Check out this story about a local barber who became a $1 million Powerball winner and kept his job anyway.
When you play Powerball, you probably dream about winning it big. You might even be making mental notes about how you’d spend, invest, or save your winnings. But what about your job? Would you be one of those Powerball winners who chose to keep working despite the significant windfall of cash?
One recent Powerball winner story might have you thinking about whether or not you’d stay employed. When this local barber found out about his $1 million Powerball-winning ticket, some thought he might retire, considering his years of dedicated barber service already. He had other plans, though.
The Tennessee Barber Who Won Big
It was the June 8th Powerball drawing this summer that proved to be extra special for Donald Thompson. The Pleasant View, TN, barber managed to pick five matching white balls in the drawing. And it generated a $1 million windfall.
Donald was just one of a few million-dollar prize winners that lucky month. Another similar prize amount was awarded to a retired TVA worker and yet another to a man whose very last-minute decision to buy a second Powerball ticket earned him a seven-figure winner. It was a lucky month to play Powerball, it seems.
Donald had purchased his Powerball ticket at H.G. Hills, a local grocery store at 2498 Highway 49 East, in his hometown of Pleasant View, TN. A several decades-long barber, Donald also shared with news outlets his passion for drag racing and said he was an avid gym member and septuagenarian. But he was equally vocal about his need to stay active. He shared that he loves to “stay really busy doing things I like.” And he has no plans to stop cutting hair, despite his hefty bank account balance.
Lots of Winners Keep Working
Oddly enough, despite winning big jackpots, lots of past Powerball winners chose to keep working. In fact, one survey of past winners showed that 52% were still employed or self-employed.
Sandra Hayes, along with 12 of her co-workers, won a $224 million Powerball jackpot. And despite no longer having to live paycheck to paycheck, she continued to live a frugal lifestyle. She credits the discipline as what’s kept her bank account full, where others have all since been drained of theirs.
In another story of Powerball-winning co-workers, an entire group of employees walked out of their jobs the moment they realized they had won. But in a few short years, reports suggested those workers all came back, hoping to be rehired to their former positions. And it proves there might be some sound advice in seeking professional guidance before making any rash, career-related decisions.
Should You Quit Your Job?
Based on the past experiences of other Powerball winners, and maybe heeding Donald Thompson’s mantra to keep doing what you love, quitting your job right away isn’t such a smart idea. Winning millions of dollars sounds like a lot of money, especially if you’re financially strapped. But those dollars spend quickly if you’re not careful.
It’s best to start with a consult and trusted financial professional about how to manage any Powerball prize you collect. They can help with insights on how to keep that money for as long as possible. Plan a retirement or invest wisely for nest egg growth. But don’t quit your profession unless and until you’re absolutely positive that you have a plan to remain financially solvent without a paycheck.
So, while you’re daydreaming about winning the Powerball jackpot, consider how you’ll handle the big news. And take a few notes from Donald Thompson’s playbook. Don’t quit your job, at least not until you’ve had a chance to talk with an advisor.