North Carolina Lottery Keeps $1.3 Million in Winnings

Have you ever dreamed of winning the lottery and becoming fabulously rich? Buying a mansion, expensive cars, and taking exotic vacations? How about quitting that job you have hated for years? Or maybe you would be happy just winning 100,000 dollars or so to pay off all of your bills and just make life a little easier? Well, if you live in North Carolina and win big on the lottery, it is actually possible to end up no better off than you are right now. The state of North Carolina has withheld 1.3 million dollars in prize money from winners since the lottery began in this state in March, 2006.North Carolina’s lottery consists of several different games. There is the PowerBall drawing on Wednesdays and Saturdays, and then there are daily drawings for the Pick 3, Cash 5, and the newest game, Pick 4. The Pick 3 drawing is held both in the afternoon and then another drawing at night. In addition to these games, there are numerous instant scratch off tickets available for sale.

When redeeming a winning ticket under the amount of five hundred dollars, you can simply take the ticket to the retailer you purchased it from or to any other participating retailer. Most stores have a limit as to how much cash they can pay out to winners but you receive anything above that amount in a store money order. When redeeming a winning ticket in an amount greater than five hundred dollars, there are two …

Lottery Winnings Payouts and Taxes

Have you ever fantasized about lottery winnings and what you would do with all that money? While winning millions of dollars could release you from financial bondage, you might end up with a lot less money than expected.One of the biggest drawbacks of lottery winnings is most people go on wild spending sprees, travel around the world, and give large sums of money to family and friends. While most people believe they can't burn through a million bucks in their lifetime, chances are the money will be gone much faster than ever imagined. Research shows less than 20-percent of lottery winners hold onto their winnings for more than two years. Imagine becoming a millionaire only to end up broke!

Another problem is once people hear you won the big jackpot, long-forgotten relatives and complete strangers expect you to be their personal bank. As most people know, money can bring out the best and worst in people. Winning the lottery can quickly become a stressful event which can lead to family dysfunction and ruined friendships.

Many people do not realize jackpot winnings are subjected to state and federal taxes and can equate to nearly 50-percent of overall winnings. Individuals who elect the lump sum payout receive significantly less than those who opt for installment payments.

Mega million Powerball winnings can be paid through quarterly, semi-annual or annual installments over a period of 20 years. A structured settlement annuity is established through a life insurance company. Annuitants receive a set amount based …

The Problem with the Lottery System

There are 3 fundamental philosophical criticisms of the lottery system:1. The lottery is a business ran by the government; at best the marketing is deceptive and at worst it’s a pure lie.

  1. The lottery is a tax for the poor and middle class and gives people a false belief that they can win money for nothing.
  2. No help is given to the lottery winner once the money is distributed. It isn’t all it’s cracked up to be.
  3. Marketing

Most people, even lottery players themselves, don’t realize the true scope of the lottery system. Many consider it similar to buying a raffle ticket: you spend a few dollars here and there and hope to win the prize. However, the lottery in the United States is a $60 billion industry, spanning 43 states. It is serious business; this isn’t your child’s raffle ticket game. And in order to reach multi-billion dollar status you must have a massive marketing campaign.

According to Gallup polls, 49% of Americans had purchased a lottery ticket in 2003. This is actually the lowest it’s been since 1989. A Gallup poll also revealed that 15% of teenagers between thirteen and seventeen purchased lottery tickets in 1999.

So why do half of Americans, and 15% of teenagers, purchase lottery tickets? For the chance for big money of course. And because they believe it is for the betterment of society. Fifty four percent of those polled believe lotteries keep taxes lower and favored lotteries three to one over more taxes. …