A BIZARRE first purchase by a lottery winner in the US has been revealed.
After winning their state’s biggest ever lottery prize, the player decided their first purchase with the cash would keep them right at home.
A bizarre first purchase by a lottery winner in the US has been revealed[/caption]
In Richmond, Virginia, history has just been made in the lottery, as the biggest jackpot ever in the state has just been won.
The winner, who’s identity has not been reported, managed to turn a lottery ticket into a $348 million fortune.
It came from the drawing held on June 27, matching all six correct numbers in the Mega Millions competiton.
These numbers were: 18-21-29-42-50 and the Mega Ball number 2.
It took lottery officials in Virginia four weeks to track the player down.
The anonymous winner then presented their winning ticket at the Virginia Lottery headquarters, also based in Richmond.
They were then faced with a choice of taking their fortune home in a lump cash sum or in instalments.
This meant that they could either receive the full $348 million over a select number of years, or take home a portion of it immediately.
They chose the cash option, which saw them take home a respectable $155.6 million before taxes.
Under Virginia law, winners of prizes worth over $1 million have the choice to have their identity remain private, which is what happened in this case.
WHAT DID THEY BUY?
With $155.6 million in their pocket, they were free to spend it however they pleased.
Some people might book a vacation, to take that trip they always wanted to, or take the moment to move into a new home.
This player made a more bizarre choice however, turning a history-making event into an opportunity to improve their lawn.
When asked how they would spend their money, the lottery player revealed they planned to buy a zero-radius riding lawn mower first.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
These are lawnmowers designed for manoeuvrability when using them, allowing for more precise cutting in tighter spaces.
MONEY TO BE WON
In a similarly momentous occasion, the Powerball jackpot has now rolled over to a staggering $605 million.
After another weekend of players failing to match all the necessary numbers, the prize has reached incredible new heights.
This past weekend, nobody walked away with the second or third tier prizes either.
Guessing the first five numbers nets you $1 million, but nobody managed to pull this off.
Players will now be fighting on Monday night for another chance to take home the top prize.
This would amount to either the $605 million, or $273.4 million cash as a lump sum.
Winning the prize would make them the biggest Powerball winner of the year so far, but the odds are stacked against them.
Winning the top prize requires you to beat odds of 1 in 292.2 million.
When asked how they would spend their money, the lottery player revealed they planned to buy a zero-radius riding lawn mower first[/caption]
