Some believe that roughly 7% of the population are millionaires. Some believe it is as low as 4%. Households with a million dollars or more in assets are thought to be about 15%. But wealth from the “run of the mill” million dollar lottery does not make you exceptionally wealthy today. But when a lottery jumps up to the size of the West winnings, it takes the winner into a whole new category of wealth.We publish books on sports, and sports and faith that promote the good. I wanted to include a post on Lerynee because she has plans to help others with her winning. I think what you see from many people with wealth is a desire to help causes they are passionate about. We’ve covered Tom Monaghan in our Sports and Faith books in particular Sports and Faith: More Stories of the Devoted and the Devout. Monaghan and his wife earned their money in the pizza business, namely Dominos Pizza. After he sold the business for over a $1 Billion, he had focused on using his wealth to not only help causes of his choosing, but also helping to build those.
Lerynne West: Clive and Redwood, Iowa
Clive, Iowa, is getting a little extra attention these days as Lerynne West has come forward with one of two winning tickets of a recent Powerball Jackpot. West claimed her prize at the Lottery office in Clive. West lives 30 miles away in Redwood, Iowa. The other winner who is from New York has not claimed his or her prize.
The staggering $688 million prize is reduced in size when there are more than one winner and those winners take a cash outlay as West has done. West’s share is $343.9 Million which will be significantly reduced with reductions for the cash outlay and taxes.
Like many Lottery ticket winners of larger prizes, West believes she has a responsibility to do something extra with the money. Besides a new car, trips and family expenses including future college costs, she has set up the Callum Foundation named after a grandson who was born prematurely who lived for only one day. The Foundation will target various charitable causes.