The Algerian man was an undocumented immigrant who won $270,000 in Belgium’s lottery. Although the winnings were collected in Belgium, the man is still attempting to live in Algeria. After he won, he figured out patterns and developed strategies to increase his chances of winning. Little by little, he began to win smaller amounts, such as $50 or $100. Finally, the big prize hit! A couple years later, they still buy lottery tickets.
One of the most infamous lottery winners was Billie Bob Harrell, who won a $31 million jackpot in Texas in 1996. As a teacher, Harrell struggled to pay the bills, so he hoped his lottery winnings would help him support his family. After winning the lottery, he and his wife celebrated in his living room, but sadly, Harrell was murdered two years later, in a tragic twist. A couple of other lottery winners are equally tragic. In 2006, Abraham Shakespeare won a $30 million jackpot in Florida. He spent his prize money on an expensive golf course, but eventually took his own life.
Before claiming your prize, lottery winners should plan their financial situation. Most lotteries give winners several months to claim their prize. A professional accountant can help you determine the best tax treatment for your winnings. Many lottery winners fail to consider the tax burden on their winnings until they begin to enjoy their new wealth. The decision to take a lump-sum payout or a longer-term payout should be made carefully. The former option provides an immediate cash inflow, but it also reduces the risk of spending the money. If you’re wondering which option is best for you, start by learning about the laws in your state.