Staff writer
Even the manager of the Hillsboro store that sold a winning $1 million lottery ticket doesn’t know the identity of the winner, who wished to remain anonymous after claiming his prize Thursday in Topeka.
“We probably sold at least 1,000 tickets,” Casey’s manager Sarah Irvin said. “It’s like that at every Casey’s.
“I was hoping they would just come in and tell me. [But] I think old family members or friends would randomly come out of the woodwork to get close to all that money and try for a piece of the pie.”
Irvin, who bought a ticket herself but didn’t win a cent, has no idea what she would do with such a windfall. Buying a new car was one possibility. However, local financial experts point out that the winner’s million really isn’t a million.
“Usually most lotteries take about 30 to 40 percent for taxes with big numbers like that,” said Mike Padgett, regional lending manager at Central National Bank in Hillsboro. “If you take it as a lump sum, they take more, and suddenly that $1 million becomes $300,000.
“Don’t get me wrong, $1 million is a lot of money, it’s a life-changing amount, but if you’re in your 30s, don’t think you’re going to be able to retire and live off those earnings on a beach for the rest of your life. If it were me, the first thing I would do is talk to a good personal investment provider.”
Kim Vidricksen, investment representative with Great Plains Federal Credit Union, said setting aside a least a portion of the money would be a good idea.
“The general tendency is for people to go out and buy something,” Vidricksen said. “Most important they need to set aside something to make sure they generate a lifetime income.”
Investment options depend on a person’s age and place in life. Investment trusts, municipal bonds, and CD investments all are safe bets to generate ongoing income, she said.
“You certainly see some people spend a bunch but you hope they don’t spend frivolously,” Vidricksen said. “A nice large home or land is a good investment.”
Many people typically buy new vehicles, Padgett said, but ongoing costs like taxes and insurance should be considered.
Parents also typically save some for their children’s college expenses, Vidricksen said.
Investing in stocks or businesses also is an option, but a lot depends on the individual’s tolerance for large swings in value. An ill-prepared investor might panic and sell at the wrong time.
“But sometimes with more risk comes higher returns,” Vidricksen said. “It all depends on the person and where they are at in life.”