Mum wakes up to find £1.6million in her account after huge surprise lottery win
A mum was stunned to find $2million (£1.6m) in her account after huge surprise lottery win
A very lucky Michigan resident wasn't expecting it - but managed to win the $2million jackpot a few days ago.
Waking up to the giant sum in her lottery account, she thought it may have been a mistake at first. But when she checked her numbers, there was a match.
Rachel Frye, 36, of Freeland, Michigan, frequently plays the Michigan Lottery in high hopes of winning, but like most people, she didn't expect that it would just happen.
"I play Mega Millions online pretty often," said Frye. "When I woke up the morning after the drawing, I checked my lottery account on my phone. When I saw that I had a pending balance of $2 million, all I could think was: 'That's not right!'"
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Don't forget to buy your tickets this week! This mum won by playing online in Michigan (Getty Images)Frye matched the five white balls 11-30-45-52-56 and thanks to the Megaplier, her $1 million prize was multiplied to $2 million. She missed the megaball. Guessing all six balls correctly would have won $1.55 billion.
"I closed my app and checked my email," Frye said. "When I saw the email from the lottery saying I had won a prize and to check my account, I knew it must be real! I rolled over and started shaking my husband to wake him up and stuck my phone in his face screaming, 'Look at this! Look at this!'"
The ticket was bought online through the state's lottery website and Frye got to claim her prize the next day at the Michigan Lottery headquarters.
She says she plans to use the money to pay off her student loans and start college funds for her young children, as well as beef up her savings. "Winning this prize is incredible and gives my family some financial comfort," Frye said.
A woman checked her lottery account to find it had $2million in it, first thinking it's a mistake before she realised she guessed all the number (Getty Images)Anyone who scoops a jackpot has two ways to collect their winnings. They can either receive them in a lump sum or choose annuity payments for the next 29 years.
However, there are pros and cons to both of these options. While annuity payments can save on taxes and help players avoid becoming bankrupt, they do also mean having to remember to claim your winnings every year when you file taxes.
So which should you choose? Some financial advisors recommend taking the pay cut, choosing a lump sum. "The advantage of the lump-sum option is that the tax owed will be calculated as it stands at the winning time. After paying taxes on this amount, winners are free to spend or invest as they see fit."
"Some people might choose to get an annuity because they are betting that they will not have as much money to pay taxes in the future. This is because there is uncertainty about how much money will be taxed at what rates in the future."
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