Colfax resident George Dickerson is now a Powerball millionaire. Read how another millionaire copes with his recent win.
A Reddit user named Ruchizzle recently revealed what it's like to win a million dollars. Here's what he said about his experience as an instant millionaire:
What he kept after taxes:
"I took the lump sum, and after taxes the amount I got was about $400,000. People don't realize your win counts as income and you're in a much higher bracket. So when April rolls around, you still owe another $80-$100,000."
On losing friends who asked for money:
"Sometimes people are a bad investment. They ask for money and treat you like an ATM."
Yes, he still has a day job:
"It makes it easier to come to work knowing I have a financial cushion."
How he celebrated his win:
"Debt was the first thing to go, then I added a few things to our house ... It is hard not to go out and buy a luxury car ... but my overall focus is on having a comfortable life."
Why he chose the lump sum:
"I believe the annuity would've been about $35,000 a year for 20 years after taxes. I decided to go with the lump sum because I don't want to deal with the extra taxes for the next two decades. And who knows if I will live that long."
He didn't play the small tickets:
"I know it's a lot of money, but I don't smoke or drink so that's my vice."
Story: Business Insider