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

[Brandwin]

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

Pay the extra $1 for the PowerPlay option. Making it $3 per line.

http://www.powerball.com/powerball/pb_howtoplay.asp

It basically multiplies your winning anywhere from 2x-10x.

So is this the best route? I just bought five $2 tickets on Saturday.

Sent from my Nexus 6P using Tapatalk

[55]

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

For those just buying a few tickets, I recommend paying the extra buck for the Power Play on each. However, if you're nuts like me and buying $100+ with of tickets, just skip it.

[TheMatrix31]

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

You don't need the multiplier for the main jackpot as I've been told in recent days by Mo and others. So that's something to keep in mind. I thought you would, kinda like a slot machine where you have to play the highest to hit the highest.

[dickey1331]

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

So you only need the $2 ticket for the main jackpot?

[The JareBear]

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

Correct, you only need two bucks for a ticket to win the jackpot.

When I first bought my tickets I had that daydream phase where I was thinking about everything I would do and what order I would do it all in if I got a piece. I quickly got a hold of myself and reminded myself that it's basically impossible, especially when I looked at all the lines of numbers was like "man now I get it." Crazy luck to get all 6 numbers correct.

That being said, I am a dreamer, ya never know!

[TripleCrown9]

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

So you only need the $2 ticket for the main jackpot?

Yes. If all 5 numbers and the Powerball match, you get the jackpot.

Besides, the multiplier doesn't even apply to the jackpot. It's for any other winnings. They aren't gonna give you 3 billion dollars. But if you win 500, they'll give you 1500 bucks.

[55]

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

I wonder why someone who isn't already a billionaire doesn't just purchase every possible combination.

There are only 292,201,338 possible combinations, yet the cash option is up to 868,000,000 and will likely be north of a billion dollars by the time of the draw.

The only way they would lose money is if two or more other winning tickets are sold. It is possible, but it's just something to ponder. And yes, I realize it would be a LOT of work to make sure you get one of every combination but if you're already a billionaire you can hire a team people to handle it.

[The JareBear]

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

I wonder why someone who isn't already a billionaire doesn't just purchase every possible combination.

There are only 292,201,338 possible combinations, yet the cash option is up to 868,000,000 and will likely be north of a billion dollars by the time of the draw.

The only way they would lose money is if two or more other winning tickets are sold. It is possible, but it's just something to ponder. And yes, I realize it would be a LOT of work to make sure you get one of every combination but if you're already a billionaire you can hire a team people to handle it.

I read an article about this earlier.

http://money.cnn.com/2016/01/11/news/powerball-jackpot-win-guarantee/

I guess like you said the main deterrent would be the odds of splitting the jackpot and losing money that way?

[dickey1331]

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

That would be a dick move though.

[redsox4evur]

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

I would go with the lump sum on this one and buy myself a hockey franchise and move it to a legit city like Hartford or Seattle.

[daflyboys]

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

You take the lump for tax purposes. Take installments and the gub'mint will bleed you.

[55]

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

I read an article about this earlier.

http://money.cnn.com/2016/01/11/news/powerball-jackpot-win-guarantee/

I guess like you said the main deterrent would be the odds of splitting the jackpot and losing money that way?

Now that I think of it, I think it would make for a pretty interesting movie concept. Make it a dark comedy type of flick starring somebody like Larry David as the scheming billionaire. I'd watch that.

[Jr.]

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

But I can confidently say it won't be anyone here from OS. Or that you know. Or that you've passed on the streets over the course of your entire life.

That last statement is only mildly hyperbolic. There's a 1 in 292 million chance. There's about 300 million people in the US. Perhaps you've traveled?

I'll take a coffee.

You say this statement to everyone that buys a ticket for the rest of history, and you'll be wrong.

Here's to it being wrong about me!

[The JareBear]

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

To answer the original question, I think I would have to choose lump sum

[Redacted01]

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

You take the lump for tax purposes. Take installments and the gub'mint will bleed you.

Not necessarily. Too many variables to predict, plus you have a higher gross on the yearly. You can probably assume that tax rates will increase with time, but we've had multiple instances of tax rates dropping, especially at the highest bracket (under Bush the top bracket dropped from over 39 to 35% over a few years). You're in the top bracket, no matter if you take the lump sum or the annual payments. If you were actually trying to make the most money, you'd just need to do the math to see if investments and interest on the lump sum could make up the extra money and interest you could make on the yearly payments.

Plus this... http://www.nytimes.com/2016/01/13/up...uity.html?_r=0