He chose to take a lump sum of $930k instead
A Florida man from Jacksonville - named as Emad Aljaber - has scooped Florida's latest big lottery win. He bought the $2 scratch card at a Quickway convenience store, and was delighted when it revealed the jackpot prize of $1,000 each week - for life!
Mr Aljaber decided to take his January 19 win as a single lump sum of $930k - 930 weeks' or nearly 18 years' worth. At 42-years of age, some might consider that it was worth him taking the lump sum rather than waiting until he's 70 to have received the equivalent sum!
Florida loves the lottery
We often hear of the big lottery wins that seem to happen regularly - and 2022 has seen plenty of them in Florida already. In early January, two big prizes were claimed in a single week, when two tickets purchased at Publix supermarkets claimed prizes of $13.75 million and $1 million.
And just last month, in December 2021 two Floridians won $1 million jackpot prizes on scratch-off tickets.
While the prizes on offer can be big and tempting, there's the obvious danger of people spending more than they can afford to lose while chasing a life-changing win.
A survey reported in 2019 suggested that the average Floridian spends $273.22 each year on lottery tickets. That might not seem a ridiculous amount, but given that the average weekly salary in the state of Florida is $998 (according to Zip Recruiter), it's still a chunk of change!
Life changing wins?
A big lottery win is often referred to as life-changing, but often, the biggest jackpot winners quickly lose their new-found wealth. There are many stories of lottery winners who quickly ended up back where they'd started or even worse-off by spending it all or through falling for scams.
A study from MIT found that Lottery winners are more likely to declare bankruptcy within three to five years than the average American.
The simple answer to avoiding such issues then, seems to be that if you're intent on playing the lottery, only stake what you can afford to lose, and if you win - seek financial advice!
If you won a big lottery prize of $1000 per week for life, would you take it as a lump-sum or in weekly instalments? What good could you do with the money? Let me know in the comments section below.