By: Alex Goldberg
How incredible would it be if you won the lottery? Who does not want to win millions upon millions of dollars? Imagine what a person could do with all of that money! They could give some to charity, make others in there family economically secure, get things to make themselves happy, invest in some stocks, and even settle debts and other payments.
Recently, a 44-year-old man, by the name of Pedro Quezada, from Passaic County, had received the winning Powerball ticket. The Powerball jackpot contained $338 million!! Of course, taxes kick in as well as some other financial requirements, and he is left with $152 million. This is still more than enough for him to live off of without having to work for the rest of his life.
Now, he has to pay child support for his five children. The debts, or resolved child support payments, go back to 2009. He now has to give thirty thousand dollars to support his children and pay off the debts. His lawyer says he will “do what’s right for his children.” Considering they are his children, and he won the lottery, he should probably give them some more money. It is still unknown which children are covered by this money. New York State Supreme Court Judge Ernest Caposela told Pedro Quezada that “there are going to be a lot of people who are going to ask you to invest in things because of your good fortune, but investing in your children is the wisest investment you can make.” Three of the five children will live with Pedro Quezada, while the remaining two will live with the mother, whom lives out of state.
Last week, Pedro Quezada received a lump-sum payment of $221 million; which after tax was about $152 million. Clearly, now he can afford to pay off his debts. Prior to winning the Powerball jackpot, he struggled economically. “Quezada appeared at a press conference last Wednesday to collect his check alongside his brothers and Mexican wife. He took questions from reporters but was scant on details about his personal life, especially about his life in the Dominican Republic.” He was a working-class Dominican father of five. Five children is a lot to have to pay for. Furthermore, a few years ago there was a foreclosure on his home. So, he also had to pay off those debts.
Fortunate for Pedro Quezada, he won the lottery. Hopefully he is able to spend his money wisely so that it doesn’t get all used up. Many times, lottery winners have gone out and spent all of their money. He should be set for life though, so long as he is careful.