A FATHER and son won a huge $1 million jackpot on a scratch card, however, a difficult decision saw them instantly lose half their winnings.
After spending just $20 on tickets, Jody — who didn’t give her last name — won the grand prize on June 8, according to the Kentucky Lottery.
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He bought his ticket to the Casino Nights Kentucky lottery scratch-off game at a gas station in Adairville – about 150 miles south of Louisville.
After purchasing the ticket, Jody’s father – who also did not give his name – said he couldn’t wait to play and immediately began scratching the ticket.
“I said [to the clerk]’If I hit that million dollars, I’ll never eat bologna again,'” Jody’s father said, according to lottery officials.
He quickly learned that he won when he matched the three main symbols next for the maximum prize amount.
“It kind of shocked me,” Jody’s father said.
After the victory, the father immediately called his son to tell the happy News.
“He said, ‘You’ll never believe what I just did,’” Jody said.
“And I said, ‘What?’ He said, ‘We just won $1,000,000!’ I was sitting there thinking, yeah, right, I don’t believe you!'”
Jody’s father went to his son’s house and the two planned to drive to the Kentucky Lottery headquarters.
They also discussed how they would claim the prize – a lump sum or an annual fee.
As soon as they arrived at the headquarters in Louisville on June 10, father and son decided to choose the lump sum of $700,000.
After taxes, father and son took home a check for $504,000.
Still, even after earning the life-changing amount of money, Jody’s father said his new wealth won’t stop him from doing household chores.
The father said he would still mow his own yard while he and Jody waited to cash their ticket over the weekend, lottery officials said.
Jody revealed that the two are planning to invest the money after paying your bills.
“The houses are paid off. Cars It was worth it, that’s it. We’ll probably be bill free next week,” Jody said.
“You become debt free and have no accounts.”
O gas The station where the ticket was purchased will receive a $7,000 bonus check for selling the winning ticket.
Lottery winnings: lump sum or annual fee?
Players who win big on lottery tickets typically have a choice to make: lump sum or annual fee?
Both payment methods can affect how much money you receive from your prize.
Annuities are paid slowly in increments, usually over 30 years.
Lump sums are paid all at once, but in smaller amounts since taxes are withheld all at once. This means 24% of your prize goes to Uncle Sam immediately. Many states also tax earnings.
Annuities can give winners time to establish the financial infrastructure necessary to receive a life-changing amount of money, but lump sums have the advantage of being taxed only once.
It’s also worth considering inflation when making a choice, as payments don’t adjust to the value of a dollar. This means you will likely receive less valuable money at the end of an annuity.
Each state and game pays 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 differing opinions on the possibility of take the fixed amount or take the annual fee.
This story originally appeared on The-sun.com read the full story
