Winning the lottery jackpot usually marks the end of many financial struggles and the lucky players can pursue their dreams and splash out. Financial security and a greater degree of liberty are two of the direct consequences of winning the main prize, but one doesn’t necessarily need to win millions to enjoy both of them. Joel Lyles is the latest winner of the lifetime prize awarded by Virginia Lottery, which means that he will receive $1000 each week for the rest of his life.
A different type of safety net
When winning a jackpot, players are presented with two options, and they need to decide whether to take the lump payment or the annuity. Statistics prove that most of them prefer to take the full amount and deposit a significant part of it in banks, while using the rest to fuel businesses or make lucrative investments. The idea is to maximize the returns by putting the money to work, instead of waiting for the banks to pay interest and dwell exclusively on these funds.
The downside is that every now and then winners make poor investments and even though it sounds hard to believe, some end up losing all their money. This is what makes it so hard to resist the tempting proposition made by Virginia Lottery and its lifetime award. Joel Lyles chose to buy a ticket for the Lottery’s Win For Life contest, because he found the idea of having a fixed amount awarded to him on a monthly basis, irresistible. $1000 is not a sum that will inspire Joel to embark on a shopping spree and it won’t even make it possible for him to make a down payment for an expensive property.
Long live Virginia Lottery
Joel Lyles won’t have to worry about hitting rock-bottom, and even though the prospect of living entirely on $4000 per month is not uplifting, this is hardly a terrible scenario. Not many Americans get $52,000 per year and even if Joel fails miserably in all his future attempts, he won’t struggle to pay living expenses. The Lottery’s Win For Life contest made 43 winners so far and the chance of winning this game organized by Virginia Lottery is one in 5.2 million.
Players don’t need to worry about whether they will receive the money or not in the long run, because the Virginia lottery is not going away. The games have the full backing of the US government, which means that for as long as they live, the 44 winners and the next to come won’t run out of money. The Hamilton C-store where the winning ticket was sold also celebrated Lyles’ victory as the owner received $10,000 from Virginia Lottery. The popularity of the game is on the rise even though seven years have passed since the first Lottery’s Win For Life draw was held.
Check out The luckiest lottery winner in the world lives in Texas as well.