Sure, only like, one in a zillion of you might need this information — but what exactly do you do when you win the mega jackpot lottery? Before you run off with your millions of dollars to fill a pool with gold coins so as to swim through it, Scrooge McDuck style, there are some very important things to consider. Why not prepare yourself for your future filthy rich state? [More]
Remember that story about the woman in Michigan who won $1 million in the lottery but also managed to keep receiving $200/month in food assistance? Apparently people at the Michigan Dept. of Human Services also read the news, because they’ve now cut off her benefits. [More]
It’s not unheard of for recent Michigan lottery winners to consider themselves so hard up that they subsist on food stamps. Following last year’s revelation that a Michigan man who won $2 million in the state lottery remained on welfare, now there are reports that a woman who snagged $1 million in winnings is doing the same. [More]
You don’t need to be a financial genius to realize that lottery tickets are a poor investment. Players plunk down a little bit of money in exchange for short-lived, long shot dreams of wealth. While indulging the urge to buy a ticket won’t kill most budgets, the regular, compulsive act of gambling needed funds on all-but-unwinnable bets is something different. [More]
Winning the lottery is all about luck — or is it about accidentally buying a ticket thinking it’s one game instead of another? Either way, one Wisconsin man won the $14.3 million Megabucks pot, but was oblivious to his windfall for three days. [More]
There has been a lot of talk about today being 11-11-11 (or if you’re European, 11-11-11) and how a number of people somehow think that this might be a good number to play in any number of lottery drawings. But the folks at the Michigan Lottery Commission have stopped any more people from selecting these digits because the state wouldn’t be able to pay everyone who picked them. [More]
It takes an incredible amount of lock to win a lottery jackpot, and still greater fortune to win on a ticket you didn’t even intend to purchase. A Georgia woman who was looking for a job won out on both fronts when she won on a ticket a clerk gave her by accident. [More]
Lotteries are said to be sucker bets for those who lack mathematical understanding, but some who understand systemic quirks can exploit them for huge gains. [More]
A Michigan man isn’t letting something a lottery windfall stop him from using government assistance to buy food. [More]
There are lots of things that you would probably do if you won the lottery. Pay off your family members’ mortgages, fill a Jacuzzi with hot chocolate, buy a water park, or donate to your favorite blog. However, a basic understanding of math will force you to admit that there are much better places for your dollar than the lottery’s coffers. You can, however, simulate the experience of playing the lottery for decades at a time without ever spending money on a ticket. This handy web app simulates the experience of playing the same numbers in the multi-state MegaMillions game for as long as ten years. [More]
A couple weeks back, we brought you the story of a reader who found out that Chase now considers playing the lottery as internet gambling — but only after they nailed him with exorbitant fees and sky-high interest. Now, the New York Lottery has turned the tables on Chase MasterCard, alleging that these extra charges are illegal. [More]
If you’ve ever played the lottery, here’s your chance to vicariously live through the moment of realizing you’re the winner. Store clerk Chris Shaw recently became a $258.5 million Powerball winner of the Missouri lottery, and here’s the footage of him arriving at the gas station where he bought it and learning he gets all the marbles. If anything he seems pretty aw shucks and humble about it. [More]
Earlier this week, a lottery winner pulled up her stretch Hummer in front of a Burlington Coat Factory store near Columbus, Ohio. In an Oprah-esque share of largesse, she promised to buy every shopper in the store $500 worth of merchandise. But she turned out to be no fairy godmother. She wasn’t even a real lottery winner. When customers discovered the lie, they took their frustration out on the store, trashing it.
Lotteries are bad news — regressive tax systems that nickel-and-dime the poor to raise money for public necessities such as school by dangling the false hope of riches before the unwashed masses.
It’s a problem most lottery players would like to have but will never face — what to do with that jackpot?
Would you buy that “Million dollar” lottery ticket if you knew that someone had already claimed the million bucks? No? Well, if you buy lottery tickets in Virginia you may have been doing just that, according to a new lawsuit.
The sad news is that 1 in 3 lottery winners are in serious financial trouble or even bankrupt within 5 years. Why? The suddenly wealthy often never learn to manage their money.