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Kentucky lottery winner wastes no time claiming jackpot

Topic closed. 44 replies. Last post 6 years ago by savagegoose.

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Massachusetts
United States
Member #78798
August 21, 2009
336 Posts
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Posted: December 14, 2010, 2:31 pm - IP Logged

I would have taken the annuity if I were him. Im only 21 so I really dont need all that money at once.

    Littleoldlady's avatar - basket
    Clarksville
    United States
    Member #487
    July 15, 2002
    17638 Posts
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    Posted: December 14, 2010, 2:34 pm - IP Logged

    If they came up the hard way, they will appreciate whatever he can do for them.  Having one's own home free and clear is no small feat these days.

    If you know your number is going to hit, have patience and then KILL IT!

    You never know when you will get another hit.

      buttercake's avatar - Lottery-029.jpg

      United Kingdom
      Member #70550
      February 5, 2009
      120 Posts
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      Posted: December 14, 2010, 3:41 pm - IP Logged

      congrats

        dphillips's avatar - littleuns
        Albuquerque, New Mexico
        United States
        Member #5128
        June 18, 2004
        377 Posts
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        Posted: December 14, 2010, 3:59 pm - IP Logged

        Congratulations to Mr. Meade, a 24 year-old lottery recipient and a lawn service owner. I must give him credit -- at least he is a owner, and he understands owing a business instead of working for someone else: he may have started out working for someone else, but he found it prudent to own his business.

        A poster mentioned if he were Mr. Mead and won at 24, the poster would have taken the annunity option. Of course, I could understand the reasoning. Since Mr. Mead is young and his annunity payout would be approximately 25-30 years, he would still be a young man, 54 is not old. In the meantime, his lawn service business would still be bringing in a profit. Now, if Mr. Mead were 54 or 64, perhaps it would be wise to take the lump sum. Anyway, that is his choice and he will have to live with the consequences of his actions.

        Concerning his girlfriend, a pre-nuptial sounds feasible -- at least he is somewhat protected. If she does not want to sign it, Mr. Mead can show her the door. He has every right to protect his assests. It is too bad that our society has come to this: the protection of our assests to the extent of paranoia. There was a time in our history that pre-nupitals would be unthinkable and almost considered financial blasphemy for even thinking that way.

        Furthermore, he wants to purchase homes for his brothers. Does he not realize that -- although assets for his family -- debits in his financial portfolio, which means, less money in his account?

        Finally, we do not know what contact he had with his father. Nevertheless, he seems like a 'Johnny-come-lately.' Again, I hope Mr. Mead is discernable in the father-son relationship at this present time.

        See Ya!-- Bye, bye!  When you win, may you glow as brightly as theSun Smiley

          jeffrey's avatar - moon
          Hamilton, OH
          United States
          Member #4162
          March 27, 2004
          277 Posts
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          Posted: December 14, 2010, 4:07 pm - IP Logged

          Congratulations, sorry to hear about your mother. What a tragedy. At least you made it. I hope you will be wise with your money. Spend only 10% and save the rest. You won't be sorry. I hope you read this. Also, don't be afraid to say no to people. Remember, everyone wants money and many need it but you do too and you count above all the rest in your life. Hope you have a great life.

            Todd's avatar - Cylon 2.gif
            Chief Bottle Washer
            New Jersey
            United States
            Member #1
            May 31, 2000
            23274 Posts
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            Posted: December 14, 2010, 4:16 pm - IP Logged

            It's so weird to see so many red-faced comments about the cash option and taxes reducing the jackpot payout.  If I didn't know better, I would think that the people posting were noobs playing Powerball for the first time!

            Of course the cash option payout is much less.

            Of course taxes reduce the payout.

            Do you guys ever read the Jackpot Analysis page at USA Mega, or what?!

            Naturally if you browsed the USA Mega Home page, you would have seen that the $38.24 million jackpot was split between 2 winning tickets from Kentucky and Illinois, which is why the Kentucky portion of the annuity jackpot was $19.12 million.

             

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              dphillips's avatar - littleuns
              Albuquerque, New Mexico
              United States
              Member #5128
              June 18, 2004
              377 Posts
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              Posted: December 14, 2010, 4:34 pm - IP Logged

              In my dphillips post, I asked why Mr. Mead would consider helping his brothers.  Just in case some of you may think I am not sympathetic, my reasons are:

              1. They are still young (and hopefully in good health) -- and they can work (depending upon their careers) and purchase a home. 

              2.  Even if he purchases them homes, his brothers still have to maintain upkeep -- least we forget -- taxes.  If, on the other hand they do not pay the taxes, they are bound for foreclose, anway.  Having a home is great responsibility and not everyone is ready for that awesome responsibility. Some people are better off renting than buying: such is the case of so many home foreclosues. Now, if you are renting there is no equity. However, one does not have to worry about building upkeep and if you have to leave, relocate, you just give a 30 day notice to your landlord.

              3.  Finally, talk to people who survived the 30s, 40s, and 50s, no one gave them handouts, save, the lucky few family members who gave them some money for starter homes. Money was not as fluid as it is now -- only the rich had money to burn. That was also my reason in #2, a helping hand by Mr. Mead to his brothers.

              See Ya!-- Bye, bye!  When you win, may you glow as brightly as theSun Smiley

                TheOtherOne's avatar - Lottery-027.jpg
                Nashville, TN
                United States
                Member #86739
                February 9, 2010
                483 Posts
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                Posted: December 14, 2010, 5:45 pm - IP Logged

                "Meade has been lucky at lottery play recently, and another smaller win led to this major jackpot.  "I bought a $10 scratch-off ticket last week and won $250," he said. "I took my winnings and bought a $5 Powerball quick-pick ticket."  It was this ticket which netted him the jackpot from Saturday night's drawing"

                 

                Good for him! I love it when this happens (though unfortunately it has never taken place on this scale for me... yet :) )

                But I do love winning a decent prize on scratch offs or lotto and turning it around for another profit. So far my best story comes last year around my birthday when I won $10 on a scratchoff, bought 2 $1 scratchers with that, 1 of which hit $35,  and another hit $5, took that to tunica, MS at the craps table (with a little more of course) to turn that into much much more!!! It was so nice because Christmas came with less headache last year because of that.

                But congrats to Mr. Meade -- 6 million is still plenty and I hope he manages it well.

                  multicore911's avatar - 71ab
                  New Member
                  louisville, ky
                  United States
                  Member #102079
                  December 14, 2010
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                  Posted: December 14, 2010, 6:14 pm - IP Logged

                  i buy my lotto from the same exact store like 2 miles from me. im glad someone that needs the money and had a tough life could win it. to bad it wasent me that would have been sweet.

                    rcbbuckeye's avatar - Lottery-043.jpg
                    Texas
                    United States
                    Member #55889
                    October 23, 2007
                    5611 Posts
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                    Posted: December 14, 2010, 8:37 pm - IP Logged

                    It's so weird to see so many red-faced comments about the cash option and taxes reducing the jackpot payout.  If I didn't know better, I would think that the people posting were noobs playing Powerball for the first time!

                    Of course the cash option payout is much less.

                    Of course taxes reduce the payout.

                    Do you guys ever read the Jackpot Analysis page at USA Mega, or what?!

                    Naturally if you browsed the USA Mega Home page, you would have seen that the $38.24 million jackpot was split between 2 winning tickets from Kentucky and Illinois, which is why the Kentucky portion of the annuity jackpot was $19.12 million.

                    I Agree!

                    Seems like every time there is a story where the winner takes the cash value and the amount minus taxes, there are a bunch of posts about false advertising and the government stealing thru taxes.

                    When I look at how much a jackpot is, I'm doing the math to figure what my take will be with the cash value after taxes. (Assuming/hoping I don't split it with somebody).

                    CAN'T WIN IF YOU'RE NOT IN

                    A DOLLAR AND A DREAM (OR $2)

                      psykomo's avatar - animal shark.jpg

                      United States
                      Member #4877
                      May 30, 2004
                      5124 Posts
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                      Posted: December 14, 2010, 9:35 pm - IP Logged

                      I hope that Mr. Meade enjoys his win!

                      I you would win Mega Millions tonite and took the cash, the Feds would steal about $23.24 million from you in taxes .......... and the neanderthals wanted to raise the tax rate!

                      US Flag follow the Constitution of the United States and ride in the front!

                       

                      and I am hoping that the pick the correct numbers (the numbers on my ticket) tonite!

                      Please  remember D Little Politco s>>in  Washington

                      need   UR  money  2 $PEND   on  their  "  PET"  projects!

                       fish  ponds,  bridges,   amoeba  study,  sex  life  ants 

                       condoms  & cucumbers,   Little  Debby'  snacks  how

                        she  makes D  chillion  get   "FAT"   >>>>>>>>>>>!!!

                      Lurking is  not g@@d <<<<<<<<<4UR   >>>>> HEALTH !!!

                       no  SALT,  no  SUGAR,  no FAT <NUR    >>>>>" DIET "  !!!

                      Jack-in-the-Box

                        RJOh's avatar - chipmunk
                        mid-Ohio
                        United States
                        Member #9
                        March 24, 2001
                        19830 Posts
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                        Posted: December 14, 2010, 9:53 pm - IP Logged

                        I Agree!

                        Seems like every time there is a story where the winner takes the cash value and the amount minus taxes, there are a bunch of posts about false advertising and the government stealing thru taxes.

                        When I look at how much a jackpot is, I'm doing the math to figure what my take will be with the cash value after taxes. (Assuming/hoping I don't split it with somebody).

                        On most lottery websites both amounts are shown, at least in Ohio they are.  There's no reason for anyone who get their information over the Internet not to know that.

                         * you don't need to buy more tickets, just buy a winning ticket * 
                           
                                     Evil Looking       

                          dingo's avatar - lottery of-birth.jpg
                          San Jose, California
                          United States
                          Member #42003
                          June 26, 2006
                          206 Posts
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                          Posted: December 15, 2010, 12:50 am - IP Logged

                          The Meads will have a nice Christmass this year.

                           

                            charmed7's avatar - Lottery-013.jpg
                            MICHIGAN
                            United States
                            Member #65282
                            September 22, 2008
                            1992 Posts
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                            Posted: December 15, 2010, 8:28 am - IP Logged

                            WTG MEADE, nice CHRISTMAS present, i agree stack47 i would let it stay in the bank, and take my time consulting

                            LIVE the LIFE you LOVE......LOVE the LIFE you LIVE

                            Bob MarleyCheers

                              Avatar
                              Kentucky
                              United States
                              Member #32652
                              February 14, 2006
                              7318 Posts
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                              Posted: December 15, 2010, 10:24 am - IP Logged

                              I Agree!

                              Seems like every time there is a story where the winner takes the cash value and the amount minus taxes, there are a bunch of posts about false advertising and the government stealing thru taxes.

                              When I look at how much a jackpot is, I'm doing the math to figure what my take will be with the cash value after taxes. (Assuming/hoping I don't split it with somebody).

                              The lottery did give Meade the "big check" for $19.12 million and reported he would get about $6 million after taxes suggesting there is a missing $13 million so it seems they are perpetuating the false advertising image. The average player probably doesn't understand the different between the annuity amount, the cash amount, and taxes.

                              But I'm surprised as Todd is that some people here on LP don't understand it; especially since it's discussed in depth at least once a month.