Are you for a Cash Jackpot payout regardless of the amount?

Reply #50

Teddi — Thu, 21 May 2015 12:16:20 GMT

Okay, first, you weren't bamboozled. You were maybe flummoxed. Second, what was shown in green was nothing more than an urban myth. So there's nothing for you to get up in arms about.

Reply #49

Teddi — Thu, 21 May 2015 12:09:16 GMT

Under CDARs they can bank and have FDIC up to $50 million.

Mayweather is an idiot and I'd actually love to see him lose it all with only $250,000 to show for it in the end. Funny how people with real wealth (Gates, Buffett etc) don't see the need to pull stupid stunts like posting money pics on instagram on a daily basis.

Reply #48

Wendy Domnic — Thu, 21 May 2015 05:40:49 GMT

Your reply in green highlighting really got me bamboozled. I mean, it is the right of the citizens if they wanna hoard up cash or keep it under circulation as it is their money. And the teller says it is ok to stow foreign currency in lockers! Aint that money too... So much for federal laws and norms. Sigh

Reply #47

Murgatroyd — Thu, 21 May 2015 00:25:01 GMT

When I opened up a safe deposit box the banker told me that it was illegal to store U.S. cash in your box. The banker said this is considered taking currency out of circulation which is against federal law. I read an online post by another commenter whose attorney and banker confirmed this. However, I don t believe it is widely known that you are not allowed to store cash in your safe deposit box. I asked my banker if you could store foreign currency in a safe deposit box but she didn t know. I

Reply #46

zephbe — Wed, 20 May 2015 22:54:50 GMT

I didn't think FDIC would insure it all either--that there was a limit. The CDs sound like a better idea.

Reply #45

music* — Wed, 20 May 2015 22:24:06 GMT

Mayweather could use CDARS . Which is the Certificate of Deposit Account Registry Service. There might be a fifty million dollar limit though. Go online www.CDARS.com . Each bank will sell you a CD which will cover $250,000.00

You have various time frames to work with such as 3 months, 6 months, and on and on.

If that one bank of Mayweather's goes bankrupt he is only covered up to $250,000.00. He is taking to much risk.

Reply #44

noise-gate — Wed, 20 May 2015 20:26:18 GMT

Thank goodness; Neither Mayweather or any other boxer has ever got a penny of mine. If l am to see someone get knocked out it's going to be by Denzel or some other action star on a screen...Total cost will be $15.00 or less. * price of admission. In fact it's been said that Mayweather Manny destroyed boxing by taking people's hard earned money.l seriously doubt that there is going to be another $100 mil boxing payday for any fighter on the horizon.

Mayweather should have OPM on the back of hi... [ More ]

Reply #43

Redd55 — Wed, 20 May 2015 16:32:51 GMT

I would assume it is in the bank vault and not safety deposit boxes. Recently, there was a huge bank heist in London where they emptied out safety deposit boxes where many jewelers kept their stock of gemstones and lots of private people had their jewellery and cash. It's never wise to keep all your eggs in one basket. I'm sure he has financial advisers telling him this, too.

Reply #42

zephbe — Wed, 20 May 2015 16:03:52 GMT

Would anyone put all the cash in one account like Mayweather?

Boxing champion Floyd Mayweather Jr. has a specific fascination with cash.

He has taken video of himself counting $1 million in hundred dollar bills, and posted photos where 50 Cent is balancing bricks of cash on his forearms.

His nickname is Money, and his apparel business is called The Money Team which also doubles as the name of his entourage.

So it should be no surprise that he keeps a significant portion of his asset... [ More ]

Reply #41

Coin Toss — Wed, 20 May 2015 15:22:51 GMT

Crazy Wombat,

There's an article on Yahoo News at the moment:

Major banks to plead guilty to currency manipulation

Four financial institutions have been fined $2.5 billion for criminally rigging global markets going back to 2007. Used chat rooms to conspire...

Reply #40

Funtimz — Wed, 20 May 2015 15:14:47 GMT

Cha-Ching

Reply #39

Crazy Wombat — Wed, 20 May 2015 08:01:17 GMT

Speaking of cash ... I wonder how many members caught this from last month (April) ... if you have won the lottery and decided to get the cash and just work with cash as you buy things ... storing it could be a problem. The government seems to want a record of everything ... I read where they would like to make paying with cash illegal in the future. They want a record of all transactions ... so having lots of cash just to spend could be a problem and then there's storage.

Last month JP Morga... [ More ]

Reply #38

Wendy Domnic — Wed, 20 May 2015 07:07:08 GMT

I'd settle for cash. Like previously mentioned by the members, it is uncertain if there is any change of rules or dirty politics in Annuity. Get a grab on the lump sum and we are good to go

Reply #37

Redd55 — Wed, 20 May 2015 01:03:19 GMT

Do they offer annuity's when the jackpots is so small, e.g., 3 million? It seems like whether you take cash or the annuity, after they get done with it your winnings are significantly reduced.

Reply #36

Murgatroyd — Wed, 20 May 2015 00:27:47 GMT

That's why PB and MM both set up the annuity on an increasing rate schedule. PB payments increase by 4% each year, MM by 5%. For the current $173M Mega Millions jackpot, the first payment is $2.6M, the final payment is $10.7M.

Reply #35

mypiemaster — Tue, 19 May 2015 20:40:15 GMT

Take the money and run

Reply #34

jjtheprince — Tue, 19 May 2015 19:52:38 GMT

Cash for sure!

inflation can really ruin your annuity toward the end. Your $3 million payout in year 30 might sound nice now, but in 2045 $3 million may not go very far at all

Reply #33

Redd55 — Tue, 19 May 2015 17:13:04 GMT

If you kick the bucket, the annuity doesnt disappear but is part of your estate. Sure you may be dead and can't enjoy it, but as far as myself goes, I can only spend so much money. After a house, car, vacations, the rest wd go to charitable donations while I am alive and when I am dead.

Reply #32

noise-gate — Tue, 19 May 2015 16:48:58 GMT

Funny you should mention being dead before the Annuity ends - l brought up this topic last night amongst some friends and one of them made a good argument. He said that if you young, single and have a family history of heart disease, strokes etc- taking the money is a good option because you never know when the grim reaper comes calling.If you young married your family medical history is pretty good, it's a 50/50 choice as to whether you go for either payout. Most of us disagreed with his thinki... [ More ]

Reply #31

Nydebbie — Tue, 19 May 2015 15:35:31 GMT

Cash Baby, I might not live a long life so I want to enjoy my money that I won

Reply #30

rcbbuckeye — Tue, 19 May 2015 13:16:10 GMT

At my age, cash is king.

I would be dead before the annuity ends. Not to mention paying taxes, and not knowing how much taxes each, only knowing taxes would increase each year. They never go down, only up.

If I win PB or MM, I could live on the cash amount and still have money left over after 25 years.

To each his own.

Reply #29

zephbe — Tue, 19 May 2015 11:54:21 GMT

If I was 30 years younger I would take the annuity also. But since I'm well past that age I would take the cash.

Reply #28

zephbe — Tue, 19 May 2015 11:43:36 GMT

Reply #27

maximumfun — Tue, 19 May 2015 06:46:53 GMT

I'm old enough to know the value of a dollar in my hand vs. the promise of more dollars tomorrow.

Cash is my choice, budgets are my weapon.

Reply #26

Coin Toss — Tue, 19 May 2015 06:32:53 GMT

How about those who take an annuity then decide they want the money and settle for pennies on the dollar with one of those 'cash now' companies

Reply #25

Teddi — Tue, 19 May 2015 05:10:47 GMT

The only way I'd ever even consider taking a 30 year annuity is if I won both the PB and MM. I'd take the cash for one, annuity for the other. And even then I might take the cash on both.

Reply #24

Teddi — Tue, 19 May 2015 05:03:30 GMT

I take it you haven't heard about all the lottery winners who took the annuity and still went broke. Doesn't matter which payment method you take, if you can't budget you'll go broke regardless.

If that's your only reason for choosing the annuity, it would make more sense to take the cash and form a trust to only release $X to you per month.

Reply #23

noise-gate — Tue, 19 May 2015 04:56:56 GMT

Right- like expecting these guys to take Annuity payments for their fights..

Reply #22

mrbg — Tue, 19 May 2015 04:23:38 GMT

just like those commercials

It's my money and I need it now

Lol. Cash money baby

Reply #21

Stack47 — Tue, 19 May 2015 04:22:00 GMT

The difference to me is being taxed once or 30 times and considering that a player who took an annuity from the PA Lottery last year, will be paying an extra 0.7% more in state taxes next year. Nobody in their right mind expects taxes to go down any time soon.

Reply #20

LottoLucy — Tue, 19 May 2015 03:38:58 GMT

I used to be on the cash only bandwagon. But, as we get closer to retirement, my strategy has changed somewhat. Now I would take a big win...say $10 million and over before taxes cash value...as a lump sum and smaller amounts as an annuity. It is all about how much of a revenue stream we can generate. We are good with our money so I am not worried about blowing it. I just want a enough money coming in every year that we can bid a not so fond farewell to the work a day world ASAP.

Reply #19

RJOh — Tue, 19 May 2015 03:25:04 GMT

It doesn't matter as long as the prize is based on a cash amount. The winner taking the cash or allowing the state to invest it in an annuity to be paid out over the next 20-30 years doesn't change that amount.

Reply #18

Coin Toss — Tue, 19 May 2015 03:25:02 GMT

This is from 24/7 Wall St. I don't agree with it but here goes:

]Automatically decide to take the up-front cash. Supposedly some 70% of lottery winners end up broke again, many within a couple or few years. If you get $172 million up front, it may sound better than having to receive a payout of $300 million slowly over the course of a lifetime. After all, it is instant empire-making money. Go see a reputable and visible tax professional and a reputable investment advisor at a top money man... [ More ]

Reply #17

glisit3000 — Tue, 19 May 2015 03:07:05 GMT

no i always tell myself ill take the annual payment . im bad with money so having a yearly check would be so much better for me. if i mess up one year ill have 20 plus more payments to look forward to.

Reply #16

MaximumMillions — Tue, 19 May 2015 02:54:42 GMT

That's why one wins twice - one jackpot to p*ss away and one to be responsible with.

Reply #15

grwurston — Tue, 19 May 2015 02:40:34 GMT

That could be $1 bills and I would take that pile.

Reply #14

noise-gate — Tue, 19 May 2015 02:34:54 GMT

How about this round up

Reply #13

noise-gate — Tue, 19 May 2015 02:32:55 GMT

It's Only King if you smart enough to enjoy its benefits instead of blowing through it within 5 -10 years.

Reply #12

noise-gate — Tue, 19 May 2015 02:17:08 GMT

The Tax Man is going to chew through his stash as the years go by, but his got time on his side.

Reply #11

noise-gate — Tue, 19 May 2015 02:15:39 GMT

That's Right.

Reply #10

noise-gate — Tue, 19 May 2015 02:14:42 GMT

It would be great feeling running your hands through a stack of money, or just laying on it.... because you can.

Reply #9

noise-gate — Tue, 19 May 2015 01:55:16 GMT

Taxes and Politics... they go hand in hand.

Reply #8

haymaker — Tue, 19 May 2015 00:45:46 GMT

Steve Miller Band : Go on take the money and run.

Reply #7

Redd55 — Tue, 19 May 2015 00:07:42 GMT

Vinh Nguyen, who won 228.4 mil in PB last Sept in California, took the annuity. He was only 26 y/o, if I remember correctly.

For me it wd have to be cash.

Reply #6

Coin Toss — Mon, 18 May 2015 23:41:31 GMT

Cash is king

Reply #5

music* — Mon, 18 May 2015 23:34:48 GMT

My age dictates that I will be a cash guy. Plus my health also.

Reply #4

sully16 — Mon, 18 May 2015 23:33:41 GMT

Cash

Reply #3

Original Bey — Mon, 18 May 2015 22:40:46 GMT

I pay upfront and in cash for my tickets. Whatever I win, I want in full. I am a patient guy so I can wait for them to round up the herd of Benjamins

Reply #2

CDanaT — Mon, 18 May 2015 22:21:37 GMT

Cash rules..Annuities are for fools

Reply #1

MaximumMillions — Mon, 18 May 2015 20:22:35 GMT

As in the amounts would be equal no matter what?

I'd take the cash, always.

You never know where taxes and policies are headed.

Are you for a Cash Jackpot payout regardless of the amount?

noise-gate — Mon, 18 May 2015 18:46:48 GMT

For instance would you settle for the cash payout on a starting MM jackpot or take the Annuity. .Just because?

* Have a Great Week People: as always, Stay Healthy.