Welcome Guest
Log In | Register )
You last visited December 18, 2017, 9:44 am
All times shown are
Eastern Time (GMT-5:00)

Said & done before but ...

Topic closed. 23 replies. Last post 12 years ago by Chewie.

Page 1 of 2
PrintE-mailLink
mt7895's avatar - kanji for_peace.jpg
Thread Starter
New Member

United States
Member #4397
April 21, 2004
21 Posts
Offline
Posted: October 23, 2005, 3:15 am - IP Logged

Jester

I know the discussion between lump sum or annuity have been discussed over and over before but ....

I'm just wondering.  (Not trying to bring any controversy.)

 If you were to win the Powerball, Megaball, or whatever lottery, and the winning amount was between $15 million - $30 million.  Would you still take the lump sum or annuity?

 If you are going to take the annuity, is there a point when you will choose lump sum?

 I've wondered about that.  I know when the Powerball is high (like in the $100 million range), I'll definitely would choose the lump sum.  But when it is low in the $15 million -$30 million range, I'm thinking maybe annuity. 

Hmm. I'm not sure ... what would you do?  I know there is no right or wrong answer.  Just want to know what you would do under those situations.

 

    Avatar

    United States
    Member #24339
    October 21, 2005
    23 Posts
    Offline
    Posted: October 23, 2005, 4:53 am - IP Logged

    i'm the opposite...the higher the jackpot the more the of a chance i'll choose annuity

      Avatar
      Sparta, NJ
      United States
      Member #18331
      July 9, 2005
      1977 Posts
      Offline
      Posted: October 23, 2005, 9:08 am - IP Logged

      Money is money - the total amount is a variable that should have no bearing on the evaluation.  Never trust a Civil Servant to manage your money, the State debt should be an indication of their experience. Of course, if you've never been in a position to manage anything higher than a minimum wage income, or your allowance, you may wish to continue letting other people make those management decisions.

      Cheers

      |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

      I only trust myself - and that's a questionable choice

        hypersoniq's avatar - 8ball
        Pennsylvania
        United States
        Member #1340
        April 6, 2003
        2450 Posts
        Offline
        Posted: October 23, 2005, 10:21 am - IP Logged

        in any situation I will take the lump sum. I have thought about it for a long time and for my personal situation, that makes the most sense.

        here's what to do, grab a piece of aper and a pen, draw a line down the middle and on one side list the advantages of annuity and on the other the advantages of lump sum. on another sheet divide it the same and write the disadvantages of each (for your personal situation).

        when done, the one with the most plus entries and the least minus entries is the way to go for you.

        Playing more than one ticket per game is betting against yourself.


          United States
          Member #5565
          July 11, 2004
          260 Posts
          Offline
          Posted: October 23, 2005, 10:32 am - IP Logged

          "ever trust a Civil Servant to manage your money, the State debt should be an indication of their experience."

          The lottery corp's annuity is an unmanaged account. It's automatically invested in government bonds.  The equivalent in the private sector is a guaranteed fixed rate annuity.


            four4me's avatar - gate1
            MD
            United States
            Member #1701
            June 18, 2003
            8615 Posts
            Offline
            Posted: October 23, 2005, 10:33 am - IP Logged

            While no one is guaranteed longevity if I was young say 25 I might choose annuity if the pot I won was 250/300 million or more. Older people above 50 in poor health should probably take the lump sum. Figuring they might not live long enough to collect the annuity. Also if you are a poor money handler now, then having a lump sum might cause you to spend deliberately and could cause you to spend all your winnings. Annuity has to be looked at from all points regarding it. Some might benefit from it while others might not.

              konane's avatar - wallace
              Atlanta, GA
              United States
              Member #1265
              March 13, 2003
              3876 Posts
              Offline
              Posted: October 23, 2005, 10:47 am - IP Logged

              Always cash whether the jackpot is low or high. 

              Given the current climate of economic instability my concern would be for the solvency of the the company issuing the annuity. 

              If an insurance company is issuing or insuring  .... take a long cold look at natural disasters and their impact on that industry before deciding.

              Another issue is if a long term annuity holder dies their heirs have to pay estate  tax on the remaining amount which has often resulted in selling that annuity for pennies on the dollar to pay the "death" tax.  In a perfect world all death taxes would be eliminated but we're not there yet.   

              Good luck to everyone!

                bellyache's avatar - 64x64a9wg

                United States
                Member #12618
                March 18, 2005
                2060 Posts
                Offline
                Posted: October 23, 2005, 2:13 pm - IP Logged

                I would take cash whether it was a high jackpot or a low jackpot.

                Dance like no one is watching.

                  Todd's avatar - Cylon 2.gif
                  Chief Bottle Washer
                  New Jersey
                  United States
                  Member #1
                  May 31, 2000
                  24046 Posts
                  Online
                  Posted: October 23, 2005, 2:55 pm - IP Logged

                  I think the three biggest factors are (1) your age, (2) the size of the jackpot, and (3) your ability to handle money.

                  If you can be honest with yourself, and the handling of large sums of money is beyond your ability to do well, then the annuity can be an excellent option.  In that case, do not listen to people who say that if you don't choose cash you're a moron.  You should congratulate yourself that you have the discipline and ability to look within and understand your own weaknesses.

                  For me, I would choose the cash no matter what, because I believe that having as much liquid assets as possible affords you bigger and better opportunities.

                   

                  Check the State Lottery Report Card
                  What grade did your lottery earn?

                   

                  Sign the Petition for True Lottery Drawings
                  Help eliminate computerized drawings!

                    Pick3forSC's avatar - Lottery-017.jpg
                    North Carolina (West of Charlotte)
                    United States
                    Member #1436
                    April 28, 2003
                    629 Posts
                    Offline
                    Posted: October 23, 2005, 3:32 pm - IP Logged

                    I think the three biggest factors are (1) your age, (2) the size of the jackpot, and (3) your ability to handle money.

                    If you can be honest with yourself, and the handling of large sums of money is beyond your ability to do well, then the annuity can be an excellent option.  In that case, do not listen to people who say that if you don't choose cash you're a moron.  You should congratulate yourself that you have the discipline and ability to look within and understand your own weaknesses.

                    For me, I would choose the cash no matter what, because I believe that having as much liquid assets as possible affords you bigger and better opportunities.

                    I Agree!    Me & Todd think alike on this one!  Hopefully someone soon from LP will have a chance to show on here which one they chose!  But for me it's the CA$H!!!!!  40 now & realizing a little more that every day is not a given. 


                      United States
                      Member #379
                      June 5, 2002
                      11296 Posts
                      Offline
                      Posted: October 23, 2005, 6:42 pm - IP Logged

                      Lump sum. Enough said.

                        Avatar

                        United States
                        Member #119
                        February 19, 2002
                        530 Posts
                        Offline
                        Posted: October 23, 2005, 8:04 pm - IP Logged

                        Cash in a F-L-A-S-H

                          BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
                          Magnolia, Delaware
                          United States
                          Member #18795
                          July 20, 2005
                          789 Posts
                          Offline
                          Posted: October 23, 2005, 10:29 pm - IP Logged

                          No matter what the size of the jackpot, I'll always take the lump sum!

                          Keep dreaming the impossible dream, it just may come true! Thumbs Up

                            Avatar
                            FLORIDA
                            United States
                            Member #5364
                            July 1, 2004
                            88 Posts
                            Offline
                            Posted: October 24, 2005, 7:05 am - IP Logged

                            Jester

                            I know the discussion between lump sum or annuity have been discussed over and over before but ....

                            I'm just wondering.  (Not trying to bring any controversy.)

                             If you were to win the Powerball, Megaball, or whatever lottery, and the winning amount was between $15 million - $30 million.  Would you still take the lump sum or annuity?

                             If you are going to take the annuity, is there a point when you will choose lump sum?

                             I've wondered about that.  I know when the Powerball is high (like in the $100 million range), I'll definitely would choose the lump sum.  But when it is low in the $15 million -$30 million range, I'm thinking maybe annuity. 

                            Hmm. I'm not sure ... what would you do?  I know there is no right or wrong answer.  Just want to know what you would do under those situations.

                             

                            I'll try to answer this before my power goes out for a day a two thanks to Wilma. The self imposed discipline of the annuity would be nice for me. I'm not the spendy type BUT with a major lottery win I think I'd have trouble explaining to friends and family that they didn't win I did*. The annuity would give me another piece to try to reason with them that the winnings are a finite amount spread over a 26 or 30 year period. Another point  With the annuity there is a dilemma that affects you for length of the time your receiving those checks. You're still tied to the state lottery and all that the freedom of information act for that state  entails.

                            If you go lump once you get the wire transfer to that special account you can pretty much cut those apron strings if you will. You can set up your own annuity possibly with the same firm(s) that handle the big two's annuity. If your disciplined enough in the first case. But if you blow that first BIG check if you will, you blew your winnings there are no more checks unlike the annuity.

                            Either way you attain a bit of celebrity and the tribulations that come with that. Some handle it well others not as well. Sorry if this was post  was a bit disjointed I've been up most of the night checking doors and windows in preparation for Miss Wilma. Good luck to everyone on Mega Tuesday night. If it goes similar to last years two storms that blew thru here it might be awhile before I get back on the lottery post. Good Morning and God Bless!

                             

                            * Of course I'd share with my family within reason and of course the friends that gave me shelter after last years two storms..............         

                              konane's avatar - wallace
                              Atlanta, GA
                              United States
                              Member #1265
                              March 13, 2003
                              3876 Posts
                              Offline
                              Posted: October 24, 2005, 7:29 am - IP Logged

                              Jester

                              I know the discussion between lump sum or annuity have been discussed over and over before but ....

                              I'm just wondering.  (Not trying to bring any controversy.)

                               If you were to win the Powerball, Megaball, or whatever lottery, and the winning amount was between $15 million - $30 million.  Would you still take the lump sum or annuity?

                               If you are going to take the annuity, is there a point when you will choose lump sum?

                               I've wondered about that.  I know when the Powerball is high (like in the $100 million range), I'll definitely would choose the lump sum.  But when it is low in the $15 million -$30 million range, I'm thinking maybe annuity. 

                              Hmm. I'm not sure ... what would you do?  I know there is no right or wrong answer.  Just want to know what you would do under those situations.

                               

                              I'll try to answer this before my power goes out for a day a two thanks to Wilma. The self imposed discipline of the annuity would be nice for me. I'm not the spendy type BUT with a major lottery win I think I'd have trouble explaining to friends and family that they didn't win I did*. The annuity would give me another piece to try to reason with them that the winnings are a finite amount spread over a 26 or 30 year period. Another point  With the annuity there is a dilemma that affects you for length of the time your receiving those checks. You're still tied to the state lottery and all that the freedom of information act for that state  entails.

                              If you go lump once you get the wire transfer to that special account you can pretty much cut those apron strings if you will. You can set up your own annuity possibly with the same firm(s) that handle the big two's annuity. If your disciplined enough in the first case. But if you blow that first BIG check if you will, you blew your winnings there are no more checks unlike the annuity.

                              Either way you attain a bit of celebrity and the tribulations that come with that. Some handle it well others not as well. Sorry if this was post  was a bit disjointed I've been up most of the night checking doors and windows in preparation for Miss Wilma. Good luck to everyone on Mega Tuesday night. If it goes similar to last years two storms that blew thru here it might be awhile before I get back on the lottery post. Good Morning and God Bless!

                               

                              * Of course I'd share with my family within reason and of course the friends that gave me shelter after last years two storms..............         

                              God bless you and yours ..... stay safe, look to have you back posting soon!!  Blue Angel

                              Good luck to everyone!