Virginia man claims lottery raffle prize

Comment #9

Badger — Tue, 26 Jun 2007 23:35:07 GMT

Yup, and it brings to mind something else. I will never understand why people only seem to get excited in droves when the jp for a lottery goes over 100 million bucks.

According to the latest studies I've heard, in the USA, if you have $500,000 of investments, it puts you in the top five percent of the population as far as wealth

That means you will have more money than 95% of the rest of the population. Maybe because we get fed by the media all these shots of celebrities, athletes, e... [ More ]

Comment #8

sirbrad — Mon, 25 Jun 2007 23:56:26 GMT

I have lived on $5,000 a year before, so I could easily live off the interest of $500,000. I don't see why they continue being deceptive about jackpot amounts. Especially since the PA lottery seems to be advertising the after tax amount on the new treasure hunt game. Probably because it is already low to begin with.

$100 million just sounds more enticing than saying $35 million cash. The lottery may be paying out $100 million, or whatever the cash amount is, but it is still deception to those... [ More ]

Comment #7

Badger — Sun, 24 Jun 2007 02:25:53 GMT

Oh sure, just -- I could live on a half-million at 5% per year plus a part time job of my liking until I get to be 65....I don't need to be owning a Lamborgini etc. LOL ! But to me, you are a millionaire when you have a million dollars. Never mind the net worth. I just don't consider it valid unless the money is there in terms of definition.

A million bucks sin't what it used to be...I read a blurb some time ago that there are so many millionaires being created each year now, that the govt... [ More ]

Comment #6

justxploring — Sat, 23 Jun 2007 21:23:03 GMT

Badger, I agree that it's all marketing hype, but if he was retired at 60 he probably does have a net worth of over a million with this prize. Most people don't retire when they've got a mortage and no money in an IRA. Most of the time when people use the term millionaire they are talking about net worth, but many of those people aren't stinking rich. There's a huge difference between someone with a net worth of $2 million and someone who has $10 million in the bank.

I'd be very excite... [ More ]

Comment #5

Badger — Sat, 23 Jun 2007 21:01:33 GMT

Some people would say, you know, he won $710,000, said John Hagerty, a spokesperson for the lottery. But, he said, we (the Virginia Lottery) pay $1 million.

Nope. To be a millionaire, one must have a million dollars. What happens when the tax rate becomes 50% (as it will one day if we allow the politicians to do it) ? I mean, other than the fact that the country will break apart and disappear? SOmeone worth 500K will be considered a millionaire? How about 200K? A million is a mil... [ More ]

Comment #4

nc6string — Sat, 23 Jun 2007 14:46:34 GMT

I think I would be just as happy knowing the check is coming, as I would be when it actually arrives. Kind of like if you had a job where they paid you $20,000, and you found a new one where you would be earning $50,000. Without actually having earned the new salary yet, you would be quite thrilled. Anticipation of an eventuality is its own form of excitement.

Comment #3

Stack47 — Fri, 22 Jun 2007 20:58:54 GMT

And he got the full check in 12 days. In some states they have to wait 2 months or longer.

Comment #2

qutgnt — Fri, 22 Jun 2007 20:23:31 GMT

When will the govt wake up and not tax us on games that are already highly taxed, i thought double taxation was illegal. Especially the tax laws on horse racing etc, they are so antiquated. More payout and less taxes equals more revenues. Instead of drumming up these new games that are just recycled old games. These raffles are a joke. You have the same odds per dollar that you normally have in a lotto game. And no lower prizes with the same crappy 50-60% payouts. People will catch on in a fe... [ More ]

Comment #1

DoubleDown — Fri, 22 Jun 2007 19:58:18 GMT

WTG Mr. Taylor !

At least Virginia didn't gouge him on the taxes. 4% is pretty good in comparison to some other states...

Virginia man claims lottery raffle prize

Lottery Post — Fri, 22 Jun 2007 18:01:00 GMT

Lynchburg has a new millionaire.

Donnie Taylor, a 60-year-old retired graphics technician, has claimed his $1 million prize in the Virginia Lottery's latest sweepstakes, the Millionaire Raffle.

(Millionaire Raffle results: https://www.lotterypost.com/va-lottery-raffle-2007-06-14.asp)

He received his full check on Tuesday with 25 percent going to federal taxes and four percent to state taxes, the actual amount paid to Taylor was $710,000.

Some people would say, you know, he won $7... [ More ]