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Many times, some reproach themselves for bad decisions made throughout their lives. In case of Irineo Cruz-Sanchez, Surely, it will be one more on that list. This resident of Hurdle Mills, North Carolina was fortunate to win US$1 millionthe lottery’s biggest prize, with a scratch-off ticket ‘Multiplier Mania’ of US$10. However, his choice to collect the prize caused him to lose almost half of the money immediately.
After learning that he had won, Cruz-Sanchez, who bought his ticket at the store Efland Supermarketlocated on US 70 West Street in Efland, went as quickly as possible to the lottery headquarters to claim his prize.
There he found himself having to make a very important decision: how to collect money. I had two options. One was to receive the prize as an annuity of US$ 50,000 for the rest of his life and the other a one-time payment of US$600,000.
Apparently, impulsiveness and the temptation to have the dollars immediately led him to Irineo Cruz-Sanchez to lean towards the second option. Bad decision? Many will say that it was “logical” to want all the money in hand and immediately. However, Cruz-Sánchez didn’t think enough as to realize that he would thus lose a significant percentage of his prize.
After deducting state and federal taxes, he was left with “only” US$ 429,003. That is, she lost more than US$170,000 in the process. Amount that could have been different if I had opted for the annual payment option.
The game ‘Multiplier Mania’which launched in June 2023, offers a total of six million-dollar jackpots. With Cruz-Sanchez’s win, only two of these prizes remain available for future winners.
This story not only highlights the importance of taking informed financial decisionsbut also the surprise and unexpected consequences that can arise from winning a large sum of money.
Although Irineo Cruz-Sanchez did not walk away with the full million, it is still a considerable sum that can change lives. However, situations like this highlight the importance of receiving proper advice when you suddenly come into possession of large sums of money.
THE NATION
