Ohio State Mega Millions Winner Retires Early

Ricky Rhinebolt from the state of Ohio just won the Mega Millions lottery game in his state. After tax deductions, his winnings went from $5 million dollars to just over $3 and a half million, which is still a pretty decent amount of cash to earn. Ricky has decided to quit his job and live off of the prize money. He does not plan on spending his earnings on lavish luxuries, but rather on day to day living expenses. He hopes to make the money last longer that way. There are plenty of ways to spend money and no two people’s living expenses and needs are the same, which is why it’s important to take one’s own needs into consideration. Still, it can never hurt to hear of some of the options out there in order to help you make a more informed decision.

Live It Up!

The money you win from the lottery is yours and no one else’s, which means that no one can tell you what to do with your money. They can make suggestions till they are blue in the face, but your winnings are yours alone. You can choose to splurge on lavish luxuries if you so desire. If you plan on celebrating your winnings by enjoying the finer things in life, you’ll want to start by getting yourself a nice bottle of champagne, which can cost up to $500,000 to purchase. You can go all out and buy yourself a couple of houses or a yacht. Perhaps you want to throw big parties on a nightly basis just because you can! Here are the top 10 things that other lottery winners chose to spend their winnings on:

  • Buy a huge house with all the latest amenities
  • Travel the world and go on lots of vacations
  • Retire early
  • Buy luxury cars and boats
  • Invest the money
  • By lots of excessive gifts
  • Give to charity or medical research
  • Put it in trust funds for children
  • Abuse drugs incessantly
  • Start a business

Be Practical

You can also choose to be practical with the money you’ve won. If that is what you choose to do, than first things first, you’ll want to pay back any debts that you owe. This includes student loans and mortgages as well as any medical bills or day to day living expenses that have accumulated over the years. Paying back all your debts is crucial, as it will give you the peace of mind of knowing that you are independent and do not owe anyone anything financially. Next, you’ll want to think about how you want your life to look currently as well as down the line. You’ll want to consider whether or not you want to retire early and live off of the money you won, or if you’d rather save the money for when you retire while you continue to work for a few more years. Consider investing your money so that it works for you, making you even richer.