02 Mar How Winning the Lottery Can Help You Give Back
This week, one woman decided to pay her lottery winnings forward. Sofia Andrade won $200 on a scratch ticket in Massachusetts. As she came to a stop sign in her car, she saw local Glenn Williams, who had been homeless for three years. He was panhandling that night, when the temperature was especially cold. Andrade felt a call to action.
Andrade took Williams to a local coffee shop and bought him coffee. After learning that none of the local shelters had space for him, she used her lottery winnings to buy him a motel room. Andrade then created a GoFundMe page for him to help establish more long-term aid; other local community members pitched in with warm weather clothing, and even an offer for a haircut from a barber.
“I couldn’t believe there’s somebody like her,” said Williams to WCVB. “She deserves a lot of the credit for where I am right now.”
Sell Structured Settlement Payments or Lottery Earnings to Make a Difference Now
While people may dream of buying homes and cars when they win the lottery, an unexpected benefit is often realizing they now have the ability to pay it forward and help someone else out. There are numerous reasons to choose a lump sum lottery payout, and wanting to make a difference now — instead of 20 years down the line when you’ve finally received all your payments — can be a big incentive for some. Similarly, the decision to sell structured settlement payments can help you make life changes now.
Many people don’t realize exactly what happens when you do win a large lottery. To begin with, the government withholds about 25% of the jackpot winnings in taxes. Then, a percentage of the money is either given out in a lump sum, or annual payments are structured out for the next several years. The Mega Millions, for example, is one immediate payment followed by 29 more — with each payment increasing in size by 5%.
Maybe the Time to Give Back is Now
Did you know that nearly half of lottery winners still go to work after winning? You may enjoy having something to keep you busy, but maybe your current employment is not your true calling. About 27% of people in America volunteer, giving some of their time to everything from soup kitchens to dog shelters. If you’re passionate about a particular cause, then a large lottery winning could finally give you the opportunity you wanted to devote more time to helping out. Selling lottery payments can allow you to join in right away.
Whether you’re looking to sell structured settlement payments or lottery payments, it’s sometimes worth it to give a bit of what we have in order to help someone in need.