One of two Mega Millions Lottery winners comes forward - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

One of two Mega Millions Lottery winners comes forward

Posted:

LAWTON, Okla. - One man is millions of dollars richer, Thursday, after winning the Mega Millions Lottery.

Jim McCullar of Washington will split the $380 million with another winner from Idaho, who has yet to be identified.  McCullar will end up with about $90 million if he decides to take the lump sum payment. 

Thursday, the retiree held a press conference revealing his identity and, more importantly, how he planned to take his cash prize, either all at once or in payments.  Financial Advisor Lance Wade says if he were counseling a lottery winner, he would tell them to go with the lump sum for several reasons.

"Present value form applies to money only rewards the state," said Wade.

Wade says the lottery would prefer everyone to take the payout over time because it expects to pay out less each year.  He also says your dollar's buying power will change from year to year, most likely negatively.

"$100 worth of bread and groceries today may very well cost you $200 in the future," said Wade.

Wade says either choice is a gamble, but the lump sum is one that he would take.  Either way, you will have to watch out for friends or relatives with their hands out and try to not go crazy and spend it all.

"It will change people's lives and how well they adjust to that is going to vary depending on their self discipline, their own history, their own ability to manage money and their own ability to manage relationships."

Wade says it is all about how you handle those changes that matters.

"If you're gonna get $90 million, it's gonna represent a lot of changes in your life one way or the other, lump sum or not."

The bottom line Wade says is, if you invest today's $90 million it should be worth far more than $90 million in another 20 years.

  • Local NewsLocal NewsMore>>

  • SkyWARN 7 Forecast

    SkyWARN 7 Forecast

    Sunday, August 31 2014 5:26 AM EDT2014-08-31 09:26:13 GMT
    Weather- Clear Skies RotatorWeather- Clear Skies Rotator
    Temperatures Climbing Back Up...
    Temperatures Climbing Back Up...
  • Brothers try to elude police with their identities

    Brothers try to elude police with their identities

    Saturday, August 30 2014 7:56 PM EDT2014-08-30 23:56:01 GMT
    LAWTON, Okla._Two brothers were arrested early Friday morning after lying to Lawton Police about their identities. After leading officers on a short chase on Cache, Paul Tijani finally pulled over and told police his name was Peter. But officers noticed a passenger in the car that looked very similar to the driver. When they asked the passenger if they were related, he said no. But police say the two looked so similar they had a hard time telling them apart. Officers later determined that Pet...
    LAWTON, Okla._Two brothers were arrested early Friday morning after lying to Lawton Police about their identities. After leading officers on a short chase on Cache, Paul Tijani finally pulled over and told police his name was Peter. But officers noticed a passenger in the car that looked very similar to the driver. When they asked the passenger if they were related, he said no. But police say the two looked so similar they had a hard time telling them apart. Officers later determined that Pet...
  • Mayor's Blues Ball continues in Medicine Park

    Mayor's Blues Ball continues in Medicine Park

    Saturday, August 30 2014 5:32 PM EDT2014-08-30 21:32:17 GMT
    The 8th Annual Mayor's Blues Ball is underway Saturday at Medicine Park.
    The 8th Annual Mayor's Blues Ball is underway Saturday at Medicine Park.
Powered by WorldNow
KSWO-TV, 1401 SE 60th Street
Lawton, OK 73501

Telephone: (580) 355-7000
Fax: (580) 357-3811
Email: news@kswo.com

All content © Copyright 2000 - 2014 Worldnow and KSWO. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.