Sometimes it is not the size of the jackpot you win when playing the lottery that matters the most, but the manner in which you manage their newfound wealth. For a lucky couple from Phoenix, who won $2.5 millions back in 1995, the solution was straightforward and they chose the annuity without hesitations. Now when the money was about to run out Lady Luck smiles down on them for the second time and they collect another million dollars by beating the odds in Powerball.
Another jackpot another annuity
Sometimes lightning does strike twice in the same place and Diane and Kerry Carmichael are the perfect example of how regular people who play the lottery often can scoop two jackpots. The lucky couple plays sensible stakes and didn’t increase the number of purchased tickets even after winning the first jackpot. They were more than happy with the $2.5 million won back in 1995 and consider themselves lucky to receive slightly above $10,000 per month for 20 years in a row. This is what they have collected for 18 years and the last paycheck was due to arrive in 2014, but things took a turn for the better.
While others might have thought that receiving the lump amount would be a better choice the lucky couple from Phoenix chose not to burn through the jackpot. Even when the economy was booming, they thought that receiving an additional $10,000 per month was more than enough to live a decent life. This is why, it would come as no surprise if they choose to have the million won in Powerball paid to them also as an annuity. The only argument against this choice would be the fact that they are now elderly citizens and 20 years is a long time.
The new Powerball makes more winners
What was initially regarded as a sneaky way to boost the profits of those who organize the Powerball, eventually turned out to be a very good thing for many players. By increasing the price of a ticket they made it possible for more players collect prizes and this is how Diane and Kerry Carmichael won their million. They won the $1 million Powerball second prize and they become the 19th winners from Arizona to ever win this jackpot since it was introduced in Arizona back in January 2012.
The new structure of the Powerball increases the chance for players to win significant amounts and second tier price tickets made many millionaires. The lottery chose to introduce this original category so that those who miss out on collecting the main prize won’t feel bitter about the amount they won. It goes without saying that Diane and Kerry Carmichael are thrilled with the sum they collected, and will decide what’s the best way of spending the money, after discussing the matter with a financial advisor.
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