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How I Spent $75,000 In One Week
I purchased Walmart gift cards for the Queen of England
You’ve probably heard countless stories of people winning millions of dollars in the lottery. But due to a lack of financial education, many lottery winners don’t know how to spend the money efficiently and end up broke in a short amount of time. Quoting an article published by CNBC:
“Evidence shows that most people who make it to the top one percent of income earners usually don’t stay at the top for very long.”
I’m one of those people. Three months after winning $1.2 million in the lottery, I had less than thirty dollars in my bank account. So, in this article, I want to share the details of how I spent the money, so you can avoid making the same mistakes as me.
A Massive Percentage Of My Winnings Went To Taxes
There’s nothing more annoying than seeing the government take several hundred thousand dollars of my hard-earned lottery winnings.
Due to California’s ridiculously high tax rate, I paid over $500k in income tax. Eww. On top of that, I’m struggling to afford the high car payment on my Ferrari due to surging gas prices. Maybe it’s time to buy a Tesla.
