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this post was submitted on 09 Apr 2024
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5 years untill they are broke, I bet one upvote!
Big jackpot winners like this rarely go broke. The ones you hear about won much less.
But they are some astronomical amount more likey to die.
Like 200x more likely if you win a jackpot
If M. C. Hammer can go broke, a lottery winner can.
Do you win if they die? Because solid chance they are killed by someone else or drugs.
Good point, I'd call that a tie, since if they die before going broke the money would be inherited by someone, someone who possibly learned a thing or two by how the guy spent the money.
Half of lottery winners lose it all in less than a year, let's hope this isn't one of them
That's a misbelief, most lottery winner do just fine long after winning. We just only hear about the ones who go broke because that's report worthy.
And it's almost impossible to go broke with winning 1 billion. Even if you are only left with "only" 500 mil after taxes, and you manage to lose 99% of that, you are still left with 5 million. Which is still enough to have a comfortable life.
This jackpot was $1.3B. If they take the cash payout instead of the annuity that immediately reduces to $621M. They'll owe 37% on that (well 37% on the vast majority in the top tax bracket) for the year to the IRS. And then it looks like 8% to the state of Oregon. So somewhere around $341M. Still an unimaginable sum.for most. Just wanted to clarify because I think a lot of people assume the "cash value" is post-tax.
It may be true, if only because "winning the lottery" can also include the smaller prizes, and then by number there are a lot more of those, so half goes a long way...