Lottery won 10 million, pay 2 taxes and pay 2 sums of money, the vast majority of people will not come back.
Those "unpopular" fees after winning the jackpot may be more than you think. Everyone often fantasizes about the good life after winning the jackpot, but often ignores the "broken wealth" link behind it.
Taxes, fees, and possibly even donations can add up to a lot of money. Where does all this money go, you may ask? Why is it better not to win after winning the lottery? Hurry up and read on, this article will reveal them one by one for you.
Winning the lottery is undoubtedly a dream for many people. Especially when you are in front of the lottery shop and see those dazzling advertisements: "10 million waiting for you!" "Who can't be impressed? However, when true luck strikes, you may find that things are not as simple as you think.
You have to say goodbye to money first. In China, according to the tax law, lottery tickets are accidental income and are subject to 20% personal income tax. That is, if you win 10 million, 2 million will have to be handed over to the treasury. This part of the money is not negotiable and must be paid. However, if your winning amount is less than $10,000, then congratulations, this part of the money is tax-deductible. This is a preferential policy specially set by the state in order to encourage everyone to participate in public welfare activities.
Next, don't forget about the processing fee. Many people may not know that there is a handling fee to be paid after winning the lottery. This fee is collected by lottery sales agencies to cover management fees, equipment usage fees, etc. How much does it cost? It depends on what kind of lottery ticket you are buying, and it generally fluctuates between 1% and 5%. Take 10 million as a calculation, which is 100,000 to 500,000. In other words, the actual number of people who have received it may only be 7.5 million to 7.9 million.
There is another amount of money, although "voluntary", but it is also worth mentioning, and that is the donation. After winning the lottery, many people will choose to donate a part of the prize money to support social welfare causes. You can set this part of the money according to your wishes, generally between 1% and 10%.
If you decide to donate 10%, then you have to donate 1 million for the prize of 10 million. The good news is that if you donate no more than 30% of your taxable income, it can also be deducted before tax, so that you can pay less personal tax.
Having said all this, some people may think that winning the lottery is a troublesome thing. Indeed, from a financial point of view, this windfall is not only a numbers game, but also a test of wisdom and responsibility. How to deal with this money, how to maximize benefits within the framework of the law, requires wisdom. And how to balance the interests of individuals and society is a test of a person's sense of responsibility.
For ordinary people, the first reaction after winning the lottery is mostly excitement and joy. But in addition to joy, you should also calm down and plan where the money goes. Do you want to quit your job immediately? Do you want to invest? Or is it for children's education? Every choice may affect your future life. At the moment of claiming your prize, you are not only a lucky winner, but also a decision-maker who is about to face multiple choices.
Winning the jackpot sounds like a good thing, but the additional expenses such as taxes and fees behind it are indeed a problem that many people ignore. What's more, where and what the money is used for is something that every winner needs to consider. Many people may only see those glamorous advertisements and publicity, but they do not realize that they will have to pay a lot to cash out these bonuses. It's like a gorgeous banquet and you need to pay the price of an admission ticket.
And, let's not forget, these sudden gains can also come with a range of social and psychological stresses. The relationship between family and friends may be complicated by the intervention of money; Individuals' lifestyles may also change as a result. All of this requires the winner to be mentally prepared and wise enough to deal with it.
While enjoying the gift of Lady Luck, don't forget the responsibilities and challenges behind it. Lottery is not only a piece of paper, but also a heavy responsibility and test. How to turn this windfall into positive energy in life, rather than a burden, is a problem that every winner needs to think about.
epilogue
Winning the lottery is indeed an exciting and headache topic. On the surface, you may become a millionaire overnight, but the additional expenses behind it, such as taxes, processing fees, and how to deal with this sudden wealth, are all questions that need to be carefully considered. I hope that every lucky person can face these challenges rationally and make the most appropriate decisions while enjoying the joy. After all, true luck is not only about winning the lottery, but also about being able to manage this wealth wisely and responsibly afterwards, so that it can become a help in life, not a burden.
