Which payment option would you choose if you won the lottery?

[Aggies7]

I'd go with lump sum. I know it's less in long run but would rather get it now pay off house and then just save the rest.

[Knight165]

Re: Which payment option would you choose if you won the lottery?

Lump
You cannot pass it on.
Die and it dies with you.

M.K.
Knight165

[Bullit]

Re: Which payment option would you choose if you won the lottery?

Lump
You cannot pass it on.
Die and it dies with you.

M.K.
Knight165

Thats my feeling to. With investments and careful planning that money could take of all of my kids educations and set them up pretty well to start life. With payments if something did happen to me the would be left out.

[PapaOso]

Re: Which payment option would you choose if you won the lottery?

I would take the lump sum and immediately move to a country where that amount(and the intrest it could earn) could last a lifetime.

[55]

Re: Which payment option would you choose if you won the lottery?

Great stuff, guys.

I was just wondering how others felt about this subject since a relative of someone in my circle of friends recently won the Ohio lottery and we were discussing their dilemma on which payment option they were going to choose.

I agree with the majority here that the lump sum seems to be the way to go but that it is definitely worth thinking about when you win a smaller jackpot.

However, if you win the Powerball or Mega Millions or something crazy with a 100 million dollar jackpot you take the lump sum every time. Not only is it one transaction and done, but they also take out a smaller percentage just to pay you off in one shot.

[CMH]

Re: Which payment option would you choose if you won the lottery?

I get why people would choose lump sum and it's hard to argue, but I think it also depends on that person's surroundings.

I know if I ever took a lump sum I would never be happy with my money because I would constantly have family after me. Taking the payments would make it easier for me to keep them off my back and just enjoy my life.

I know the arguments: "You die with the money." "You can invest the money." All of those things are obvious. But, you don't know my family. I'd end up like that old couple in Florida that eventually decided to give all of the money away to charity because dealing with relatives became too much for them to handle.

I'd die faster with a lump sum than I would with annual payments.

I'm also not the type of person to care about a lot of money. If I could make enough so I could retire and focus on my actual life goals (writing, production) then I'd be extra happy with my life as opposed to simply happy. And the financial rewards from achieving those goals could potentially allow me to invest any new money I make.

If I don't "make it" then I still have $100,000 a year for 30 years. I can still invest that money in several avenues to make sure I'm good for old age and any kids I won't have anyway are good too.

[GAMEC0CK2002]

Re: Which payment option would you choose if you won the lottery?

I'd take the lump sum as well. If the payments were transferrable if something happened to me, I'd take the annual payments.

[55]

Re: Which payment option would you choose if you won the lottery?

If the payments were transferrable if something happened to me, I'd take the annual payments.

They ALWAYS are. It is up to the winner to put it in their will though.

[Knight165]

Re: Which payment option would you choose if you won the lottery?

They ALWAYS are. It is up to the winner to put it in their will though.

Here is the possible BIG problem with that.

http://www.professorbeyer.com/Articles/Lottery.html

For 10 years.....this woman owed almost 20K more than the payout. YIKES!

M.K.
Knight165

[brett the jet favre]

Re: Which payment option would you choose if you won the lottery?

Lump sum, buy a few nice things for the house, get my girl a new car, then put the rest in the bank and let it gain interest, 5 years later, retire.

[TDenverFan]

Re: Which payment option would you choose if you won the lottery?

Annual. 100k a year with no taxes is more then enough to live on

[buckeye02]

Re: Which payment option would you choose if you won the lottery?

Its my money, and i need it now!

[WTF]

Re: Which payment option would you choose if you won the lottery?

55, I'd take a lump sum and share it with your favorite moderator with initials that make a cool acronym.... hmmmm....

If you didn't win, and this is strictly hypothetical, disregard this message.

[NDAlum]

Re: Which payment option would you choose if you won the lottery?

Lump sum, buy a few nice things for the house, get my girl a new car, then put the rest in the bank and let it gain interest, 5 years later, retire.

I'd give my girl a severence package.

[Brandwin]

Re: Which payment option would you choose if you won the lottery?

I know if I ever took a lump sum I would never be happy with my money because I would constantly have family after me. Taking the payments would make it easier for me to keep them off my back and just enjoy my life..

Why tell them you too the lump sum? Just tell them you did the annual payment then.

Lump sum, buy a few nice things for the house, get my girl a new car, then put the rest in the bank and let it gain interest, 5 years later, retire.

That's how I feel as well. Lump sum is an easy choice for me.