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cash vs. annuity

Topic closed. 267 replies. Last post 11 years ago by CASH Only.

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if you won a jackpot,pick lump sum cash or annuity

i'd pick lumo sum cash [ 82 ]  [73.21%]
i'd pick annuity [ 22 ]  [19.64%]
undecided [ 8 ]  [7.14%]
Total Valid Votes [ 112 ]  
Discarded Votes [ 7 ]  

United States
Member #379
June 5, 2002
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Posted: February 19, 2005, 9:45 am - IP Logged

AP:

Then you'll win only if it's less than 20 million.

    Annual Payments's avatar - annual 20payments.jpg
    Houston, TX
    United States
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    December 23, 2004
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    Posted: February 19, 2005, 6:53 pm - IP Logged

    LOL Cash stop jinxing me! 

    Ok so I might splurge a bit and spend the first check.  But every one after that I could keep and invest.  It's just that 2.3 million just doesn't sound good against $7m. 

    I guess if I won $7m I'd have to think long and hard as to what option I'd choose. 

      Annual Payments's avatar - annual 20payments.jpg
      Houston, TX
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      Posted: February 19, 2005, 7:58 pm - IP Logged

        Maverick's avatar - yinyang
        USA
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        Posted: February 19, 2005, 8:11 pm - IP Logged
        Quote: Originally posted by MillionsWanted on February 17, 2005


        I would only pick annuity if it was possible for my relatives to "inherit" the annuity.
        So I wote lump sum.




        Hey MW, I just noticed the dollar sign in your avatar is blinking. I never saw it blink before. Cooooooooool. I hope that's a good omen for us.

          Maverick's avatar - yinyang
          USA
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          Posted: February 19, 2005, 8:13 pm - IP Logged
          Quote: Originally posted by tg636 on February 18, 2005


          Even if I would almost certainly get more money from the annuity than I could make from investing the cash, I would still take the cash. Why? 1)With one check, my dealings with the state, state lottery & IRS are done. I can move anywhere I want without notifying the state about where to send my next check. 2)Inflation. The check I receive for year 19 will be for the same amount as year 1, but it won't be worth the same. 3)Taxes. They could raise taxes, making your annuity take another hit. 4)The uncertain world. Maybe in 12 years seas will rise, society will collapse, and another great depression will come. Maybe I'll be dead. I want to use the money to buy what I want and help the people I want now. 


          Cold hard cash babyyy!
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            Poway CA (San Diego County)
            United States
            Member #3489
            January 25, 2004
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            Posted: February 20, 2005, 12:33 am - IP Logged
            Quote: Originally posted by Annual Payments on February 19, 2005



            LOL Cash stop jinxing me! 

            Ok so I might splurge a bit and spend the first check.  But every one after that I could keep and invest.  It's just that 2.3 million just doesn't sound good against $7m. 

            I guess if I won $7m I'd have to think long and hard as to what option I'd choose. 





            In California you must choose your option when you buy the ticket.  It can not be changed.  It has been challenged in court and the rule was upheld by the courts.  And, of course, just because the Jackpot is $20 million doesn't mean you will win it all!!  Many years ago there was a pretty good Jackpot in California, but there were so many winners each ticket was worth just over the $1 million that triggers the annual payments (if selected).  It was a shock to the winners and one of the winning tickets was a pool of many people.  Of course, they were happy with what they won, but it was no where near what each was expecting.


             

              Annual Payments's avatar - annual 20payments.jpg
              Houston, TX
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              December 23, 2004
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              Posted: February 20, 2005, 1:58 am - IP Logged

              wow..that's something.  I wouldn't be too thrilled if i chose annual payments and my share was $1m.  They'd have to make an exception for that though.


                United States
                Member #379
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                Posted: February 20, 2005, 2:01 pm - IP Logged

                NY (where I live) and TX also require the choice when you play.

                  Annual Payments's avatar - annual 20payments.jpg
                  Houston, TX
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                  Posted: February 20, 2005, 2:05 pm - IP Logged

                  Well I'm talking about like if I were to win with several other people and it comes out to be 1 or 2 m before taxes for each winner.  they'd have to make an exception! lol  I wouldn't want annual payments on that small of an amount. 

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                    Old Greenwich
                    United States
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                    July 20, 2004
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                    Posted: February 20, 2005, 2:48 pm - IP Logged

                    Look, take the money because 1. your don't know what will happen in 26 years 2. will the lotto reneg on paying you full payment. 3 be in control of what is yours. You really don't win 200million its only estimated. You win what is the cash value. You're basically giving them a free loan.

                    It doesn't matter any way. Its so hard to win the thing

                    I've been playing since I was 18 I'm 33 and have not won more than 500$

                    Playing NY lotto mega and Ct. poweball lotto


                      United States
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                      Posted: February 20, 2005, 3:03 pm - IP Logged

                      willl3:

                      Quit the NY Lotto...its prizes are a joke (three numbers for $1?)

                        Maverick's avatar - yinyang
                        USA
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                        Posted: February 20, 2005, 9:08 pm - IP Logged

                        Yea, even though I'm on the East coast, that tsunami really makes me demand COLD HARD CASH.

                          Maverick's avatar - yinyang
                          USA
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                          Posted: February 20, 2005, 9:09 pm - IP Logged
                          Quote: Originally posted by CASH Only on February 20, 2005


                          Quit the NY Lotto...its prizes are a joke (three numbers for $1?)




                          CO, is this your plan for people to stop playing NY Lotto, so you have more chances at a higher jackpot? hehe


                            United States
                            Member #379
                            June 5, 2002
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                            Posted: February 21, 2005, 1:02 pm - IP Logged

                            Mav:

                            The purpose is to hurt the game so that the state Legislature is forced to raise the prize pool.

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                              MA
                              United States
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                              February 14, 2005
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                              Posted: February 21, 2005, 4:56 pm - IP Logged

                              So... PB and Mega Millions (am I the only one who still calls it The Big Game?) give you a choice, and some games make you take cash, and some make you take an annuity. Is there a good web site that lists which games have which kind of prize? This seems like the kind of info that should be on a list of jackpots, since it's not really fair to compare a cash jackpot with an annuity jackpot.



                              And I'd definitely claim my prize as cash. After I have the cash I'd probably BUY an annuity, but only with about 80% of my winnings after taxes. The other 20% I'd use for things like buying a house, etc. No sense earning small interest on an annuity and paying big interest on a mortgage at the same time.

                                 
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