After filling up my car at the gas station, I often walk into the convenience store to purchase a mid-afternoon snack. I usually pick out Skittles and Cheez-Its, opting for both sweet and salty flavors. While in line to check out, the people ahead of me often purchase behind-the-counter items. Ranging from cigarette lighters to medications, the things customers can purchase at a gas station are limitless. However, the most common item I see being purchased is lottery tickets.

When the media found out about the lucky individual winning the $2.04 billion Powerball jackpot, the Internet went wild. While the identity of the individual still remains unknown, it will not be long before this changes. Lottery winners in California have one year to claim their winnings, and they must do so publicly, revealing their identity. After being informed of their unexpected winnings, lottery winners can either receive their winnings in one payment or spread annually over thirty years. By receiving the winnings in one payment, a lottery winner would only receive $997.6 million, but they would receive the full $2.04 billion if they chose to receive their winnings annually for this particular round. 

The winning lottery ticket was sold at Joe’s Service Center, a convenience store located in Los Angeles. Joseph Chahayed, the owner of the store, received a $1 million retailer selling bonus since the winning ticket was sold at his store. Joe’s Service Center is a neighborhood gem that serves many locals in the nearby area of Altadena, so Joseph hopes that the winner is a resident of their neighborhood. 

Although the lottery has changed many lives for the better, there are still precautions when it comes to winning it. If able to, opting for professional help is encouraged when handling the finances and publicity. The sudden increase in financial stability and the media’s ruthlessness can be overwhelming for the typical person, so financial advisers and lawyers can help ease the process. Family members, friends, and even the occasional stranger may approach winners, hoping for a sliver of their earnings. Therefore, proper planning for handling these interactions can stop lots of awkward conversations from happening and save money in the long run. 

At the end of the day, lottery winners unexpectedly win a large sum of money, and with the proper preparation, the lottery itself can be a great addition to any family. It provides financial security that individuals had never dreamed of being possible before, and can help families pay off debts and afford vacations. Congratulations to the winner of the record-high lottery, and I hope you are wise about your finances!

Cover credit: https://www.newsweek.com/powerball-drawing-11-26-22-saturday-jackpot-48-million-1762513

Sources:

https://www.cnbc.com/2022/11/10/world-record-2point04-billion-powerball-jackpot-sold-one-winning-ticket.html#:~:text=The%20winners%20%E2%80%94%20John%20and%20Lisa,as%20the%20lump%2Dsum%20payment.

https://www.cincinnati.com/story/news/2022/11/10/powerball-winning-numbers-nov-9-2022-who-won-2-billion-jackpot/69636357007/

https://people.com/human-interest/grandfather-of-10-sold-2-billion-powerball-ticket-gets-1-million/

https://money.howstuffworks.com/personal-finance/budgeting/5-lottery-survival-tips.htm