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What to do with massive (PHP 6.5 billion) lottery win?!

Published: March 10, 2018

Such a problem has recently had an Illinois resident in the United States. On February 25, 2014, he hit the jackpot in the local lottery and broke all records. The win was 127 million dollars! This amount is several times greater than the Philippines Lotto record.

Story of the big winner from Illinois

Converting into pesos, at the current rate, a 70-year-old Chicago resident earned about PHP 6593 million in Mega Millions for his retirement. It is almost seven billion pesos, which could supply the whole country budget for small, but significant time. What can a good man do with such a sum? As he says about himself, "I am an ordinary person."

The amount of this big win is the largest in the lottery history of the state. Davila, who can talk about himself as a great lucky person, but mainly due to being a happy grandfather of four grandchildren and father of four children, got a gigantic paycheck after winning. He had to decide whether he would take money in the form of monthly payments or the entire lump sum at once. The jackpot has initially been twice as massive, but because he chose the whole amount, he would get "only" $ 127 million (taxed). Otherwise, he would get $265 million but paid in parts for many years and taxed as well. You can see that the policy of the company organizing lotteries is different there, and the choice can be tricky.

Davila, who was a professional driver and now retired, bought a winning ticket at a grocery store in the Glendale Heights district. The trip turned out to be very profitable. The store will receive as a bonus up to half a million dollars, for selling this ticket. Davila is from Puerto Rico but moved to the US at the age of 6. He probably never imagined winning so much. When he watched the lucky draw, he was convinced that only five numbers were correct. However, after checking his son's coupon, it turned out that it appeared to have six correct numbers. He decided that he would spend money mainly on the family, invest and support charity foundations.

Important things you should do after winning the lottery

If you win a large sum of money through a lottery, it can be a life-changing event. Here are a few things you may want to consider doing with your winnings:

  • Pay off any debts or outstanding bills you may have. This can help reduce financial stress and provide a clean slate for your future financial planning.
  • Consult with a financial advisor or professional. They can help you develop a financial plan that takes into account your short-term and long-term goals, and recommend investments or strategies that can help you grow and preserve your wealth.
  • Consider setting aside some money for charitable causes that are important to you. This can be a great way to give back to your community and make a positive impact.
  • Think about your long-term financial security. You may want to invest some of your winnings in a diversified portfolio of stocks, bonds, and other assets to help provide a steady stream of income over the long term.
  • Don't forget to enjoy yourself! You may want to treat yourself to a few splurges or take a dream vacation. Just be sure to balance these short-term pleasures with your long-term financial goals.