01 Sep In Cahoots: One Way to Increase Your Chances of Winning the Lottery
For most people gambling is an individual experience. When it comes to playing lotto, though, the cost of a ticket for the value of potential lottery payments can be a great reason to have a partner in chance. When Marilyn Looney, a grandmother from Long Island, was told her hair dresser was running late for her appointment, she shrugged it off and went to the convenience store next door. She was rewarded big. The scratch-off ticket she bought while there turned out to be worth $7 million in lottery payments. According to the local CBS affiliate, it was the store owner who informed her of the news.
“He read it and he came jumping over and said, ‘My God, lady, you’re a millionaire. You’ve just won $7 million,'” Looney said. “I grabbed my cellphone, called my daughter and said, ‘Get down here, we just won $7 million.’”
She wasn’t just paying lip service to her daughter either. Looney and her daughter, Carol Prevete, have split lottery payments for as long as they can remember. Looney wasn’t about to get greedy now.
They decided to receive their lottery payments in a lump sum versus annuity, which worked out to about $2.3 million each after taxes. Not a bad idea since sometimes people end up selling lottery payments anyway. A lottery annuity like the Mega Millions is paid out in 30 annual payments that grow by 5%. She’s not entirely sure what she’ll do with all of it, but the New York Post reported that Looney plans on buying a home and taking a trip to Disney World.
Prevete is looking more towards the future. She plans to put a lot of the money away for her four children’s college funds. A sound investment that will surely pay dividends considering 70% of lotto winners lose all their money in less than five years.
It’s unclear if Prevete will continue working at her current job as about half (48%) of lottery winners do. One thing’s for sure though, even this big win can’t quench Looney’s insatiable appetite for playing the lotto. In fact, she’s already won over $100 more since hitting it big.
“I don’t drink, I don’t smoke, so I like the New York state lottery,” she said.
As they say, two heads are usually better than one and two chances of winning big can be the $7 million difference.