ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Meet the Man who Became Debt Free Thanks to a Life-Changing Lottery Win

His immediate plan involves paying off his house, a milestone that holds profound meaning for the fortunate lottery winner.
PUBLISHED MAR 9, 2024
Cover Image Source: Mega Millions lottery ticket | Getty Images | Photo by Tim Boyle
Cover Image Source: Mega Millions lottery ticket | Getty Images | Photo by Tim Boyle

Rising debt is one thing plaguing most people amidst rising costs of living, but for some, an unexpected turn of fortune can emerge as the savior. Charles Stallard has finally become debt-free for the first time, after winning a life-changing $150,000 in the lottery. Stallard's unexpected windfall came from a routine grocery store visit that turned into a momentous event on February 9, as per CNN.

A customer purchases a Mega Millions lottery ticket at a 7-Eleven store | Getty Images | Photo by Scott Olson
A customer purchases a Mega Millions lottery ticket at a 7-Eleven store | Getty Images | Photo by Scott Olson

While checking out at a Louisville store, Stallard made an impromptu decision to add a $5 lottery ticket to his purchases. This decision proved to be life-altering. Inside his truck, Stallard scratched off the ticket to reveal the coveted 50x symbol, indicating that his potential winnings would be multiplied by 50. Initially, Stallard, like many lottery players, was cautious in his optimism. "I figured it was going to be $5," he remarked. However, to his disbelief, the scratched-off numbers unveiled a substantial prize. "When I scratched off $3,000, I started crying. I couldn’t believe it!" exclaimed Stallard.

His stroke of luck meant he had won the grand prize of $150,000. Over the following weekend, Stallard held onto the winning ticket, admitting, "I didn’t get much sleep all weekend." The anticipation and excitement culminated when he redeemed the ticket the following Monday, walking away with $108,000 after taxes.

"For the first time in my life, I’m not in debt," Stallard joyfully proclaimed, sharing that his immediate plan involves paying off the mortgage on his house, a milestone that holds profound meaning for the fortunate lottery winner. With a beaming smile, Stallard shared his outlook for the remainder of 2024: "I’m fishing the rest of the year."

Stallard's win is not the end of the story for the 50x The Cash lottery game. According to the Kentucky Lottery, there are still two $150,000 winning tickets available for fortunate players.

Customers fill out Mega Millions lottery tickets outside of a convenience store | Getty Images | Photo by Drew Angerer
Customers fill out Mega Millions lottery tickets outside of a convenience store | Getty Images | Photo by Drew Angerer

Stallard's newfound status as a debt-free individual places him among the 23% of Americans who currently live without debt, as reported by the Federal Reserve Bank of New York. In a nation where over half of the population owes some form of financial balance, Stallard's story offers a refreshing deviation from the norm. A 2023 report from the Federal Reserve of New York indicates that the total household debt in the United States reached a staggering $17.5 trillion. This debt is distributed across various sources, including credit cards ($1.13 trillion), mortgages ($12.25 trillion), auto loans ($1.61 trillion), and student loans ($1.6 trillion). The diverse sources of debt also encompass outstanding balances from retail credit cards, consumer loans, and other non-household expenses.

In a parallel incident, a fortunate resident of North Carolina, Matthew Shipley, found himself with the choice of a lifetime after winning $25,000 annually through the Lucky for Life lottery game. Shipley's stroke of luck occurred on September 28, 2024, when he purchased a $2 Lucky for Life ticket using the North Carolina Lottery app, per Yahoo!Finance. Matching all five white balls in the drawing, Shipley received a notification on his phone about the significant win, prompting an ecstatic reaction. Faced with a pivotal decision, he was presented with two choices, to either receive the $25,000 annually for the remainder of his life or opt for a one-time lump sum of $390,000. Shipley opted for the lump sum, ultimately taking home $277,896 after taxes. Shipley expressed his love for camping with his wife and revealed intentions to pay off the debt for his camper. Additionally, he plans to settle his mortgage and allocate some funds for retirement.

MORE ON MARKET REALIST
According to the expert, personal letters and a signature from Tolkien himself added to the value of the book.
7 hours ago
Chistina and Katie Currie won over $88,000 in cash and two exotic vacations with their stunning performance.
8 hours ago
After everyone backed out, the billionaire Shark stepped up to help the founder of Diaper Dust.
1 day ago
Sun kept repeating the incorrect phrase but couldn't identify the error in time.
1 day ago
After almost closing a deal with Mr Wonderful, the founder of 'Simply Good Jars' pivoted hard.
1 day ago
The host thought it was the "worst possible answer" to give even as the team felt it was good enough.
2 days ago
Adding to the controversy, the owner of Dr. Mudd's lapdesk asked Harrison for $100,000.
2 days ago
With just milliseconds to spare, Sarah LaPilusa pulled off an incredible Bonus Round win.
2 days ago
Ozark Trail 64 oz Water Bottles were recalled after the lids of faulty bottles forcefully ejected.
3 days ago
The player laughed and giggled her way through the puzzles to win prizes worth over $57,000.
3 days ago
Scott Riccardi placed an unbelievable wager during Final Jeopardy! to win a massive amount in a day!
3 days ago
The guest got a 200% return on investment on her sculpture that she bought from Macy's.
3 days ago
Jennings had a record-setting winning streak as a contestant before he became the host.
4 days ago
The player, Ron Wheeler, tragically got no clues after his letter picks for the final puzzle.
4 days ago
The former kids champion, Skyler Hornback knew what was coming.
4 days ago
The fans took issue with the clue being too tough and unnecessary for the contestants.
5 days ago
Cuban wanted to strike a deal with the founder of Coconut Girl and gave her an ultimatum.
5 days ago
Although the word did make a lot of difference, some fans felt that the decision was ridiculous.
5 days ago
The guest, who found the item online, didn't think it was the real deal until he heard its value.
6 days ago
The player Samantha secured the first big win of Ryan Seacrest's run on the show.
6 days ago