RALEIGH, N.C. — The accidental purchase of two identical Lucky for Life tickets in Saturday's drawing produced not one but two $25,000 a year for life prizes for a very lucky North Carolina man.
"I was just laying in bed watching a basketball game on TV and I couldn't remember if I filled it out or not," said Scotty Thomas, a 49-year-old dump truck operator from Fayetteville. "I went ahead and filled it out again and the next morning my son asked why there were two different amounts listed. I realized, 'I think I filled it out twice.'"
Thomas received two emails because he bought the $2 tickets using the lottery's Online Play program on his smartphone. Winners get an email notification when they win.
"When I realized I won, I had to lay down on the floor because I really just couldn't believe it," Thomas said. "It's just a blessing."
When Thomas arrived at lottery headquarters Monday to collect his winnings, he faced a big decision. At age 49, he could take both prizes as annuities, receiving a total of $50,000 every year for the rest of his life. He could take one prize as an annuity — $25,000 a year for life — and the second as a lump sum of $390,000. Or, he could take both as lump-sum prizes of $390,000 each.
Thomas said he decided to take both prizes as lump-sum payments, $780,000 total, because he wants to invest in his business, pay off some bills, help out his family and possibly buy a house. After required federal and state tax withholdings, he took home $551,851.
Lucky for Life has a top prize of $1,000 a day for life. The second-biggest prize, $25,000 a year for life, is the prize that Thomas took home. Drawings are now held daily.
Lucky for Life is one of four lottery games in North Carolina where players have the option of buying their tickets through Online Play either through the lottery's website or with the NC Lottery Official Mobile App.
Ticket sales from games such as Lucky for Life make it possible for the lottery to raise more than $900 million a year for education.
* Scotty is a lucky name.
Congratulations, on both of your wins
He cleared $551,851.
He wants to pay off his bills, invest in his business, help out his family and buy a house.
That sounds a little ambitious to me depending on how much his bills are, how much help his family needs, how much he wants to put into his business and generally the inflated cost of real estate nowadays. Very ambitious.
He should have taken one in a lump sum and one in an annuity in my humble opinion.
Amazed that states with 'newer' membership if you will for lotteries are offering on-line purchasing of lottery ticket and many of the 'older' ones don't care enough about their consumers to even offer it. No doubt that their hands can be tied as in the case of the Massachusetts lottery...but @ least tickets can be scanned @ home...so slowly getting there. Only the 21st Century.
If he takes the annuity on both prizes he'll end up with $35,375 a year after taxes. 24% Fed and 5.25% state. If he lives 25 years to age 74, he'll end up with $884,375 take home. That's way more than the $551,850 he got after taxes right now. If he does all the things he wants now, there might not be much left.
If he splits it, one annuity, one lump sum, at age 74 he has $718,112 clear. And 558,925 at 65.
If he took the annuity on both and retires 16 years from now at 65, he'd have $566,000 after taxes.
If he blows the lump sum completely, the one annuity leaves him 159,188 at 65. And 442,188 at 74.
I think I wouldhave taken (1) in lump sum, the other in annuity.
Would always have something to fall back on.
Always take the lump sum. He made the right choice.
You didn't include the opportunity cost of getting the $884,375 over 25 years...
so you have to discount the value of the payments (by teh rate of inflation).. Meanwhile.. paying off debt and investing in a business can give a better return
Frankly.. Just buying a house now (IF US housing prices are anything like New Zealand).. $500k into a house today would be worth a heck of a lot more than $887k in 25 years (Typically houses double every decade or so... so.. near $2m...
ditto....
Congrats to the lucky guy, enjoy !
Really. Arguing over how he took his $2 dollar investment. Regardless anything over $2 is good. Why worry about the taxes. Look what he won. His money his decision.
*So you knocking folk like : Scotty Pippen,Scotty Kilmer, how about Scotty from Startrek- Really?
You know you just responded to your own post and asked yourself a question, right?
I can't wait to see the answer.
* Yes l did, because someone felt it necessary to downvote the mention of the name Scotty. Perhaps a past lover that cleaned out their bank account or left them with 3 young kids & took up with an 18 year old. Asked & answered.