Recently, a man experienced a huge transformation in his life after winning an astonishing $5 million from a lottery scratchcard.
Unfortunately, his joy was quickly replaced by disappointment when he unexpectedly lost $2 million shortly afterward.
Man wins $5M on lottery scratchcard but loses $2M shortly after due to unexpected reason
Juan Alvarez, a resident of Manhattan, purchased the winning Casj X100 scratchcard from a local grocery store in New York City.
The moment he discovered he had hit the $5 million jackpot, he felt an incredible rush of excitement and anticipation for his newfound wealth.
However, his decision following the win led to a significant reduction in his final prize.
The man chooses to a big lump sum of cash right away
Instead of choosing to receive smaller amounts of money over many years, Juan decided to take a big lump sum of cash right away. If he had chosen the other option, he would have received the entire amount he won.
But by selecting the lump-sum payment, Juan ended up getting less money overall.
When you win a lot of money, like Juan did, you can choose to get it all at once or in smaller amounts over a long time. Getting it all at once is called a lump-sum payment. It can be a good idea if you invest the money wisely.
But for Juan, it seems like he couldn't resist the temptation of having a big chunk of money right away. He didn't think about the advantages of getting the full amount over time.
The Cash X100 game offers various prizes attracting participants.
After Juan's win, there are still three unclaimed top prizes of $5 million in the Cash X100 scratch-off game, offering others the chance to experience a life-changing windfall.
The New York Lottery officials encourage players to check the game's status and remaining prizes on the official website.
The Cash X100 game offers various prizes, including a second prize of $25,000, a third prize of $10,000, and a fourth prize of $5,000. Additionally, there are thousands of unclaimed smaller prizes ranging from $2,000 to $300.
A woman won $188 million in the Powerball lottery but only received $88 million.
Previously, a woman won a huge $188 million in the Powerball lottery. But her happiness didn't last long because she found out that after paying taxes, she would only receive $88 million.
In 2015, a young woman named Marie Holmes, who lived in North Carolina, became a millionaire overnight.
However, she chose to receive a one-time payment of $88 million, which she intended to use for various purposes such as buying a new house, covering her children's education expenses, donating to her church, and funding travel expenses.
Regrettably, Marie Holmes's happiness didn't last long. Her fiancé, Lamar McDow, got arrested on drug charges, and she used about $3 million from her winnings to bail him out.
However, McDow returned to prison soon after, straining their relationship. McDow even sued Holmes.
The lawsuit revealed that Holmes had gifted McDow several valuable items, including a Chevrolet Stingray, clothes, jewelry, and even a business, amounting to a total value of $1.4 million.
However, McDow claimed that Holmes had disposed of these gifts after their breakup.
