03 Feb New York’s First Winner of Lottery Payments Over $1 Million From the Small Village of Tivoli
Even though 2016 still isn’t even a month old yet, one lucky woman has already become the first person to win lottery payments totaling over $1 million in the state of New York. It’s unclear whether or not 58-year-old Catherine Sakal of the small village of Tivoli plans to remain at her job like 48% of winners do, but she doesn’t plan on making too many drastic changes in her life, according to the Poughkeepsie Journal.
“[My husband, William, and I] already spend frugally, and that won’t change,” Sakal said. “With the winning, we will be able to live more comfortably.”
A wise decision considering the fact that 70% of all lottery winners lose or spend all of their winnings withing five years.
Sakal won the $5 million jackpot on a Cash X100 scratch-off ticket. Much like larger lotteries, such as the Mega Millions, which can be taken in a lottery annuity settlement of 30 annual payments that increase in time, the jackpot prize allowed her the opportunity to choose how she wanted to receive her lottery payments, too. She took the lump sum versus annuity, because “a bird in the hand is worth two in the bush.”
By taking the lottery payments in a lump sum she received $3.309 million after taxes. She bought the ticket while on the way home from the gym at Rhinebeck Food and Gas, a normal pit-stop for Sakal who considers herself a regular lotto player.
“I would only buy a certain number of tickets per month with my ‘mad money’ allowance,” Sakal said. “If it’s supposed to happen, it will happen.”
Unlike many big-time winners who rush to make decisions, Sakal took the patient approach, waiting over a month to decide exactly how she would go about it and even met with financial advisers before she even cashed it.
Winning the lottery can be a stressful time as you plan what to do with the influx of money. If — unlike Sakal — you make a hasty decision to take the annuity and regret it later, call Saf-Capital and we can give you the lump sum of money you really want.