Many in United State Dreaming of being rich and living a life of luxury that may seem very far away at the present time, and this is what attracts many towards the lottery.
There are hundreds of different types of lotteries for you to play as the majority can you see you win a lump sum of anything from a dollar to hundreds of millions of dollars if you are very lucky.
In America, lottery winnings are heavily taxed and winners have the option of receiving all the money at once, or having the winnings paid to them in installments. This limits what can be brought in at once, but results in a number much closer to the real winnings.
There is no lump sum
Cash4Life is a different kind of sweepstakes, as there is technically no lump sum paid out to the winner. Rather, it is as the name suggests.
The first prize winner of the Cash4Life lottery receives $1,000 daily for the rest of his life.
As stated on the Cash4Life website: ‘The first prize is paid as a lifetime annuity (for a minimum of twenty years) of $365,000 annually or a one-time payment upon selection of the winner. The lump sum payment amount equals the estimated cash amount required to purchase the annuity. The first prize will be divided equally among several first prize winners. Award levels may be reduced from 2 to 9 if liability limits are exceeded.
There are nine different types of prizes, the least of which is a one-time payment of two dollars. Draws are held every evening in America which means that winners are announced all the time. Each draw is at 21:00 ET.
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