Includes video report
DYERSBURG, Tenn. — Timothy Seratt has lived paycheck to paycheck his whole life. Born and raised in Dyersburg, the 32-year-old father of two has never flown on a plane or been north of Kentucky.
But now, after winning the lottery, he's a millionaire.
Seratt won $2 million dollars playing a Mega Millionaire Jumbo Bucks scratch-off this week, taking home $1.3 million after taxes.
"It's still crazy," he said. "Well, I mean I've never owned a house. So, I mean that's the first thing."
He said he's also going to pay off his mom's house, and take his kids to Disney World, "because that would just freak them plum out."
And after that?
"So, I'd like to invest and keep going and not just blow of all it, blow through it."
He bought the winning ticket at Tiger Market Number Two on Saint John Avenue, where the store's owner is proud of the win. He's also proud of all the other winning tickets he's sold.
"People thinking this store is lucky," owner Sonny Patel said.
Seratt paid $25 for the ticket on Tuesday and scratched it in his car.
"A girl walked up to the window that I know who stopped to tell me, 'What are you doing?' And I looked, and I looked at her and I said, 'I just won $2 million,' and she said, 'You're full of sh**' and I said, 'No I ain't.'"
He couldn't believe it, particularly after the life he's had. He spent seven years in prison for burglary, got out in 2013 and says he turned his life around before his kids were born.
"Everybody has rough patches in their life," Seratt said. "I've worked the entire time that I've been out."
Seratt's first official purchase with the winnings was a 1987 Chevrolet truck.
He'd also like to fly to Los Angeles and watch the Dodgers play. They're his favorite team.
But he says he's not going to stop working, or change who he is.
"I might have a lot of money but I'm still a redneck," he said. "I've always been a redneck. That ain't never going to change."
VIDEO: Watch the report
Thanks to mikeintexas for the tip.
Congratulations to Tim! Go Dodgers!
Cue Jeff Foxworthy: you might be a redneck if you win the lottery and...
"So, I'd like to invest and keep going and not just blow of all it, blow through it."
Ya never know . . but speculating this guy lacks fiscal discipline and will rapidly "piss it away"!
$1.3 million invested in VWEAX would presently yield around $6,000 monthly dividends before taxes.
Budgeting those dividends to pay taxes, food, domicile, transportation, and recreational drug expenses would definitely "take some of the load off".
🙄 time will spin a most curious yarn for this critter and I hope for the sake of his mini me,
he'll save some for a rainy day that may never comes
Some similarities to the late David Edwards. Let's hope history doesn't repeat itself with him.
BTW congratulations on your big win!
😏 sucker bet at this point BD101
but would make for a most curious rerun of David E
Congrats on the win.
He just won $2 mil ($1.3 mil after taxes) and first thing he does is buy a 32 year old truck!
Timothy Seratt needs to be careful with the friends he keeps. I would think that his wife will have something to say if he strays from the correct path.
He is young and can invest for the long haul. I agree that a steady income from the Stock Market is possible.
I will say a prayer for him and his family to not be another David Lee Edwards.
Congrats Tim, spend wisely
Congratulations to Timothy! Hopefully he enjoys his win - for however long it lasts!
"Some similarities to the late David Edwards."
My first thought after finishing the article is that it sounds a lot like David Lee Edwards, but starting with a lot less money.
"first thing he does is buy a 32 year old truck!"
Maybe he spent a fair amount of money on a truck that was thoroughly restored, but if he spent a pittance on an old truck that might be a good sign. He could easily have gone out and bought a brand new truck that cost 50k, but with a fairly modest win that would probably be a really bad idea. I suppose he could be living paycheck to paycheck while bring home $2000 paychecks every week, but I'm guessing his finances, even with the lottery money, are such that he should be driving something that's not worth more than 20k.
Similarly, paying off his mother's house is very nice, but maybe not a financially sensible thing to do. Not a big deal if she still owed 15 or 20k on a double wide, but it's a lot more important to his future if she had a significant mortgage.
"$1.3 million invested in VWEAX would presently yield around $6,000 monthly dividends before taxes."
He can potentially collect a comfortable income right now, but he's got to either save and invest for the future or die young. If he doesn't blow a lot of it in the near future and treats it as a retirement plan he could be set for life, depending on his current job. If he starts spending the annual income he'll probably be in trouble in just a few years when the extra 70k isn't worth as much as it is right now.
"Seratt's first official purchase with the winnings was a 1987 Chevrolet truck'.
I reckon that's his dream car: 1987 Chevy truck 1-ton-4x4
he could've found one of these as well
Mil spec'ed 4x4s
http://www.motormayhem.net/cucv-info/
One good thing is that he can finally afford to replace his DIY fire alarm.
