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Lump Sum V.S 26 Year

Topic closed. 3 replies. Last post 7 months ago by rburton.
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kdmccaskill
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beacon, ny
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August 25, 2009
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Posted: August 27, 2009, 7:28 pm - IP Logged

What is better

 

with 26 year couldn't you use your mega million contract to take out loans
Piaceri
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Margaritaville
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Posted: August 27, 2009, 8:48 pm - IP Logged

What is better

 

with 26 year couldn't you use your mega million contract to take out loans

Why would you do that? 

Why borrow when you can "Bank on yourself"? Borrow from yourself for 6% interest, then you earn 6% interest on your money instead of the bank earning 6% on your money.

 

Besides, when you look at the current administration, your future annutity payments might be taxed at 60% or more.

 

Annuity is lose lose right now.

kitty
allmost
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Posted: August 29, 2009, 6:12 pm - IP Logged

well if your not good with money take the 26, if you are then the cash option would be best if, you know how to invest it ...... and it would depend on your age..
rburton

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Posted: September 1, 2009, 1:18 pm - IP Logged

Why would you do that? 

Why borrow when you can "Bank on yourself"? Borrow from yourself for 6% interest, then you earn 6% interest on your money instead of the bank earning 6% on your money.

 

Besides, when you look at the current administration, your future annutity payments might be taxed at 60% or more.

 

Annuity is lose lose right now.

Somethings badly wrong when the Government takes 60% of a persons money.
 
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