The first thing I thought about when I read this story is, “That million isn’t going to last long”. This woman found a $10 bill on the ground and then used it to buy lottery tickets. She’s glad she did because she won a $1 million dollar jackpot. The article says that she has 9 maxed out credit cards and $8500 in debt from an associates degree. Apparently that associates degree hasn’t really paid off yet because she is working as a cashier in a gas station.
The woman’s one saving grace may be that she took the annual payments instead of the lump sum because she knew that she would have blown the lump sum very quickly. While the lump sum probably isn’t the best financial decision you could make, for someone like her, who recognizes her inability to manage money, it’s just what the doctor ordered. The payout is only going to be about $34,500 after taxes but it’s most likely more than she was making as a cashier. It seems like the best thing that she can do is to use that money to supplement her income and continue working.
Enjoy Our Content?
Subscribe to get the latest from "Everybody Loves Your Money."