What This Million Dollar Lottery Winner Revealed On Reddit: They Treat You Like An ATM


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