Congratulations on your winnings!
Pay the taxman his due and give thanks for the bounty at hand.
Try to set as much as you can aside in a liquid account that is easily moved when needed and not go “hogwild” as they say.
Once again congrats and am very happy to hear that you are debt free; that is more important than endless riches in this world.
Wonderful news!!! [8D]
Please remember that if your state has sales tax, the government will get even more of your windfall as you spend it…so, as others have urged, sit tight until you come up with some good ideas, think a bit more, and then open the tap a crack once in a while…for pleasure. Maybe a nice cruise if you have the time off, will cost both of you USD$5000 plus gratuities and airfare, and that is a reasonable and modest celebration. Something you both can enjoy. Then, if you really need/have to have some MRR stuff, well,…I suppose so, but remember the long term goals. One is that you want to be fully involved and capable 20 years from now.
Good luck!! Oh, wait… [:I]
That is absolutely fantastic news! It sounds like your son managed to help you out after all. It’s always good to hear that miracles still happen. And it sounds like you have great plans of how to use it. [tup][tup]
[angel]
WOW WOW. I’m very happy for you! I hope for you the best future with it. They say, The Lord Moves In Mystrical Ways. God Bless…Mike
The real gift is knowing that your son is still around, that he’s OK, and that he is as much your son today as he always was. I have my own story along these lines, as do many others. It’s comforting to know that, when they left, they didn’t go far.
Congratulations.
Chris
So true. My wife died from leukemia three years ago and I still feel her with me sometimes. It was a terrible experience but God does have a plan and I guess we get to find out what it is when we go to the big Roundhouse in the Sky.
GasTurbine (I’m sorry, I don’t know your real first name), may I make two suggestions? The first is to get a good financial advisor if you don’t have experience handling that much money. There are a lot of con artists who prey on lottery winners. The second is to call the lottery office and find out the state tax laws on lottery winnings. While the Feds always get their share, most states don’t tax their own lottery winnings.
God bless you. I’m sincerely happy for you and your family, but so sorry you lost your son.
I play the Texas lottery every Wednesday and Saturday, but so far all I’ve ever won was $140.00 for four numbers and $5.00 a couple of times for three numbers. Oh well. I ain’t givin up til the fat lady sings!..
Tracklayer
Years ago before all the lottery stuff, 1968 to be exact my mother passed away and my brother told us that she came to him one night and said that she would always take care of us. My brother who recently became unemployed in 1981 bought 5 western express tickets on his wedding day and won $100,000.00. My sister who was in financial dire won $156,000.00 in the 6/36 lottery in Quebec in 1984. None of the other family members have been in need, so I do believe in intervention. Good for you, he’s taking care of you.
That’s very good to hear. It’s always good to be able to get out of debt and be able to help other family members also. Beware of sponges. They will be showing up.
Although that is very nice and great thing to happen to anyone. I am sure that there is never a case of someones god or family member helping them win a lottery winning or anything as such. Like for instance there are many people broke as all heck in this USA let alone the world. Now if I pray tonight to win the lottery but Joe Smo wins it he will say it is a gift from god. I do not agree with that. I am sure god is not picking and choosing winners out there. I am the mudd thrower here. It is a great coincedence that you won but not because of your son. In any manner congrats on your GREAT LUCKY WIN.
Really? You’re sure because of…what? See, I’m not sure how God works either but it’s a comforting thought that a family member that passed away may just be looking out for me. Since neither of us will ever know, in this life, what the correct answer is, I prefer to let people believe what makes them feel better as long as it doesn’t harm me.
I agree with UP2CSX on this. Also, Desert Rails, after you’ve lost a son to a terrible illness come back and tell us how you feel… I lost my dad when I was 6 years old and he was only 33, and for a long time I felt that he watched over me. Somebody did because if they hadn’t I wouldn’t be here right now!.
Tracklayer
My sympathies for your loss.
My CONGRATULATIONS on your win!
The best advice you’ve received so far was the suggestion to get a good financial planner. My advice is to do it immediately! BEFORE you spend any money!
Years ago, shortly after New York state started their lottery, one of the news shows interviewed 4 or 5 of the million dollar winners. EVERY ONE of them said they wished they had NEVER bought the ticket. They were so far in debt that bankruptcy was their only alternative. AND they all had to go back to work! NO financial planning!
You’ve been given a gift. Please take care of that gift in memory of your son.
And don’t forget to show us the pictures of what a REAL layout will look like! LOL
Darrell, quiet…for now
Michael,
I’m am so thrilled that a ray of sunshine has fell upon you and your family. It has been only a bit over 3 months since your loss. I guess your son is looking over you both.
Congrats on such a wonderful winfall.
God does work in mysterious ways!
I am very happy for you!
What’s it like to know the mind of God?
You must be very privileged.
Guys,I fully believe-and I just might be living proof since I have cheated death several times over the years-that somebody watches over us and protects us from harm.God,Guardian Angel or decease family member I know not but,I do know this…I no longer fear death.
Congratulations! thats great news…sounds like you could really use it! [:D]
Was that just state taxes? or state and federal?
You might owe Uncle Sam some taxes on this too next April! just want to make sure you put some aside if necessary for federal taxes, so you dont get a big shock next year!
the common “rule of thumb” you always hear about lottery winnings is count on 50% of it going away for taxes! [:(]
so if the state took 25%, the US govt might be expecting another 25%! just make sure you check into that! [;)]
or maybe you had to pay ALL taxes at the lottery office?? if so, great!
Scot
Congratulations, Michael on your (financial) blessing, and [#ditto] the comments on getting a good financial advisor and making sure that both federal and state tax folks get their share before spending anything. May you continue to be blessed.
Jim in Cape Girardeau
8500HP,
Congrats on your good fortune. The previous advice about setting aside enough for taxes is good advice. I am a tax professional. You said the State of PA withheld 25% from your winnings, is that Federal and PA or just PA? Consider that the PA individual income tax rate is 3.07%. The Federal tax rate for taxable income of $128,500 - $195,850 is 28%, the next bracket is 33%. Not knowing the specifics of your situation, but it would seem the 25% withheld is not going to be sufficient. The best advice is to consult a both a financial advisor and a tax professional. My professional guess is that the amount withheld is only Federal taxes and no state. 25% is typically the rate used for withholding on end of year bonuses. Consult with someone to avoid any April surprises and underpayment penalties.
jktrains