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SD Rancher: I Won't Squander $232M Lotto Win

By Harry Kimball,  Newser Staff

Posted Jun 6, 2009 10:01 AM CDT
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(Newser) – South Dakotan Neal Wanless has just hit it big—$232 million in lotto winnings—but he promises to be wise and generous with his newfound wealth, reports the Argus Leader. “I want to thank the Lord for giving me this opportunity and blessing me with this great fortune,” the 23-year-old rancher said. “I will not squander it.” Wanless, who lives with his parents on a 320-acre spread, plans to buy a bigger place for himself, the AP notes.

Acquaintances of the family are happy for their good fortune. “They've been real short on finances for a long time,” a neighbor said. “They are from real meager means, I guess you'd say.” But a financial planner from the Sudden Money Institute warned that hitting it big means a big change. “They've lost their peers,” she said of lotto winners. “They are substantially different from everyone that they know.” After taxes, Wanless will take home $88.5 million. He bought the ticket in a town called Winner.

Winner, S.D.
Winner, S.D.   (AP Photo)
Neal Wanless, 23, accepts a ceremonial check for winning a $232 million Powerball lottery jackpot in Pierre, S.D.
Neal Wanless, 23, accepts a ceremonial check for winning a $232 million Powerball lottery jackpot in Pierre, S.D.   (AP Photo)
Neal Wanless.
Neal Wanless.   (AP Photo)
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COMMENTS
Showing 3 of 8 comments
kokuaguy
Jun 7, 2009 6:12 AM CDT
gud'n
TiredMemeCat
Jun 6, 2009 8:39 AM CDT
When the national / state lotteries got going in the US, David Brinkley reminisced: "The mob used to run lotteries, but they were called the numbers game. Sure, it was illegal to play, but the odds of winning were better and you didn't get taxed on the winnings." Seriously, it is total BS for the feds/states to tax the winnings - at luxury tax rates! They make enough money off the voluntary tax of the losers betting against the obscene odds of winning. Not only should the winners not be taxed one dime, but neither should any entity/institution to whom they give their winnings. Get all that money back into the economy fast without friction.
TiredMemeCat
Jun 6, 2009 8:32 AM CDT
Ironically, there's a joke about an old cowhand who says: "What would I do if I won the lottery? I'd just keep ranchin' untill it was all gone".
US

 
wealth • South Dakota • lottery • lotto • Powerball • Neal Wanless • winnings

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