Every now and then, we hear news of people winning the Powerball jackpot. Though, have you ever wondered what these winners do after cashing out millions of dollars? Lotteries like Powerball have been popular for years and the numerous stories of its winner are one of the major reasons behind it. After all, it is what inspires us to buy our Powerball tickets as well. Without much ado, let’s get to know about some Powerball winner stories and how they spent their millions.
3 Winners of $1.58 Billion Jackpot
In January 2016, Powerball had a whopping amount of $1.58 billion up for grabs that was claimed by three lucky winners. Here’s how a lottery ticket changed the lives of three families from Tennessee, Florida, and California.
David Kaltschmidt and Maureen Smith
The couple from Florida was the first one to claim their jackpot, which was worth $328 million. According to their friends and family, the couple maintained the same lifestyle as before and they still buy Powerball tickets. They decided to clear their loans and invested most of the amount in their business. Apart from that, they decided to upgrade their house and car while maintaining the same will to play Powerball.
John and Lisa Robinson
John and Lisa from Tennessee have a completely different story than the Florida couple. After winning an astonishing sum of $533 million (before taxes), they changed their lifestyle upside down. The couple got a 320-acre mansion worth $6.2 million that has its own movie theatre and lake.
Once they got to know about the winning numbers, they first contacted their lawyers and financial consultants to come up with a solid plan. Afterward, they decided to spend a substantial amount while saving enough for their future to live their life to the fullest.
Marvin and Mae Acosta
Marvin and Mae from California claimed their jackpot of $528.8 million and they did it pretty late. According to them, they were busy making plans with their financial consultants to utilize the money thoughtfully. The couple came up with a charitable trust, The Acosta Foundation in California. They spent most of their money on different charities related to their local area and other vital causes. Besides that, they maintained the same lifestyle as before, except for making a few upgrades.
A Record-breaking $768.4 Million Win
In March 2019, we saw a record-breaking win of $768.4 million by a 24-year old Wisconsin resident. Manuel Franco, who won the jackpot, stated that he was trying to get $1000 in his bank account at that time. He was getting ready for work when he realized he had won the jackpot and left his work the same day.
Manuel said that it still feels like a dream and he is trying to figure out how he is going to spend the money. Apart from clearing loans, he is going to help his family and friends while upgrading his lifestyle.
A Winning Story of $758.7 Million
Another remarkable story was written in August 2017 when Mavis Wanczyk won $758.7 million in a Powerball jackpot. At that time, it was the second-highest jackpot ever that was claimed by a single ticket. Originally from Massachusetts, Mavis chose to take home the lump sum amount of more than $336 million. She had already worked for almost 32 years and decided to quit her job after that. Later, Mavis helped her family with the money and invested in her future by taking early retirement.
2 Winners of a $687.8 Million Jackpot
The $687.8 million jackpot of October 2018 was claimed by two individuals from New York and Iowa. Both won more than $300 million that changed their lives for good.
Robert Bailey from New York
In 2018, Robert Bailey, a resident of New York, won a whopping amount of $343 million. Being a 64-year old retired government employee, he took the assistance of his family and lawyers to work on a financial plan. He decided to come up with a trust for his family so that he could take care of them in the long run. Apart from traveling, he made some investments and funded a few charities as well. He wanted to make sure that money won’t change him and tried his best to bifurcate his spending equally.
Lerynne West from Iowa
Another winner of the lottery was Lerynne West who was a resident of Dexter, Iowa. She opted for the annuity payout of $343.9 million that was spread over 29 years. She said that she almost lost the lottery ticket, but was able to find it somehow before claiming the prize. After consulting with her financial advisors, she opted for the annuity option for a regular flow of cash. She bought a new home in Redfield and moved there with her family to pursue new ventures.
The Controversial Story of a $590.5 Million Win
Having the right financial team by our side is extremely important after winning a jackpot. In 2013, Gloria McKenzie, who was a resident of Florida won an astonishing sum of $590.5 million. She was 84 when she won the lottery and decided to take the assistance of her son and the appointed financial advisor.
Though, when she turned 90, she filed a lawsuit against her son and the financial expert, claiming almost $10 million for their mismanagement. It is still not clear how she dedicated her winnings, but it was certainly a controversial story.
From all these stories of Powerball jackpot winners, we can see how important it is to have a solid financial plan for our money. While some winners go for a lump sum payout, others choose the annuity option. Most of the winners buy a new house or get fancy things, while some create charitable trusts to spend their money thoughtfully. If you win the next Powerball jackpot, how will you spend it? Will you travel the world, get a new car, invest it, or do it all?