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Former Bus Driver Wins 7 Million and Cashes Out for $4.3 Million

lottery21n-3-webBy Angela L. Braden

Frederick McClendon, a retired city bus driver, is now one of New York’s newest millionaires.

The 51-year-old retiree purchased a Cash4Life lotto ticket at a Brooklyn liquor store.  The next day, McClendon discovered that ticket was worth $7 million.

According to the New York Daily News, the day after purchasing the ticket, McClendon went back to that same liquor store where he had bought it.  That’s when the store’s clerk told him that someone had purchased a winning ticket at that very location.  McClendon didn’t hesitate to see if he was the lucky winner.

“I checked my ticket right in the store, and the store clerk gave me a printout of the results.  That’s when I knew I had won big,” McClendon said.

 McClendon rushed home and informed his family of his new fortune.  However, his family was in disbelief.  But soon, that disbelief morphed into sheer excitement once they realized that McClendon was telling the truth about his major win.

McClendon waited until after the Thanksgiving holiday to cash in his ticket.  On Dec. 1, the retiree walked into the lottery headquarters with a single ticket in his hand and walked out with a $4.3 million lump sum.

McClendon told the Daily News that he loves his family and he plans to spend his money on them.  He wants to set up college funds for his children.

“It’s about my family,” he said.

I bid this brother a hearty congratulations on his winnings.  However, I’d like to caution him to not run through all of this money in a matter of a couple years.  Far too often, we hear of lottery winners going broke because they spent their money as fast as they got it.  Let’s hope that this man is wise enough to increase his financial literacy, make reasonable purchases, and put some of that money back for a rainy day.  There’s nothing more awful than being broke, then rich, only to be broke again.

Luck won McClendon millions.  Good sense will help him keep it.

Staff

2 Comment

  1. Congratulations to him. That is amazing.

  2. Why do they all take the lump sum? I know it is well-known to take the lump sum and invest it to gain even more in 20 years. But you have to know how to invest to take advantage of it and usually lottery winners are not experienced with that much money to invest. There are pros to take the payment option and invest as well. I understand he could invest a bigger lump sum and have it earn more – but temptation is just waiting to creep in a newly wealthy individual. After hearing so many stories of lottery winners being broke so fast, I would take the FULL payout amount spread out over the twenty years and live comfortably. It's not like one needs all that money at once. You also get the benefit of having less of a chance of being a victim to temptation and irresponsibility and possibly spending the money quickly. $350,000 for the next 20 years is a comfortable and controlled lifestyle. What do you all think?

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