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I think that's actually a pretty bad sign for the person that won, to show up the first day possible to claim it. It seems like it would be much more prudent to get some legal and financial advice beforehand. Like if I won I have zero idea how to handle that kind of money on even the most basic logistical level. Hopefully it doesn't ruin their life.
The fundamental issue with winning the lottery is that nobody who understands personal finance enough to handle winning would ever waste money playing the lottery. The most likely winners are people who buy lots of lottery tickets, and those people are the least prepared to handle winning.
It's hard to imagine burning through $1.3B, but after taxes it'll only be about $400M. All it takes is a huge mansion, a mega yacht, and a high end private plane to put yourself into a significant financial tailspin from the costs of maintenance, taxes, staffing, and energy.
By the time you realize what poor decisions you've made, getting out of it can be impossible. The yes-men who sold you all your luxuries have probably convinced you to dump your money on plenty of other endeavors designed specifically to separate you from your winnings.
The one percenters only get away with their extravagant lifestyles because they understand how to exploit the system to their advantage, and they can keep up the expenses by amassing more wealth.
Not to mention, if you already have a gambling problem, as many lottery players do, the thrill of winning and access to that kind of cash is likely to motivate you to gamble millions more looking for the next dopamine dump.
That this person claimed the prize so quickly absolutely is a bad sign for their future. If they try to do it their way, they will get conned out of everything within a decade, and their return to poverty will be crushing.
I don't think you understand personal finance. No one in America pays a 70% effective tax rate. How did you end up at $400M??
The lump sum payout for the $1.3 billion was $621 million. Lottery winnings are taxed as income putting the winner in the 37% federal tax bracket leaving $391.2 million. After taking out Oregon state taxes, the winner would be left with $329.8 million.
https://www.usamega.com/powerball/jackpot/2024/4/6
Taking the lump sum, which is roughly half the grand prize, is practically always the better deal. Almost everyone takes the lump sum. If you want the full amount you get it in yearly installments over 40 years. Anyway, so you pay income taxes on the lump sum.
What?
The after tax amount for an Oregon winner selecting the cash payout would be $329.8 million.
https://www.usamega.com/powerball/jackpot/2024/4/6
As usual, 'murica is the land of the scam. Over here, the amount they announce as the winnings has already had taxes deducted.
Imagine getting that kind of life-changing sum of money and immediately blowing it on what is probably literally the top 3 highest maintenance luxury items in the world instead of keeping a good portion of it in some index fund and live comfortably for the rest of your life.
I know some people actually do this but seeing it broken down like that makes it even more baffling
Why would waiting be more financially prudent? You can get financial advice before or after you show them the ticket, might as well get that process started.
Because before you receive your money they give you a bunch of paperwork to sign as well as how you want to break appart the money you receive and you want to be 100% sure what to say and what to agree too in order not to be legally scamed out of your winnings. Then once you receive the money you will already have the necessary accounts setup in order to not only store said cash but to basically live off the interests for the rest of your life as well as pay the irs their dues.
Sure, but you can claim your ticket before you sign any paperwork.
I was hoping they use the money for good. But looks like they are stupid and going come out and blow the money stupidly. Goddamm I just feel it all rigged.