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PostPosted: Mon Mar 12, 2012 9:14 am 
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Evil Bastard™
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She owns two houses; if she can't lease them both for enough money to cover rent, living expenses, and property taxes ...

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PostPosted: Mon Mar 12, 2012 9:19 am 
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I didn't realize lottery winnings were taxable in the USA until corolinth pointed it out to me. It makes a big difference that a 1 million dollar payout becomes only $500k.

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PostPosted: Mon Mar 12, 2012 9:24 am 
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Talya wrote:
I didn't realize lottery winnings were taxable in the USA until corolinth pointed it out to me. It makes a big difference that a 1 million dollar payout becomes only $500k.
It gets taxed twice.

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PostPosted: Mon Mar 12, 2012 9:53 am 
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I think $20k is very doable if you do not have any large fixed expenses like a mortgage or car payment. $1600 per month, - utilities/cable/phones leaves probably $300 week of disposable income for food, entertainment and clothing.

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PostPosted: Mon Mar 12, 2012 11:15 am 
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500k is not enough to live off of for the rest of your life without work. It is a good start, however. Half a million, if allowed to grow in interest bearing accounts, property, and investments (many of which involve at least a modicum of risk) can easily be turned into multi millions if one is willing to continue working to pay the bills in the meantime.

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PostPosted: Mon Mar 12, 2012 11:45 am 
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Corolinth wrote:
500k is not enough to live off of for the rest of your life without work. It is a good start, however. Half a million, if allowed to grow in interest bearing accounts, property, and investments (many of which involve at least a modicum of risk) can easily be turned into multi millions if one is willing to continue working to pay the bills in the meantime.

+1

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PostPosted: Thu Mar 15, 2012 5:18 am 
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Depends on where you're at too. Where I live I wouldn't need near 500k to be able to retire.


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PostPosted: Thu Mar 15, 2012 6:10 pm 
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Where I live 500k would last you about 10 years if you're careful.


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PostPosted: Thu Mar 15, 2012 6:25 pm 
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I could stretch 500k a lot further than just a decade, and I live in California.

Of course already having paid off the mortgage and other benefits I have accumulated over time has a lot to do with that.

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PostPosted: Wed Apr 18, 2012 8:23 am 
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http://www.cnn.com/2012/04/17/justice/m ... hpt=hp_bn1
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Welfare fraud charges filed against lottery winner
(CNN) -- A Michigan woman who won a million-dollar lottery but continued to receive welfare benefits is now charged with fraud, the attorney general said Tuesday.

Amanda Clayton, 25, collected thousands of dollars in state assistance for months after she won $1 million in the 'Make Me Rich" game sponsored by the Michigan lottery, a statement from state officials said.

"It's simply common sense that million-dollar lottery winners forfeit their right to public assistance," said Attorney General Bill Schuette.

Mega Millions mystery winner about to emerge

Clayton, a Lincoln Park resident, faces two felony counts of welfare fraud after being investigated by the Department of Human Services and the Office of Inspector General.

The inquiry revealed that not only did Clayton fail to report her lottery winnings and other employment earnings, as state law requires, she also "allegedly collected approximately $5,475 in food and medical benefits" she would have been ineligible for.

According to Michigan law, welfare recipients must report any changes in assets or income to the agency within 10 days.
State stops welfare pay to lotto winner

"I thought that they would cut me off, but since they didn't, I thought, maybe it was OK because I'm not working," Clayton, 24, told CNN affiliate WDIV when it asked whether it was appropriate for her to receive the money.

Clayton bought a new house and car after winning the lottery in October 2011. According to state officials, she received public assistance from August 2010 through March 2012.

After taking a lump sum and paying taxes, Clayton said she ended up with just more than $500,000.

Asked if she had the right to the public assistance money, Clayton answered, "I kind of do. I have no income, and I have bills to pay. I have two houses."

New legislation -- which includes Senate Bill 711 and 712, and House Bill 5033 -- will block lottery winners from receiving government benefits.

Gov. Rick Snyder signed all the bills last Wednesday.

"That commitment to investigation and uncovering the truth, combined with the new law recently enacted by the legislature and signed by the governor, will make it easier to ensure that outrages involving instant millionaires on public assistance don't happen in the future," said Maura Corrigan, director of the state's Department of Human Services.


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PostPosted: Wed Apr 18, 2012 10:49 am 
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They should fine her about, say, $500,000 dollars. Then she'll be eligible for benefits again, so everyone wins.


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PostPosted: Wed Apr 18, 2012 3:49 pm 
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What a waste of human life. Every time I read this story it makes my blood boil. It really makes me upset that I share the oxygen on this planet with people like this.

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