Tuesday, March 13, 2007
Ticket-holder losing big time
Philadelphia Inquirer | 03/13/2007 | Ticket-holder losing big time: "Whoever won the New Jersey half of last week's record $390 million Mega Millions lottery jackpot is becoming a bigger loser by the minute.
The mystery millionaire has already lost as much as $140,625 - interest that the giant jackpot could have earned in a bank for a week. That's nearly three times what the typical New Jersey resident makes in a year.
'It would seem like it's a big financial hit not to be earning that interest, but in terms of what they have won, the amount is a drop in the bucket,' said Don Taylor, an associate finance professor at the American College in Bryn Mawr, who writes a personal finance column for the Web site www.bankrate.com.
He added: 'The lottery winner may be using the time wisely to talk to a financial planner, move to a secure location, and change their phone number before they stand in front of the camera and smile as they are handed a giant check.'"
The mystery millionaire has already lost as much as $140,625 - interest that the giant jackpot could have earned in a bank for a week. That's nearly three times what the typical New Jersey resident makes in a year.
'It would seem like it's a big financial hit not to be earning that interest, but in terms of what they have won, the amount is a drop in the bucket,' said Don Taylor, an associate finance professor at the American College in Bryn Mawr, who writes a personal finance column for the Web site www.bankrate.com.
He added: 'The lottery winner may be using the time wisely to talk to a financial planner, move to a secure location, and change their phone number before they stand in front of the camera and smile as they are handed a giant check.'"
