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Eastern Time (GMT-5:00) | $356 MILLION: Mega Millions lottery jackpot nears recordOklahoma United States Member #82920 November 12, 2009 3449 Posts Offline | | Posted: March 24, 2012, 9:06 pm - IP Logged | |
Oh I dunno. There are several people I know who would lose it all immediately, as they always spend exactly what they have, no more no less and NEVER save, but when put on a manditory budget (taking the annuity), they would only lose the amount they have, (not going into debt) and that would guarentee them to have ALOT for the length of the annuity. Other than that situation, I cant think of a reason, unless the winner were unconvinced that they or their experts could do a better return than the annuity percentage (which would be a pretty sad commentary). Personally? Take the cash baby! well if they are not carful they will have that company that air commercials through out the day talking about selling your annuity.... | | |
United States Member #121760 January 16, 2012 1611 Posts Offline | | Posted: March 24, 2012, 9:17 pm - IP Logged | |
I have known a few people that if they won $2 million, they would be in debt for $ 4 million, etc. You cannot instill good sense and money management skills in some people and some will live beyond their means no matter what the income. For those people, lottery money is like a drug. | | |
Gurnee, Illinois United States Member #50189 February 12, 2007 709 Posts Offline | | Posted: March 24, 2012, 9:20 pm - IP Logged | |
When I win on Tuesday, I am taking the cash man! And after I do win, I don't want to hear this OWS crap about paying my fair share!
On another note, the folks over at Powerball can be none too happy that MM has trumped Powerball in excitement and a record cash value jackpot! MM I love you man....now show me some love and let me go from ZERO bucks won in this run up to record jackpot multi-millionaire! I have all of my teeth and I was born and raised in the good land of USA.
Show me the money!!! Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!! NOW give me MONEY! | | |
Windermere, FL/Franklin, TN United States Member #50670 March 1, 2007 456 Posts Offline | | Posted: March 24, 2012, 9:31 pm - IP Logged | |
Oh I dunno. There are several people I know who would lose it all immediately, as they always spend exactly what they have, no more no less and NEVER save, but when put on a manditory budget (taking the annuity), they would only lose the amount they have, (not going into debt) and that would guarentee them to have ALOT for the length of the annuity. Other than that situation, I cant think of a reason, unless the winner were unconvinced that they or their experts could do a better return than the annuity percentage (which would be a pretty sad commentary). Personally? Take the cash baby! The annuity pays the winner roughly 1.5% annually based on the cash value. If you invest it yourself and just net 2% annually, you would gross over $428 million in 26 years. 3% annually would get you over $550 million. There are tax-free muni bonds that have paid more than that so it would be wise to take the lump sum cash. The care-free spender who take the annuity ($10 million per year after tax) would still get in trouble. Once their annual payment is exhausted, they would simply cash out the annuity or take out loans on future payments so it would be a no win situation in either case. Prime example are the pro athletes who make more than $10 million per year and finding a way to blow it all. If someone has no clue on how to manage money or any desire to seek help/advice then they deserve to lose it all. A little common sense goes a long way these days. | | |
Gurnee, Illinois United States Member #50189 February 12, 2007 709 Posts Offline | | Posted: March 24, 2012, 9:32 pm - IP Logged | |
I have known a few people that if they won $2 million, they would be in debt for $ 4 million, etc. You cannot instill good sense and money management skills in some people and some will live beyond their means no matter what the income. For those people, lottery money is like a drug. I would take the CV, invest it conservatively, live off the interest, pay Uncle Sam her share, and avoid any business investments that could bankrupt me. I would not become a venture capitalist, so those with dodgy to brilliant biz ideas would be just wasting your time coming to me for a loan, and my middle name is not "Santa Claus" so you would stand a better chance at getting a gift from tightwad Grinch and penny pinching Scrooge than anything from me. And all the charities out there should know I don't plan to become philanthropic until the year 2070, so you will just be wasting your time and resources soliciting me for a donation....and that includes churches too. Oh I will be benevolent, but only on my own terms. If a charity contacts me, that charity will join my "no donation" list.
Money money money....I loved me some money! Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!! NOW give me MONEY! | | |
Windermere, FL/Franklin, TN United States Member #50670 March 1, 2007 456 Posts Offline | | Posted: March 24, 2012, 9:39 pm - IP Logged | |
well if they are not carful they will have that company that air commercials through out the day talking about selling your annuity.... Absolutely no doubt!  | | |
Windermere, FL/Franklin, TN United States Member #50670 March 1, 2007 456 Posts Offline | | Posted: March 24, 2012, 9:47 pm - IP Logged | |
I have known a few people that if they won $2 million, they would be in debt for $ 4 million, etc. You cannot instill good sense and money management skills in some people and some will live beyond their means no matter what the income. For those people, lottery money is like a drug. Very sad but true  | | |
Oklahoma United States Member #82920 November 12, 2009 3449 Posts Offline | | Posted: March 24, 2012, 9:59 pm - IP Logged | |
The annuity pays the winner roughly 1.5% annually based on the cash value. If you invest it yourself and just net 2% annually, you would gross over $428 million in 26 years. 3% annually would get you over $550 million. There are tax-free muni bonds that have paid more than that so it would be wise to take the lump sum cash. The care-free spender who take the annuity ($10 million per year after tax) would still get in trouble. Once their annual payment is exhausted, they would simply cash out the annuity or take out loans on future payments so it would be a no win situation in either case. Prime example are the pro athletes who make more than $10 million per year and finding a way to blow it all. If someone has no clue on how to manage money or any desire to seek help/advice then they deserve to lose it all. A little common sense goes a long way these days. so true Jill34786.... | | |
Oklahoma United States Member #82920 November 12, 2009 3449 Posts Offline | | Posted: March 24, 2012, 10:03 pm - IP Logged | |
I have known a few people that if they won $2 million, they would be in debt for $ 4 million, etc. You cannot instill good sense and money management skills in some people and some will live beyond their means no matter what the income. For those people, lottery money is like a drug.
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egg harbor twp.south jersey shore United States Member #112990 June 29, 2011 2488 Posts Offline | | Posted: March 24, 2012, 10:03 pm - IP Logged | |
I have known a few people that if they won $2 million, they would be in debt for $ 4 million, etc. You cannot instill good sense and money management skills in some people and some will live beyond their means no matter what the income. For those people, lottery money is like a drug. I think we all know someone that fits that script. ppl. w/ good sense are outnumbered. Extraordinary Popular Delusions & the Madness of Crowds -- Charles Mackay LL.D. | | |
United States Member #124626 March 16, 2012 1419 Posts Offline | | Posted: March 24, 2012, 10:07 pm - IP Logged | |
I think we all know someone that fits that script. ppl. w/ good sense are outnumbered. Nodding head vigorously in agreement. We were having this conversation earlier over dinner with some friends. And the dh of my friend looked over and seriously said that they would have to take the annuity because that way they would be guaranteed to have income. I just smiled and nodded. No sense arguing with someone who has made up their mind. Ok... they will take the annuity. Personally I would take the cash value (cv). De gustibus non est disputandum. | | |
United States
Member #111467
May 25, 2011
6323 Posts
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| | Posted: March 24, 2012, 10:13 pm - IP Logged | |
Nodding head vigorously in agreement. We were having this conversation earlier over dinner with some friends. And the dh of my friend looked over and seriously said that they would have to take the annuity because that way they would be guaranteed to have income. I just smiled and nodded. No sense arguing with someone who has made up their mind. Ok... they will take the annuity. Personally I would take the cash value (cv). De gustibus non est disputandum. Consentio! | | |
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mobile,al United States Member #108447 March 25, 2011 18 Posts Offline | | Posted: March 24, 2012, 10:26 pm - IP Logged | |
You can always invest annuity! And make even more than you would otherwise! I dont think Id spend near what Id make each year! Heck after 1st year i wouldnt spend near the amount given! | | |
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Member #69214
December 28, 2008
301 Posts
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| | Posted: March 24, 2012, 10:28 pm - IP Logged | |
This is my thoughts as well. There are certain attorneys that specialize in that sort of thing. But only a few that are any good at it. You are so right! at least for a couple months maybe years. | | |
egg harbor twp.south jersey shore United States Member #112990 June 29, 2011 2488 Posts Offline | | Posted: March 24, 2012, 10:28 pm - IP Logged | |
You can always invest annuity! And make even more than you would otherwise! I dont think Id spend near what Id make each year! Heck after 1st year i wouldnt spend near the amount given! don't take the lottery annuity, buy your own. Extraordinary Popular Delusions & the Madness of Crowds -- Charles Mackay LL.D. | | |
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