EXETER TWP., Pa. \u2013 A person who bought a Powerball ticket in Exeter Township is now the lucky winner of the million-dollar prize. Now what?<\/p>\n
“Once you win the lottery, take a breath, take a step back and look at the situation,” said Chris Powers, executive vice president, Girard Advisory Services LLC.<\/p>\n
“A million dollars. That’s crazy,” reacted Joseph Garcia, of Exeter Township.<\/p>\n
“A million bucks sounds like a lot, but a million dollars won’t last your lifetime, and to some people, that’s a shock, but it’s very easy to run through money,” Powers said.<\/p>\n
Over at the Giant on Perkiomen Avenue in Exeter Township, a person’s life was changed after winning a million dollars in the Powerball. But what does this really mean?<\/p>\n
“The lottery winnings are ordinary earnings,” Powers said. “They basically add on to your adjusted gross income for the year, so it’ll adjust your tax bracket accordingly.”<\/p>\n
This means that a new lottery winner could get taxed as a millionaire.<\/p>\n
“Probably walking away with a little under $700,000,” Powers said.<\/p>\n
The financial advisor said you can either take the payment as a lump sum or in smaller payments.<\/p>\n
“An annuity basically pays you a set amount every month or every year, you know, during your lifetime,” Powers said.<\/p>\n
Some people in Exeter Township offered how they would use the money if they had won.<\/p>\n
“What I would do with a million dollars? I’d changed the world, like, I probably wouldn’t even invest in material things for myself,” Garcia said. “I probably contribute that money, you know, to help people.”<\/p>\n
“Well, I pay off all my debts, for one,” another man said, “and then I’ll pay for my kids’ future education.<\/p>\n
Powers said winners should hire professionals to help them organize their earnings responsibly.<\/p>\n
“Have a budget for fun, and have a budget for, ‘This is going to take care of my family, or this is going to pay off my debt, or this is going to, get into a better house, or a better situation,'” he said.<\/p>\n","protected":false},"excerpt":{"rendered":"EXETER TWP., Pa. \u2013 A person who bought a Powerball ticket in Exeter Township is now the lucky…\n","protected":false},"author":2,"featured_media":262966,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[47967,64,63,99,186,184,185,154206],"class_list":{"0":"post-262965","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-_homepage_top_stories","9":"tag-au","10":"tag-australia","11":"tag-business","12":"tag-finance","13":"tag-personal-finance","14":"tag-personalfinance","15":"tag-reading-area"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/262965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=262965"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/262965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/262966"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=262965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=262965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=262965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}