Winning the lottery at any age is undoubtedly a cause for happiness, but when you're a teenager the possibilities are overwhelming, from setting up a property to paying for your education. However, a 19-year-old young man in Florida made a decision that may affect him.
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Hiyori Oliveira, a young Pompano Beach resident, won a $1 million prize in the amazing “Year for Life” game announced by Florida lottery authorities this week, according to News Channel 8.
As detailed, the lucky winner purchased their ticket at the A&J Seabra Supermarket branch, located at 839 West Sample Road in Deerfield Beach. A business that, by the way, will get $2,000 for this sale.
The young man paid $50 for the ticket, and when he scratched it he realized he had won. Although it wasn't the biggest prize of $1 million in a lifetime, she did win one of 234 prizes worth $1 million. But he made a decision that many believe was wrong.
Hiyori decided to receive his winnings as a lump sum, instead of an annuity. Which means he lost a huge amount of money because he only received $640,000 USD due to taxes. It's certainly a good amount of money and he hasn't revealed what he intends to do with his money, but financial experts have made it clear that this isn't exactly the ideal decision.
Pension or full amount, which is better when winning the lottery in the United States?
Although it is a personal decision and lottery winners know their wants and needs, it has been observed on several occasions that when winning a big prize, it is better not to ask for the money all at once, but to opt for it. For pensions.
One proponent of this idea is Mark Cuban, the billionaire famous as a star of Shark Tank, who asserts that if people want to get their money's worth out of the water, they'd better get it little by little.
In his opinion, although many winners believe that by getting the full amount they will be able to invest it in a better way, in his experience, annuities will not only allow them to save taxes, but will also allow them to invest the money better.
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