It’s an interesting question: if you won the jackpot in the Powerball lottery, would you still go back to your day job here in Canada, or would you pack up and move somewhere warm like the Caribbean? With jackpots routinely in the hundreds of millions of dollars, Powerball can make you rich beyond your wildest dreams, but it certainly begs the question whether money is the sole reason people work, or whether work offers some other ancillary benefit besides money.
This post will look at a couple of the recent Powerball winners, one who chose to stay at their job and one who chose to take off and live a life of luxury, never again worrying about the constraints of the working week. The post will also explore how you go about winning the lottery, and what to do if you win the jackpot. These are certainly things worth thinking about, whether you play the Powerball lottery in Canada or not (if you never played before, perhaps you can join the office Powerball pool just for fun).
First, we’ll look at an example of someone who quit their job upon winning the Powerball lottery. Mavis Wanczyk is perhaps the most famous Powerball winner, having scooped up the largest-ever lottery win by a single person – an astounding 758 million dollars. She’s on record as saying, “I want to retire and it came early!” The 53-year-old hospital worker from Massachusetts knew exactly what she was going to do when she heard the news: “I called [my employer] and told them I will not be coming back. The first thing I want to do is I just want to sit back and relax”, she said.
One can only speculate why Mavis decided to leave her job – maybe she didn’t like it, maybe she’d been doing it for too long, or perhaps she just preferred relaxing – but the fact is that she seems happy about it. The entire notion that a person has to work for the majority of their life is not a notion everyone subscribes to, and given the opportunity to buck the trend, Mavis said “See ya later” to the 9-5 grind.
On the other hand, you have someone like Brad Duke, who won 220 million dollars and kept on living like normal, even driving the same old car. Duke joined the 85 percent of American lottery winners who kept their job, explaining that, “The more I started to fantasize about what I could do with the money, the more I felt like I should try to keep my feet on the ground and change as little as I could.” And who can blame him? After all, having lots of money should mean that you live better, but not necessarily differently.
In order to win the Powerball, you have to pick the right numbers of course. Once you’ve picked your Powerball numbers and bought your ticket, you wait until one of the two weekly draws – Wednesday and Saturday nights – to find out if you’ve won (most likely not). If you do end up winning the jackpot, you can choose to either receive the money in a lump sum or as an annuity, which means you get paid your jackpot over 29 years. Analysts tend to agree that you should opt for the annuity, as the lump sum puts you in a higher tax band, meaning you end up paying more back.
Whether you choose to stay at work or live a life of leisure is ultimately your choice. Perhaps you enjoy your work and it keeps you grounded. Or maybe, like Mavis, you can’t wait to sit back and relax. That’s the fantasy of Powerball – you can do whatever you heart desires.
Disclosure: This is a sponsored post written by a guest author.