I have already posted about Gambling and the Lottery and you should know how stupid it is to play the lottery merely because the chance of winning is far too slim. But I have a confession to make.... two weeks ago I got caught up the hype over the $640 million jackpot and purchased a couple tickets for the first and last time. Unfortunately, I didn't hit it big but are the winners really set for life? Well no, chances are they will be broke in 5 years and really they don't have to buy anything extravagant. This is because they will be taxed into oblivion by the government for almost anything they want to do with the money. I would highly suggest you read this article outlining how the winners will be taxed. To add insult, most people who win the lottery don't know about these taxes and don't have a trusted tax professionals to help them. This is a recipe for bad news.
So maybe the lucky winners aren't so lucky after all. The real winner in the mega millions is always the government and it is set up that way. So before you throw away another dollar on a ticket think long about the decision. The only real way to get rich and STAY rich is by hard work, saving, investing and giving.
--A Future Millionaire
This is awesome! Great post, awesome blog! I look forward to reading more of your blogs!
ReplyDeleteKeep it up!