The Truth About Jackpot Winnings: Why Lottery Winners Can’t Keep All Their Money
$1,3,000,000 is not the same as $1,3,000,000!! (PHOTO: The US Sun)
They were both from Illinois and won the Illinois Mega Millions prize.
According to The US Sun, in July 2022, two people from Illinois won the $1.3 billion Mega Million prize. They got a lump sum, which isn’t as much as you’d think from a $1,000,000,000 win.
What’s better: a big sum or a steady income?
People who win can pick to get their money right away or over time. They got money quickly, but it wasn’t enough. Most of the time, ads with big numbers mean payments that will be made over time, not just once.
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How to get rich and avoid paying taxes
It’s tough to get rich, as this story shows. Think about how to get your money and taxes. To make sure the big win will help you in the long run, you need to plan ahead. The number for the big prize is not real. People in Illinois who won got $470 million after taxes and a lump-sum payment. It helps you remember that the number you get is different from the number on the sign.
READ ALSO: Rare $500 Bill Reveals Hidden Error, Soars In Value To $2,160!
How to Play the Fun Lottery Without Getting Hurt
Winning the prize is fun, but be smart. This story shows that picking the right numbers isn’t enough. When you win, be smart about how to spend your money and pay your taxes.
