Lottery Winner's Plans? Paying the Bills

Comment #51

dk1421 — Tue, 04 May 2010 01:13:42 GMT

Of course, by reading my signature you'd realize I would probably go the cash route. :-D

Anonymously, of course

Comment #50

dk1421 — Tue, 04 May 2010 01:12:02 GMT

I still think that people that aren't used to money should go the annuity way. It's just better for so many reasons - unless they sell what they are still due to get some money immediately. That's plain stupid.

My husband and I discussed this in great detail at one time. We agreed to do annuity.....back then. However, we are older now and would probably go the cash route. BUT....we would get financial planners first, to discuss the pros and cons.

Comment #49

bashley572 — Mon, 03 May 2010 10:00:33 GMT

The next question is - Will the WINNER of the $266 million Mega Millions have missing teeth??

Wonder if it would help my chances to get a couple knocked out

Comment #48

drhymes74 — Mon, 26 Apr 2010 14:03:59 GMT

Michimac.

It was quick pick. I saw the ticket on the youtube video....all 5 lines he bought were QP.

Comment #47

drhymes74 — Mon, 26 Apr 2010 13:33:01 GMT

With family being in a tough situation right now, I was hoping that I would be the winner. This guy is in a toughe situation and I am glad that he won.

With that said, I hope that he has the wisdom to realize good advice and ignore the bad so that he and his family will benefit from this for a long time.

Comment #46

savagegoose — Sun, 25 Apr 2010 23:56:51 GMT

he considers the kids his, well the law will soon consider them his as well.

the gov has a habbit of changing tax laws and all i see is taxes going up for USA., by taking a lump sum he will miss out on the possible %90 top tax for millioaires. in any of the next 29 years.

i have some advice for him, and he can do it anonymously. come check out lottery post, he can stay anonymous and read some of the tale sof woe, and andvice for sudden wealth , theres is many good points.

he c... [ More ]

Comment #45

cypher — Sun, 25 Apr 2010 23:40:19 GMT

Right on Chris Shaw...awesome win! Just do what you gotta do and walk slow

Comment #44

larry3100 — Sun, 25 Apr 2010 23:25:03 GMT

Congratulations Chris Shaw!. Now I would like to give you some advise. Don't be like Jack Whittaker of West Virginia. On 12-25-02 , Jack Whittaker won $314.9 million dollars. Jack chose the cash option and received a check of approximately $114 million dollars. Jack lost a lot of cash by taking that cash option. He made some bad investments and lost his grand-daughter to a drug-overdose, because Jack gave her too much money. All I want to say now is, it's my turn to win the BIG ONE in the lotter... [ More ]

Comment #43

KY Floyd — Sun, 25 Apr 2010 17:21:46 GMT

In this day and age, with the global eceonomy, you don't have to stayin dollars (at least, not yet anyway). There exist a variety of waysto hedge your dollar position. The most obvious are phyical goldand, at the moment better yet, silver.

You really need to consider the implications of having a global economy. Everything is connected to everything else. If you lived in Iceland or Zimbabwe having your savings invested in the economies of other countries would be really meaningful when the na... [ More ]

Comment #42

rdgrnr — Sun, 25 Apr 2010 16:28:16 GMT

I like that idea.

Comment #41

Fraserm — Sun, 25 Apr 2010 15:28:06 GMT

Canada has a new drawing called Lotto Max. It caps the first drawing amount at 50 million dollars. When the jackpot goes over 50 million they draw another set of numbers for each million dollars over the first 50 million. Last month the jackpot hit 60 million. The next drawing there was a 50 million winner, 5 1 million dollar winners and 4 winning 500,000. The remaining 3 milion rolled over to the next drawing which starts at 10 million. Go to OLG.CA to read more about this game. This game doesn... [ More ]

Comment #40

THRUST — Sun, 25 Apr 2010 04:07:01 GMT

People knowing who you are isn't the problem, it is not having your affairs in order before you collect. Some states make you collect in person and use your name, town, state and image...you agree to it when you buy the ticket. If you are smart you will have everything in order so you can go collect the money, do what the lottery people need you to do and then get the h3ll out of there. This guys big mistake was collecting too soon.

If you do your homework and have a plan in place before you... [ More ]

Comment #39

lotterywinner69 — Sun, 25 Apr 2010 03:14:13 GMT

Well I've been reading this place's posts long enough to know that you don't claim the money using your own name. So what was he thinking? We have to assume that he doesn't know any better. That is frightening because like someone said above he will now have all the vulture so called money experts who will extract all the money out of him that is possible by steering him in the wrong direction. Knowing most of those so called experts they will get him to invest into the stock market. Well then w... [ More ]

Comment #38

Tenaj — Sun, 25 Apr 2010 03:06:39 GMT

An annuity is the smart thing to do if you can depend on it. But what if something happens that make what you have in place no longer exists. I know that sounds crazy but it can happen.

Thats the reason I would get cash. Give me my money now.That's my story and I'm sticking with it.

Comment #37

dpoly1 — Sun, 25 Apr 2010 02:51:19 GMT

I hope that the winner does well ...

I would take the cash option if I won.

I want to be the first big Mega Millions winner in PA .... and I will take the money and run .... and spend .... and invest!

I have been planning for many years for a big win if it comes my way!

Best wishes to all .... win or not

Comment #36

ellardfam — Sat, 24 Apr 2010 20:09:55 GMT

I agree with you.He should've contacted an attorney right off the bat.Those ex's are gonna try to rip him a new one I would imagine.Never the less,I am one of those that are happy to see someone catch a break.Just hope he don't do like the guy from Kentucky.

Comment #35

DC81 — Sat, 24 Apr 2010 19:25:16 GMT

The annuity is no safer than the cash option if you're a fool, IMO it can be worse. Personally with direction our country is going and has been going over the last 30+ years I would want to get as much of my liquid assets as I could away from the Dollar especially with being young to the point where I'll be at retirement age (at least what it is currently) when the Powerball annuity would end and 30 years is a long time and has a large opening for all things of nasty things to happen, including... [ More ]

Comment #34

stargazr — Sat, 24 Apr 2010 18:42:27 GMT

Good question! In this day and age, with the global eceonomy, you don't have to stay in dollars (at least, not yet anyway). There exist a variety of ways to hedge your dollar position. The most obvious are phyical gold and, at the moment better yet, silver. Then there are futures contracts in metals and foreign currencies. Before the faint of heart freak out about futures, you should know that the only thing scary about futures is the leverage which is available. There is no law that says you ha... [ More ]

Comment #33

RJOh — Sat, 24 Apr 2010 16:00:33 GMT

PowerBall does that when its jackpot reaches a new record amount.

Ohio tried that years ago when its SuperLotto game attracted more players in the area than any other game and people stopped playing, especially its out of state players. When its top prize amount was limited to what players could win playing other games with better odds, they stopped playing. People play PB and MM in spite of their high odds because of their large payouts.

Comment #32

Tenaj — Sat, 24 Apr 2010 15:41:55 GMT

Congratulations to him

Comment #31

DoctorJeckell — Sat, 24 Apr 2010 15:27:33 GMT

The kid just instantly made every Dentist in town his friend among greedy, cut-thoat, decietful new friends. I really hope the best for him. It's every ones dream to have alot of money but, I think that is to much money for one kid. The lottery should devise a way to payout to a hundred top winners when the jackpot gets that high. In some cases, all to much money will altimately do is, ruin a life.

Comment #30

rcbbuckeye — Sat, 24 Apr 2010 13:28:22 GMT

The other story said that Natasha Woody sold the ticket to him and that he said to her that if he won he would give her $2 million.

Here in Tx, once the tic is printed you can't cancel it, and we have to decide on cash option or annuity at the time of purchase.

Comment #29

gmalady — Sat, 24 Apr 2010 13:16:03 GMT

I am happy for the young man. He should be able to afford a consultant on the best option for him and how to save, distribute, and invest his money. On another note, I thought you could not sell yourself a ticket in the store or is that in certain states with certain games or is it just store policy. I have heard so many scam stories about these clerk selling themselves tickets and when to buy them. I also found out through a store clerk that when you request a Quick Pick that you can tell them

Comment #28

dopey7719 — Sat, 24 Apr 2010 11:46:04 GMT

Dude DEFINITELY needs to take the annuity option. That's the safest bet for him at his age. Plus, maybe it will keep the vultures back a little bit knowing he doesn t have it all at once. I would do it that way being as that I'm just a couple of years older than him and am in the same financial situation...but that's because I've learned things the hard way.

Having come into a very small sum of money (compared to his) in the past and having family friends come at me to borrow some...it's jus... [ More ]

Comment #27

LckyLary — Sat, 24 Apr 2010 11:22:21 GMT

He could put in gold teeth now.

For the rest of us, too bad O'bama Care doesn't? cover Dental.

Wait 'till I win, the things I will be mocked for, my perpetual bad hair day,

and the shirt that says Feeling Lucky

Comment #26

McCaskey — Sat, 24 Apr 2010 06:13:01 GMT

Curious---assuming your scenario comes to fruition, doesn't that mean the 'dollar' becomes virtually worthless, whether it's 'dollars' coming to you every year from an annuity for 30 years or 'dollars' already paid out to you with a cash option?

I mean, either way...aren't we all basically screwed if our 'dollars'...no matter how many of them we have or the time frame we collect them in, are worthless when 'the colossal house of cards' collapse based on our foreign debt?

So what's the diff... [ More ]

Comment #25

TheGameGrl — Sat, 24 Apr 2010 05:18:39 GMT

So pleased it was a one person winner!!! Best they get the entire cake then the crumbs left...

May he realize after Uncle Sam and his child support increase, his winnings will deplete quickly. Invest in life....the money will follow.

Glad we got a family man winner! In these tough times he sounds like a decent chap.

Comment #24

THRUST — Sat, 24 Apr 2010 05:07:37 GMT

Yes that would be nice...and I would hope to be one of the 100.

Comment #23

rcbbuckeye — Sat, 24 Apr 2010 04:14:22 GMT

As much as I wanted to win, I always feel good when someone who REALLY needs the money wins. I was amazed that he was carrying that ticket around like a piece of scrap paper. I kept thinking the wind was going to blow it out of his hand. LOL.

Congrats to him and I hope he spends the money wisely.

Comment #22

luckyshoes — Sat, 24 Apr 2010 01:26:48 GMT

Im happy for the guy. I hope he gets good advice. But one thing,..... wouldnt it have been nice for 100

people to win instead of just one

Comment #21

michimac — Sat, 24 Apr 2010 00:53:38 GMT

So....there's been no mention if it was an Easy pic , or He plays the same numbers weekly ??...?? (Good for you, congrads Mr. Winner) !

and, Why does it take up to 2 days for the Lottery to verify if the ticket is in fact the winning one or not? (as stated in the 1st post announcing a winner).

So out of the $258.M How much is the fellow actually gonna end up with (assume he takes the cash option)?? Like less than a 3rd maybe?? I think I'd actually be angry that they took so much of MY winn... [ More ]

Comment #20

Macdawgg — Fri, 23 Apr 2010 22:47:15 GMT

I'm 57 and if I ever win I'm going annuity-and make a will so my kids get the rest when I die. I think cash value is a bad choice especailly the way the economy is right now.

Comment #19

joshuacloak — Fri, 23 Apr 2010 22:16:06 GMT

hmm,how to put a nice spin on it

he has small army of kids take care of 5 total

, 3 of hes own blood, and 2 of hes current GF's

so thats 5 kids getting whatever they want am guesting,good for them, enjoy their childhood

and maybe one a super genius in waiting about to get all the education money they ever need to bring their talents out

now, if he don't take the cash with the current state of the US and the world, he be a loser i think at the end of it

no one in their... [ More ]

Comment #18

taxijohn — Fri, 23 Apr 2010 21:53:18 GMT

Thank GOD. Someone who's name I can pronounce won. Good Job Buddy

Comment #17

tiggs95 — Fri, 23 Apr 2010 21:00:51 GMT

When your young you take the annuity and when your old and feeble like ridge runner here is you take the cash option and spend it before you die..Good luck ridge..

Comment #16

grave — Fri, 23 Apr 2010 20:52:38 GMT

#2 is a very very good point

Comment #15

stargazr — Fri, 23 Apr 2010 20:50:55 GMT

Congratulations and the very best wishes to the winner!

That being said, I must protest the recommendations of many on this board that he take the annuity. While that might seem the safe option, particularly for the financially unsophisticated, in truth, it is a guaranteed loser.

As you may remember, the annuity option is the present value of the prize invested in a ladder of dollar denominated US Treasury Securities. At the moment, the Dollar is doing relatively well, but that's because t... [ More ]

Comment #14

grave — Fri, 23 Apr 2010 20:48:55 GMT

with ya todd

Comment #13

mjwinsmith — Fri, 23 Apr 2010 20:42:35 GMT

I'm with you all the way on this.

(1) He is young

(2) He has young children, should something happen to him they can continue to get the money for the remainder of the annuity period.

Here's one dad that does'nt have to worry about saving up for college.

Comment #12

THRUST — Fri, 23 Apr 2010 20:39:10 GMT

I am 32, I would take the cash option...always. That is just me though. He needs to do what is best for him. I just hope he really thinks this through and truly goes with his intentions...cause people will be pulling him in all sorts of directions...If I were him I would take time and get away from the big win for a bit and relax and think...do some homework. I'd hate to see him lose it all because of mistakes and trusting the wrong people.

Best of luck to him.

Comment #11

Todd — Fri, 23 Apr 2010 20:16:57 GMT

I definitely think he should take the annuity. For a young guy it is perfect -- he would probably not come close to the rate of return Powerball gives on their annuity if he invested himself. Plus, it doesn't require any self-discipline to maintain year after year.

Of course, many will disagree with me on this, but hey, that's why we have a forum here.

Comment #10

lotsbull — Fri, 23 Apr 2010 19:55:57 GMT

well that is great news always good to hear when folk's really needed the money ,now him and his family can live a better life cheers .

Comment #9

DC81 — Fri, 23 Apr 2010 19:35:55 GMT

No annuity for me thanks but it'll be interesting to see where he's at in five years to see if he's gone even further into a lottery winner stereotype or not... He probably should have waited until he had things sorted out before coming forward because he's going to have all the crooks out there giving him their sound advice to bankruptcy. Then he's going to have fun of dealing with his exes he's had kids with (maybe some he hasn't) and other issues that will be coming his way. Best thing he can... [ More ]

Comment #8

grave — Fri, 23 Apr 2010 19:17:34 GMT

yeah at my age too i would probably choose the annuity.....

Comment #7

konane — Fri, 23 Apr 2010 19:14:38 GMT

I wish him only the best managing his new life

Comment #6

grave — Fri, 23 Apr 2010 19:14:28 GMT

true....

Comment #5

RJOh — Fri, 23 Apr 2010 19:02:52 GMT

If he sold the ticket to himself, he won't have to think about tipping the clerk that sold him the ticket.

Comment #4

rdgrnr — Fri, 23 Apr 2010 18:43:01 GMT

He looks like a nice kid. You can't help but wish him the best.

I just hope he gets the kind of advice he needs.

I just know I'd probably be kind of dumb with that much money at his age.

(Truth be told, I'd still be kinda dumb with that much money at this age too but it'd be on purpose).

Comment #3

Longarm — Fri, 23 Apr 2010 18:29:04 GMT

I believe in the annuity option for myself, at my age, but my concern in income taxes. Rates are low now and will almost certainly rise in the future. In Texas we have to choose the option when buying tickets, and I always choose the cash option if the annuity payments would much exceed $1,000,000.

He's going from a minimum wage job to ultra-high net worth. He doesn't know how to be wealthy, but hopefully he'll learn quickly.

Comment #2

charmed7 — Fri, 23 Apr 2010 18:10:48 GMT

Very happy for Chris and his family, I hate that people made such a

big issue over his 2 front teeth. They was laughin at him on the

Kathie Lee and HODA show this mornin.

Well Chris they won't b laughin at u now.

GOOD Luck with yur winnings.

Comment #1

rdgrnr — Fri, 23 Apr 2010 18:08:57 GMT

I'm a big believer in the cash option but I think this guy should take the annuity.

If he can't decide whether to keep his $7.25 an hour job, he probably wouldn't handle all that cash too well either.

I wish him the best of luck though.

Lottery Winner's Plans? Paying the Bills

Lottery Post — Fri, 23 Apr 2010 18:03:23 GMT

A Missouri man who won a $258 million Powerball jackpot and plans to use some of the money to pay bills, replace his two missing front teeth and take his children to Disney World said he hasn't decided whether he'll quit his job at the convenience store where he bought the winning ticket.

Chris Shaw a 29-year-old tattooed father of three who was raised by his grandparents in rural southern Missouri came forward Thursday as the winner of the 10th-largest Powerball jackpot ever. Shaw said he ha... [ More ]