A life-changing win!
A Florida man named Marty Moon, aged 63 from Lakeland has just hit the jackpot on the Florida State lottery, scoring a $5 million prize.
He has just claimed his prize - one of 32 separate jackpots featuring in the 'Gold Rush Limited' scratch-off lottery game. He opted to receive his prize as a single lump sum payment of $3.96 million.
Mr Moon's winning ticket was bought at a Nick's Food Mart in Lakeland, and the store will receive a $10,000 bonus from the Florida State lottery for selling a winning ticket.
Earlier this year, another big scratch-off ticket winner opted for a lump sum payment rather than taking his prize of $1,000 per week for life - he took a single payment of $930k instead!
Another big lottery win for 2022
2022 has already seen a number of big lottery wins in Florida. In early January, two big prizes were claimed in a single week - both tickets were purchased at Publix supermarkets and claimed prizes of $13.75 million and $1 million.
In late 2021 two Floridians also won $1 million jackpot prizes on scratch-off tickets.
While the idea of a jackpot win is extremely tempting, there's a danger that people may spend more than they can afford to lose while chasing a life-changing lottery win.
A survey from 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 quite a sum of money.
The lottery can be life-changing, and not always in a good way
Lottery jackpot prizes are 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 lesson then? If you're intent on playing the lottery, only stake what you can afford to lose, and if you win - seek financial advice!
What would you do if you won a $5 million jackpot prize on the lottery? Let me know in the comments section below.