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btneast Mar 12, 12:22 p.m.
I would NEVER invest that kind of money. That's just me. Too risky. :-)
Risk depends on HOW you invest it, not so much that you invest it. There's lots of different ways to invest it other than the stock market, which I am guessing is what you were referring to? Putting it into a simple savings account is investing.
Strawberry Letter 23 Beth Wilson Mar 11, 6:59 p.m.
lew1967, I like the way you think. It is her money. If she wants to save it or blow it, that's up to her. I would NEVER invest that kind of money. That's just me. Too risky. :-)
peewee Mar 11, 6:26 p.m.
I hope all good on they wins.
lwe1967 Mar 11, 6:12 p.m.
Superman - the money belongs to her to do as she wants, not you. Yours is the more sensible thing, but, again, it's her money.
lwe1967 Mar 11, 6:11 p.m.
Good for Dianna Sills!
superman Mar 11, 4:22 p.m.
Figure on the property taxes and the insurance. You could use that and it wouuld pay the rent a couple times a year and you would have the bulk of your money in the bank. You have help when hurricane season comes to try to weatherproof the house as much as possible. You have help for the constant repairs? You might have to replace major appliances, hot water heater, heat pump, new roof. The maint. fee on my time share is $750. They decided to remodel this year. Assessed another %750 for the next 3 years which means that we have to pay $1,500 a year and we own a week. As you get older the beach and hot sun will be less and less attraction and you may have health issues that prevent you from driving. I much prefer to keep my money where I can get my hands on it. When you get ready to sell you going to have to take much less than you are asking just to get rid of it.
DaisyMae Mar 11, 3:11 p.m.
Think of the nice places to rent at the beach and walk away from any upkeep, repairs etc, but have the memories of nice vacation and money left over for another one. No worries!...Just saying....
michaelllee11 Mar 11, 2:56 p.m.
NC Lottery predetermine where they want these winning jackpot tickets to go. It amazing they they rarely have jackpot tickets in the Northeastern part of NC, as if the Northeastern part is not a part of the state. They want the hundreds of millions the residents of that part of the state spend, but yet rarely let them win.
Strawberry Letter 23 Beth Wilson Mar 11, 2:44 p.m.
I could EASILY live off that, even after taxes and not work again! It's called being frugal and smart. The most important thing for me: No work! LOL!
Congratulations to the winner. That kind of money can and does, go fast. SAVE it. Quit your job and enjoy being home.
ellengraham5660 Mar 11, 1:57 p.m.
$1 million is NOTHING these days. I wouldn't dare blow and waste my money on some silly house on the beach that's subject to be blown away and have to be rebuilt over and over. What a wasteful sin. Use the money to take a nice vacation, pay off your bills, build a house here where you live and put the money to work for you. Invest, save it for your retirement. What little you will get after the government sucks you dry.
gobbledygook Mar 11, 1:47 p.m.
i would buy a boat
C6-YA Mar 11, 1:37 p.m.
MonkeyFace, you're so right... After Federal and State taxes.. she won't be left with much. Not even to put a down payment on a beach house.
schooldoctor Mar 11, 1:07 p.m.
You can rent a beach house more times than you have vacation to go to the beach. She better wake up and smell the coffee.
MonkeyFace Mar 11, 12:34 p.m.
"Sills chose to take her winnings as lump sum of $600,000 after taxes.."
Haha, the irony is awesome. She DID NOT win $600,000 either. That's the lump sum based on the time value of money formula. She still has to pay taxes on the 600k..... clearly you didn't read either
xxxxxxxxxxxxx Mar 11, 12:30 p.m.
Just last week it was reported that the McCrory administration wants to take money away from lottery advertising and since then there have been several stories about how local people have won millions of dollars in the lottery. Maybe the WRAL web site is the new advertising arm of the lottery.
UreapwhatUsow Mar 11, 12:12 p.m.
I wouldn't invest in a beach house. What will she do ten years down the road when property taxes and insurance are due? If you can't afford it now, you'll just be losing a chunk of your money when it forecloses. Invest it in a more luxury lifestyle and ENJOY IT now, money disappears quickly these days.
da1200rey Mar 11, 11:39 a.m.
buying wind coverage at the beach on a 500K house will be enough to make me say NO to the beach house...there are better investments other than a beach house.
gobbledygook Mar 11, 11:36 a.m.
Does proceedings actually goto the education system or is that just a 'name' Nc Education lottery??
MonkeyFace Mar 11, 11:36 a.m.
congrats! i would have taken the $600,000 as well.. along with some much needed time off work, so i could invest alot of it! don't know about the beach house.. the insurance you have pay each year is crazy!
areyououtofyourmind Mar 11, 11:22 a.m.
"So for all who clearly skimmed the article and for whomever titled this story: let me point put that this woman DID NOT win $1million. She won $600,000 (after tax figure)."
Haha, the irony is awesome. She DID NOT win $600,000 either. That's the lump sum based on the time value of money formula. She still has to pay taxes on the 600k.
Triumph Mar 11, 11:22 a.m.
Hey, that was my ticket! I lost in at a McDonalds.
JoCo50 at MXR Mar 11, 11:18 a.m.
Maybe they need to put the "education" back in the lottery name.
Even if $600,000 would purchase a distressed beachfront cottage, the county tax bill would put you out in the street after the first year.
wayneboyd Mar 11, 11:05 a.m.
Congratulations!!! I would love to be so lucky. I think I'd choose the 20 year annuity route. An extra $35,000 a year after taxes would do wonders for my "want to's."
babbleon Mar 11, 9:40 a.m.
@superman: If you can live at the house, and choose wisely, it's not (much) worse than a house in Dunn for repairs. You do need to budget a lot for painting and professional window washing every couple of years. $500K should buy something decent, though I admit I'd pick something like the area between Swansboro and Morehead City, or between Hampstead and Sneads Ferry instead of the outer banks. Short drive to the beach, and you should be able to find a good view of the sound, but still be sheltered from the erosion. I wouldn't go any further north than that, looks like north east NC is likely to go under when the sea levels rise.
Learning+Growing Mar 11, 9:39 a.m.
So for all who clearly skimmed the article and for whomever titled this story: let me point put that this woman DID NOT win $1million. She won $600,000 (after tax figure).
joeBob Mar 11, 9:38 a.m.
"Dont buy a house at the beach. It will be a thorn in your side forever. Painting, repairs, storms, insurance. We purchased a time share many years ago. We couldnt sell it and finally just gave it away. Best deal is just to rent where you go or go to a hotel. A beach house is like a young boy who wants a pony for christmas. By New Year's he is ready to send the pony back."
Amen Superman. Been there and done that but we made out pretty good when we sold back in 2003. Now we just rent and let the owners worry about all that maintenance. A beach house will nickel and dime you to death.
joeBob Mar 11, 9:36 a.m.
That beach house still might be a dream with around 50% going to taxes. Depends on which beach I guess.
babbleon Mar 11, 9:23 a.m.
May I recommend that you buy that house on a shore rather than the outer banks, and a block or so away from the beach? That way you can enjoy it the rest of your life instead of watching it wash away.
ncouterbanks69 Mar 11, 9:16 a.m.
Good to hear that this ticket was purchased with money that was earned and not simply given by our handout system. Congrats and go get that beach house! There is nothing like it.
avidreader Mar 11, 9:08 a.m.
You think a million dollars, after taxes, will buy a house on any of our beaches?
superman Mar 11, 9:02 a.m.
Dont buy a house at the beach. It will be a thorn in your side forever. Painting, repairs, storms, insurance. We purchased a time share many years ago. We couldnt sell it and finally just gave it away. Best deal is just to rent where you go or go to a hotel. A beach house is like a young boy who wants a pony for christmas. By New Year's he is ready to send the pony back.
Rolling Along Mar 11, 9:01 a.m.
Go ahead and buy the house, but be prepared to pay some annual hefty taxes on it!
Published: 2008-01-11 14:37:00
Updated: 2010-06-21 13:53:03