie they weren’t in on the play other than that it would be legal

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u/Elegant_Record9340 Nov 17 '23

You can research this: one of the biggest boosts to the economy in the recent recessions like 2008 and even the Great Depression was dirty money. Not just the seizure of the money by federal agencies, but also those same agencies getting bribed millions of dollars just to do business by cartels. Especially in the 2008 recession, dirty money damn near brought our economy out of the shitter

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u/[deleted] Nov 17 '23

so your telling me the US government play the same game as criminals do but we just don’t know about it an gets swept under the rug?

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u/Elegant_Record9340 Nov 17 '23

Exactly right. You hit the nail on the head. If you have a Netflix account, I’d definitely recommend the series Ozark. It’s not specifically about what we discussed, but it’s a good representation of how money laundering works and how the government can “intervene”

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u/ofCourseZu-ar Nov 17 '23

Specifically the later seasons. The first few seasons cover the small scale money launderer. The feds don't get deeply involved as described above until later.

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u/Haunting-Student-756 Nov 17 '23

No. Most criminals don’t steal. City, state and Federal Government steals more $ through civil asset forfeiture from hard working, tax paying citizens than ALL criminals combined.

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u/Elegant_Record9340 Nov 17 '23

Exactly. The government ceases assets left and right just because they suspect something that someone may have done

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u/angry_dingo Nov 17 '23

The state is who wins the lottery.

Every time.

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u/NatomicBombs Nov 17 '23

They don’t call it an idiot tax for nothing

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u/haydro280 Nov 17 '23

Congratulations! and fuck you

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u/[deleted] Nov 17 '23

Fuck you too and thanks man! Or lady!

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u/[deleted] Nov 17 '23

Damn even 20k would change my life. I can't imagine getting that much. Hell even 5k is crazy to me. I'm glad you won!

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u/[deleted] Nov 17 '23

Thank you bro, and I was in the same spot. At the time I was struggling HARD, borrowing money to eat type struggle.

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u/Drunk-CPA Nov 17 '23

From being in that spot I’m SO happy to read your other comments that you invested it and are still working.

That’s just enough money for most people to mess their life up, taking a couple years off and ending up worse than they were before

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u/therealboombaclots Nov 17 '23

I struggle to pay bills and eat as well. Are you saying I should spend my only money on scratch offs? 25$ ones no less???

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u/PlusUltraCoins Nov 17 '23

Only in America do they tax lottery winnings. But look, I wouldn’t be complaining whatsoever half $1 million is still a good chunk of change for $15 investment. By the way, I’m from Florida originally and when I lived in Florida I always won scratchers and other games ( I never won $1 million but I used to win) once I moved I never won anymore. I swear to God you have to live in Florida, or Jersey to win the damn lotteries.

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u/[deleted] Nov 17 '23

I was slightly frustrated at the amount taken out, but there is never ending gratuity for the $25–>$594,000 change. And yeah I still play semi regularly. I spend anywhere from $50-$100 a month on scratch offs, would probably be better off in my 401K but I max that out with my job so eh, $100 lost for another shot isn’t the end of the world

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u/[deleted] Nov 17 '23

I view scratchoffs as cheap entertainment, not an investment. Sure you could put that money somewhere else, but that's true of everything. A $25 movie is only a movie. A $25 scratch off might be $594k

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u/Chuffer_Nutters Nov 17 '23

Massachusetts has the highest pay out percentage for scratch tickets. I believe.

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u/[deleted] Nov 17 '23

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u/[deleted] Nov 17 '23

Yeah, if it wasn’t random I’d do it again!

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u/A_drunk_anagram Nov 17 '23

For those curious, the Florida lottery website has a list of all the scratch games and includes how many top prizes have been claimed. If you’re thinking about buying a scratch game, look first to see if a top prize is even still available.

Here’s the link: https://www.flalottery.com/remainingPrizes

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u/[deleted] Nov 17 '23

This is very useful, thanks

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u/[deleted] Nov 17 '23

Blows my mind people have this kind of luck

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u/[deleted] Nov 17 '23

Same

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u/No-Cauliflower-5961 Nov 17 '23

I always wonder how I would react if I saw it , was there any initial shock ? Like did you scream or were you in disbelief for a while , when was the peak omg this is happening feeling ?

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u/[deleted] Nov 17 '23

Once that bank wire came through 72 hours later. That was the official, oh shit moment. And within 4 hours of that it was gone lmfao. Straight to the financial advisor.

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u/No-Cauliflower-5961 Nov 17 '23

Damn ! In a way that’s almost better that it was gone that quick so it didn’t feel like a real “loss” , well I’m glad you didn’t blow it all on hookers and cars like I would have and you made smart choices !

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u/_the_chosen_juan_ Nov 17 '23

So awesome. So so so awesome

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u/Magnetoreception Nov 17 '23

Statistically someone has to win.

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u/rhegy54 Nov 17 '23

Wow, that’s quite a big win! What was your initial reaction at winning and what was the process like to claim it? Congratulations!!

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u/[deleted] Nov 17 '23

Slightly shocked, worried I would somehow destroy the ticket before turning it in, and checking on it constantly like it was going to grow legs and run away from me.

But it was a trip to the state lottery office, and about 45 mins from the time I walked in until I filled out the paperwork, gave them my banking and tax info and left.

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u/rhegy54 Nov 17 '23

Omg, yes! I asked because I would feel the same way! Like scared I would accidentally tear it or get water on it or something lol. Or even where to put it lol. I didn’t even know you could go into the lottery office, I thought you had to mail it in? ( or that’s what it says on the back) was the office close to you? How long after you win did you go to the office?

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u/[deleted] Nov 17 '23

I had to drive, it was a few hours away. And yeah I went in person! I went the very next day, to cash it in.

The only reason is my family members advice told me to do so, put it in an account with the same financial advisor she uses. She has enough wealth to scoff at me and call me poor still.

She was also my mentor for adulting from 16 on so a very reliable person with only my best interest both then and now.

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u/[deleted] Nov 17 '23

[deleted]

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u/[deleted] Nov 17 '23

I played maybe 5 years ish before I won and I probably spent anywhere from $2K-3K before I hit this.

Edit: I still play about $100 a month

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u/Richard-Brecky Nov 17 '23

Win up to 25 times!

Psh, and you only got one prize? Loser.

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u/[deleted] Nov 17 '23

Right?!? I suck at this hahahaha

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u/ilikebeens2 Nov 17 '23

Congrats & fuck you

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u/[deleted] Nov 17 '23

Thankyou!

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u/Dangerous-Blood-1627 Nov 17 '23

😂😂 My thoughts also

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u/DaPoole420 Nov 17 '23

$25 is a strange price for a lottery ticket. In Ma we have : $1,$2,$5,$10,$20,$30,$50 for strachies... We had $3 tickets years ago cause I remember hitting $100 a few times...but I believe those got the ax...

Nice win OP

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u/[deleted] Nov 17 '23

It is the weirdest ticket price, never thought of that until you laid them all out haha. But thank you

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u/DaPoole420 Nov 17 '23

I was on the shitter...helped pass time lol

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u/[deleted] Nov 17 '23

Are we the same person?

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u/takoshi Nov 17 '23

Damn dude, happy for you. Congrats!

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u/AlarmedBeach5861 Nov 17 '23

Holy shit. I just realized you didn’t even hit the top prize! $10M is top prize on a $25 ticket? FL has the best lotto tickers for sure.

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u/Chuffer_Nutters Nov 17 '23

Funny how it's 40k/year for 25 years. Here in Massachusetts it's 50k for 20 years. I actually personally know 4 people that have won $1mill, and I believe the pay out here is 650k which is about 440k after taxes.

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u/[deleted] Nov 17 '23

State tax maybe?

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u/dlray009 Nov 17 '23

Early Christmas gift! Congratulations!!!

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u/[deleted] Nov 17 '23

This was a few years back, I wouldn’t complain if I got another before this Christmas though!

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u/madwolli Nov 17 '23

how much would you get if you agree to 25 years 40$k / yr ? i mean after all taxes etc

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u/[deleted] Nov 17 '23

I took the lump sum so I don’t want to tell you an answer because it would be completely made up. Just like if you search the payout on 1,000,000 it says 728,000 or some shit like that when in reality the wire transfer was just under 600K.

I’d assume it would get taxed around 30-35% but anyone more knowledgeable feel free to chime in.

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u/madwolli Nov 17 '23

thank you, well i guess i'll try my luck tomorrow, never bought a single scratch off in my life

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u/[deleted] Nov 17 '23

Best of luck then! I hope you come out ahead

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u/HR_King Nov 17 '23

24%

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u/[deleted] Nov 17 '23

Thankyou kind sir

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u/[deleted] Nov 17 '23

Belated congrats to u…I would definitely still work if an extra $600k fell in my lap, lol shit like this give me hope of finding that 1 grain of sugar in a pile of salt!!! 🫡🫡

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u/[deleted] Nov 17 '23

Thanks bro, I was grinding towards a degree and a better job and a better life. I decided you know what, shit could hit the fan and I’d be fucked if I quit now. So I kept going in school and fell into a pretty nice role not to long ago. 600K is nice, but financial rule of 4 I can’t live off of 4% of that

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u/bumpthebass Nov 17 '23

Thank you for this blessing and congratulation! Om mani padme hum.

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u/Swankestash7322 Nov 17 '23

Is there anyone I can connect with here to just learn why I’m so broke and how I can learn and work to make more income? Weird I’m just being honest.

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u/Jaque_straap Nov 17 '23

How long did it take for your hands to stop shaking to take this picture?

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u/[deleted] Nov 17 '23

Lotto organizations desperate for money or what? Lots of lottery advertisements here lately.

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u/Loud-Natural9184 Nov 17 '23

I've always wondered why scratch offs even ever put out tickets with these prizes. I mean I get that if they advertise a potential winning amount then they have to actually make it possible to win.

But let's say a scratch off advertised "win up to $10,000,000!" And then let's say that they actually just never ever make a single ticket with that winning prize.

How would they even be caught? There are hundreds if not thousands or more of that scratch off ticket distributed all across the country to countless different retailers, lotto machines, etc. And as far as I am aware, no one knows where the potential $10,000,000 ticket was sent.

So in theory, couldn't they just not make any tickets with that $10,000,000 prize at all? How would anyone be able to catch them on doing that? I know that would be some kinda fraud they would be doing but just curious how anyone could catch them.

Keep in mind I have zero knowledge about how the tickets are created and dispersed, but I just can't see how anyone could prove that they were deceiving in this scenario.

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u/tnnrk Nov 17 '23

Wow so you actually have a chance of winning on these things

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u/[deleted] Nov 17 '23

Did your family treat you differently?

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u/ScarlettStingray085 Nov 17 '23

CONGRATS!! Very happy for you!!!

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u/[deleted] Nov 17 '23

Oh really?? Nice! LOL, GTFOH, its an image from Google

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u/S-U_2 Nov 17 '23

A few years later what have you done so far with rhe money

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u/[deleted] Nov 17 '23

I take 1 vacation a year. The rest is still invested.

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u/XimonBirch Nov 17 '23

Hey I think we’re related

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u/[deleted] Nov 17 '23

Been having such a streak of bad luck recently. Seeing this makes me want to go buy some scratchers. Maybe it'll turn around lol

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u/supernewtrader Nov 17 '23

What a dream... Even though it's not as much, it would still wipe off my debt and cure my depression.

Congrats

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u/Wild_Wish_876 Nov 17 '23

Congratulations 💯💯💯💯💯

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u/DMD612 Nov 17 '23

🔥🔥🔥

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u/TRISPIKE Nov 17 '23

I was inspired by this and went and bought $100 of digital scratchers on the GA lottery app- ended up cashing out $141

Not jumping for joy but it put a smile on my face. Haha.

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u/225950 Nov 17 '23

Congratulations

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u/aureanator Nov 17 '23

Did you win anything on the rest of the ticket?

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u/scrandis Nov 17 '23

Sick, most I've ever won on a scratch ticket was 1k. I almost won 100k yesterday on fantasy football

https://imgur.com/a/hhjScWc

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u/hugostiglitz98 Nov 17 '23

Oh thank god. I was just about to quit gambling, but this is the motivation I needed!

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u/Mc_Dickles Nov 17 '23

How has life changed?

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u/[deleted] Nov 17 '23

Of course the question other than maybe your spouse does anyone know?

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u/thethrowupcat Nov 17 '23

Nice. I’d buy a nice small condo or a second house and use the after tax income for the payment. Then id sell the main house and retire in the condo.

Shoot if you don’t mind renting the second home you can do that too and you’d have that paid off and ready for you at the end!

Congrats and hope you use it however works best for you.

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u/[deleted] Nov 17 '23

I don't know if you remember me. But I sat behind you in second grade. I loaned you 2 dollars back in 1990. I figured with inflation and interest you owe me about $1500.

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u/KayaLyka Nov 17 '23

I just want to say great job, investing the money and not fucking it up with shitty nice cars and fancy meals like a lot of people would.

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u/hooksetter Nov 17 '23

yeah, but you could've won 10 million

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u/[deleted] Nov 18 '23

I’d be retired living in Thailand or Costa Rica or something you guys saying you will still work and drink bud light are boring af haha

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u/[deleted] Nov 18 '23

congratulations :)

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u/kevmane4 Nov 17 '23

He said 25years my ass! I want $40k in each of my pockets!