Check out this story of a lottery winner who seems to have his head on straight:
Most people can't wait to claim their lottery winnings, but when Peter Dushop realized he hit the jackpot last August he didn't rush out to claim his $3.6-million prize.
Instead, the 24-year-old realtor from Maple Ridge, B.C., put the winning Lotto 6/49 ticket in a safety deposit box and only told his mom about the win.
"I felt that was the best way to go, I needed some time to reflect on it," said Dushop on Monday, when he collected his cheque.
Sounds like a wise move. Of course, it did come at a cost:
All the patient waiting did come at a cost to Dushop — he lost a chance to collect about $100,000 in interest. But he said it was worth taking the time to really think about how it would change his life.
That said, he seems to be handling the winnings with a sense that most lottery winners don't have.
Thanks to snow drops for sending this to me!
One great thing about wining in Canada is that if you win 5 million, you go home with 5 million, not 5 million - taxes. It's fantastic.
My plan if I ever win is to transfer the whole amount in to my ING account, that will mean it sits there for a few days while the transaction clears stopping me from doing something stupid. It's only a few days, but more than enough time for the reality to set in and do things reasonably. I only play in a lottery pool at work though, so I'm splitting the win with a pile of other people.
Posted by: Traciatim | July 30, 2008 at 11:19 AM
When I win the lottery, I'm going to waste all the money on hookers and blow.
Just kidding. I don't play the lottery, so there's nothing to worry about...
Posted by: Rick | July 30, 2008 at 12:23 PM
Lotteries . . . what a fantastic way for the Government to institute a voluntary tax on the poor, uneducated, and forever hopeful. Maybe if the Government applied the lottery system to the entire tax-paying process people wouldn't feel so bad about paying them.
Posted by: MonkeyMonk | July 30, 2008 at 12:26 PM
MonkeyMonk -
You may be on to something there - have everyone who files a return get a "ticket" into the tax lottery. The more people that file, the more money into the kitty.
Posted by: Kevin | July 30, 2008 at 12:59 PM
I like that idea too...$1 more for the chance and a ton more revenue. Oh wait...the government taxes too much already. Scratch that.
Posted by: mrm | July 30, 2008 at 01:58 PM
MonkeyMonk's description of who is affected by the lottery is also an apt description of cigarette taxes (the hopeful part is that the cancer, heart disease and emphysema morbidity affects the guy at the next bar stool).
Both are examples of regressive revenue raisers where financial planners (in this case, legislators and tax collectors) profit from the willingness of people to part with their money for....?
Posted by: MrAtoZ | July 30, 2008 at 03:29 PM
Besides the lost intrest, he is running the risk that the ticket will get stolen or destoyed. While safe deposit boxes are probably reasonably safe for most things, they are not covered by FDIC insurance, like savings accounts and CDs are.
(http://www.fdic.gov/consumers/consumer/information/fdiciorn.html ). Hopefully he looked into what insurance the bank includes, if any, and whether he needs more (He probably does , with that valuable a slip of paper, though I`ve never had to deal with such worries:)
).
Otherwise, this just might be his (Un)lucky day...
Posted by: Brian | July 30, 2008 at 04:07 PM