A visit to his favorite restaurant and what the Michigan Lottery called a "lucky mistake" led to a man taking home nearly $400,000 this fall.
"I come to Michigan every few weeks to eat at my favorite restaurant and I always get a Lucky for Life ticket for 10 or 20 draws while I’m here," Michael Sopejstal explained to the Michigan Lottery news service. "I asked the retailer for a ticket for 10 draws, but he accidentally printed a ticket with 10 lines for one draw, but I told him I still wanted it."
With a Lucky For Life ticket, you pay $2 for the chance to win various prizes, with a top prize of $1,000 a day for life if you match all five winning numbers and the Lucky Ball. Sopejstal didn't quite get that — his ticket missed the Lucky Ball — but it still turned into a pretty good return. With the numbers on his $20 ticket, he won $25,000 a year for 20 years or for life, whichever is greater.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Like most lottery winners, Sopejstal chose to get his winnings as a lump sum rather than an annuity, which added up to $390,000. He plans to use the money for travel and savings, he told Michigan Lottery.
It's important to remember, of course, that if you win the lottery, you have to pay taxes. Powerball winners get a hefty tax bill, while the Mega Millions jackpot after taxes drops considerably from the advertised winnings.
But it's still fun to dream, isn't it? With Sopejstal looking to use his money for travel, there are some great places to visit where the dollar is strong all around the world. With what he has left for his savings, he could look into some of the best high-yield savings accounts to grow it.
Or, he could follow Kiplinger senior investing writer Dan Burrows' advice on investing a jackpot, which involves what he calls "the laziest and easiest way to invest such an obscene amount of money."
Here's to dreaming — and lucky mistakes!
Related Content
-
Is the EV Tax Credit Going Away? What You Need to KnowTax Credits There's a lot of chatter about the President-elect's plans to eliminate the electric vehicle tax credit. Here's what's happening.
-
Being Nimble Is Key to This Fidelity Bond Fund's OutperformanceThe Fidelity Total Bond ETF has done well over the long term as managers adjust to changing tides.
