I won a million dollars this morning

I noticed that it is a second chance ticket, my state does this too. Oregon lottery lets you enter a code that is on the ticket if the ticket is a looser, so I grab up any discarded tickets and enter them in. It's a free way to play the lottery! Of course I have not won a dime... but the prize is big if you do win, and you can see how many people applied there second chance, and can see the odds of winning.
 

So I never buy lottery tickets...I KNOW they are a waste of money.

But since you said you hit it big, today I bought a $30 scratch off.
Won $50 prize.

Put $30 of that back into another ticket and won $40 prize.

So I’ve doubled my money if I quit now...or I could hold out for the big one.
I’m going to quit.
 

Congratulations. I've seen no mention of it, so here I go. Tithe. The only windfall I've had was my $1,200 stimulus check. 10% went to the church, 2% to missions.
 

Big congratulations! Let us know what you want to do with all that money!
 

Gene Mean said:
Big congratulations! Let us know what you want to do with all that money!
Click to expand...

It's been a whirlwind of activity for us. I never knew how hard it was to move from trailer trash to upper middle class in a matter of seconds while skipping past several steps :laughing7:
I kid of course but there is some accuracy in that.

Our only splurge thus far is a 2021 23' Winnebago Spyder toy hauler.
Our offer was accepted on a beautiful 3.5 acre property in the country and we are scheduled to close at the end of September. It comes with an insulated 36'x55' pole barn with 100 amp service, horse stables and concrete floor.
We tried to negotiate the Mustang into the deal but the exiting property owner said it was an inheritance from her grandfather so she will be taking it with her. Can't blame her but it was worth a shot. Had we known it was her grandfathers car we never would have attempted to include it with our offer.
After all is said and done we will still have ~$150,000 to stick into a money market account.
And we changed our minds about the Silverado. We are getting a Ford F-150 turbo instead. It will pull that hauler like it was a little red wagon.



20200829_115455.jpg

[
 

Attachments

  • 20200901_181456.jpg
    20200901_181456.jpg
    210.7 KB · Views: 57
  • 20200901_181544.jpg
    20200901_181544.jpg
    200.3 KB · Views: 53
  • 20200829_115517.jpg
    20200829_115517.jpg
    739.9 KB · Views: 46
Last edited:
Congrats!! Im a newbie posting on the forum but like to read up on the finds. Just an fyi, I won a substancial amount in 2019. My state took 25 percent off the top for feds, and 5 percent for state in taxes. As others have mentioned your tax rate will go up for this year. I had to send 800k to feds and 42 k to state in april this year. So hold some back. Also keep it on the down low on who you tell. Expect fights with the spouse too. Winning that kind of money has its perils too. On a funny note, you won that on my birthday. Weird.....my luck must have blown to you.
 

Last edited:
By my math you will probably be expecting a 60 k bill from feds and not sure about yout state. My state was .9 percent higher due to the income boost. Looks like you scored a nice house. Enjoy it in good health. I just looked up mo state. You will owe them another 1.4 percent. Keep in mind, those higher rates will also apply to whatever other income you earned. Not trying to be a downer, just advice from someone thats been there, you dont want the irs climbing up your tail.
 

Last edited:
Marino13 said:
Congrats!! Im a newbie posting on the forum but like to read up on the finds. Just an fyi, I won a substancial amount in 2019. My state took 25 percent off the top for feds, and 5 percent for state in taxes. As others have mentioned your tax rate will go up for this year. I had to send 800k to feds and 42 k to state in april this year. So hold some back. Also keep it on the down low on who you tell. Expect fights with the spouse too. Winning that kind of money has its perils too. On a funny note, you won that on my birthday. Weird.....my luck must have blown to you.
Click to expand...

Federal tax is 28%, state tax is 4%. It will have already been taken out by the time we see our share. I understand there may or may not be additional taxes owed in April but the amount shouldn't be too substantial.
 

There's an old TV series something like "How the Lottery Ruined My Life." Gambling is a very serious mental disorder. A person wins a jackpot and think they can win again. But they never do. Even these professional poker plays their family had to take away their credit card. At least poker has some skill involved. Lottery is totally by chance. Most people do not realize how absolutely crappy the lotto payouts are. In Vegas you get nearly even money. Typical lottery it's like 100 to 1 against in payout. If you win $100 lotto/scratch tickets it would have been nearly $10,000 in Vegas.
 

Congrats on your new property! You have to show us what you find metal detecting on it. Whatever it is, consider it all part of your lottery winnings. :icon_thumright:
 

Congrats, my friend. Glad to see a fellow Missourian on cloud 9. Enjoy it!
 

GopherDaGold said:
Federal tax is 28%, state tax is 4%. It will have already been taken out by the time we see our share. I understand there may or may not be additional taxes owed in April but the amount shouldn't be too substantial.
Click to expand...

I just wanted you to be aware, 60 k and 10 k are substancial amounts. I was none too happy writing the checks I had to write. In my opinion you should only have to pay on your prior years rate, one fluke event should not entitle them to soak you for extra.
 

"How the Lottery Ruined My Life" the people went out and spent the money then regretted it. Wished they had bought something else. Impulse buying and gambling are closely related.
 

signal_line said:
"How the Lottery Ruined My Life" the people went out and spent the money then regretted it. Wished they had bought something else. Impulse buying and gambling are closely related.
Click to expand...

One of the fights with the wife was her immediately wanting a new house, I told her why? The one we have is perfectly fine, paid off already, and too big as it is, both my boys are moved out. If anything we need to down size. In the case of the original poster I dont blame him for getting a new house. Our situation was different.
 

Last edited:
Believe it or not, California is one of the few state that takes no tax on lottery. Considering how they tax you to death on everything else. Ny? No thanks. Im happy here 8n flyover country.
 

You must log in or register to reply here.

Boy With A Metal Detector Finds Historic Irish Sword On A Riverbank

⬅️ Previous Thread

How many of you dig iffy signals or just focused on certain things and move on

Next Thread ➡️

Top Member Reactions

Users who are viewing this thread

Total: 3 (members: 0, guests: 3)
Metal Detecting Stuff

Latest Discussions

Back
Top