I have a chronic, debilitating disease (MS). Barring a miracle cure, I am going to be on Social Security Disability the rest of my life. I’m 47, divorced, no children.
I have a hobby that I enjoy and that I’m very good at still, as long as I don’t have to face any deadlines. That hobby is cooking, and I spend most of my awake time here on SE at Seasoned Advice. Recently, I entered a contest. It’s a recipe contest, and, well, it’s a darn good entry. I have a chance at this thing. The grand prize is $25,000. (I’ll know in a week!) Two $1000 prizes are also being awarded.
So, what if??
Ok, I’ll have to pay income tax. That much I can probably figure out on my own and it’s not a big deal.
These numbers are close enough for this conversation. Pretend they’re accurate:
I receive $1000 per month SSDI.
I receive $150 per month from the State of Alaska - Adult Public Assistance.
This is my biggest concern: My rent is $1000/month, I pay $450, HUD pays $550 through a Section 8 HUD voucher.
What happens if I suddenly make $25,000?
All I really want is to buy a very used car, pay a year’s worth of car insurance, and pay off my credit cards (maybe $3000). I’d be happy to give a chunk to charity.
So, what should I do in the unlikely (but possible) event that I win? Should I sign the check over to charity before I even deposit it?