A Challenge to CASH Only from SirMetroPrev Topic Next Topic

New Topic New Poll

SirMetro

East of Atlanta
United States
Member #6,191
August 11, 2004
1,390 Posts
Offline

Sep 19, 2006, 9:13 am

First, I preface my following comment with the fact that I do not look down upon anyone's job. Whether they dig ditches (which I have done) or work behind a desk (which I currently do), its all work and neither is any easier or harder for the individual.
That said, I am curious as to how a grocery store Clerk (reference https://www.lotterypost.com/thread/141468 ) in another state will have any influence upon any Lottery anywhere else in the Country (reference https://www.lotterypost.com/thread/141154 ). So if you could, please enlighten me.
As for the challenge, in lieu of the illogical rhetoric constantly offered up, I challenge CashOnly to present a factually legitimate reason why annuity based games are bad. The facts must not only be presented, but must include a hyperlink to the source of information to support your cause. The information must be factual and must reference a prior situation whereas the annuity payout proved to be detrimental. The evidence can NOT be more opinions.
The prize, if you, CashOnly can NOT present One clear and simple factually legitimate reason to support your cause, you cease ALL your rants about Annuity Based games from this date forward and you reference the games by their actual published names.If you can present ONE (and only 1) factually legitimate reason why an American based Lottery with an annuity payout is bad, then I will agree to never post another reference to any of Lottery game that offer an annuity payout. And yes, this would include the MegaMillion, PowerBall and Ga Win for Life.This is a very simple challenge, do you accept CashOnly or do you agree to end the illogical rhetoric?
DoubleDown

Coastal Georgia
United States
Member #2,653
October 30, 2003
1,866 Posts
Offline

Sep 19, 2006, 9:24 am

The silence from CASH will be deafening......
DD
rdc137

Delaware
United States
Member #30,272
January 14, 2006
494 Posts
Offline

Sep 19, 2006, 11:22 am

Quote: Originally posted by DoubleDown on Sep 19, 2006
The silence from CASH will be deafening......
DD

CASH is a troll to this forum. He (SHE?) is also probably not old enough to actually buy a lottey ticket. If he/she is, then what we are dealing with is simply a lack of maturity.
I too agree that the topic will be ducked by CASH. Note my challenge to him on https://www.lotterypost.com/thread/141154. His proof involved details he "forgot". He also failed to provide me with a link to PA's game called Unlucky for Life when I questioned him why I didn't find it on their website (I did find a link to Lucky for Life on their site, however).
SirMetro

East of Atlanta
United States
Member #6,191
August 11, 2004
1,390 Posts
Offline

Sep 19, 2006, 11:58 am

If it is possible, I would like to discourage personal attacks upon any person. That was not the intent of this post.
The intent of this post was to provide CashOnly an oppurtunity to once and for all present factual evidence that supports the position that is presented. I respect the opinions of other people, no matter how much I may agree or disagree with it. I will not hesitate to challenge other people's opinions when I have factual evidence that proves their view wrong. I also take issue when I feel that my own opinion is attacked without provacation, just cause or support of factual evidence that clearly shows that I am wrong.
Additionally, because I have blocked CashOnly from sending me email directly, it will require this individual to respond to me in open forum. That person's sex is of no concern to me and simply put, the level of maturity will be obvious by the individual's response.
sirbrad

PA
United States
Member #22,982
October 6, 2005
2,229 Posts
Offline

Sep 19, 2006, 1:44 pm

The problem is he does not have factual evidence, he only has a personal opinion. He is not too young, I believe it is the opposite. He is over 60 I believe the last time I remember, which would explain his disdain against annuities.
However he is trying to pass off personal bias as fact, and act as though everyone shares the same opinion. To only accept cash prizes is a very close-minded approach, it all depends on the circumstances at the time, and the person's situation. There is nothing universal about it as Cash would like you believe.
It also depends on the jackpot size, and your personal financial situation, and how well you handle money. Some may benefit much more from an annuity simply because they have a tendency to splurge a lot. So their future won't be in jeopardy. Some people don't like to think too deep, they only think one way regardless of the circumstances. This type of mindset leaves out a lot of opportunities.
When I win a $200 million jackpot, I will most likely take cash. Mostly because the cash value will be more than enough as it is, and I don't need to drag it out 30 years. Now on much lower prize amounts like LFL I will not complain about an annuity, because the odds are way better of winning that than powerball.
RJOh

100

mid-Ohio
United States
Member #9
March 24, 2001
20,272 Posts
Offline

Sep 19, 2006, 2:39 pm

sirbrad writes:
"The problem is he does not have factual evidence, he only has a personal opinion."
I think that's true about most of the people posting here and you know what they say about "opinions", "Everybody got one".
When ever I read someone won using a certain software or system or any other post that is what I think because there's never any facts to support the posts. A couple of recent examples:
1. In the jackpot section a member posted it was impossible to hit number 56 in MegaMillions and after I pointed out MegaMillion was a 5/56 +1/46 game, he admitted he didn't know it wasn't the same as PowerBall.
2. In another post, a member said the largest group to share a jackpot was 40 people back in '98 when LP news had a story last month about the 100 cheese factory workers winning the $208M PB jackpot.
If everyone had to backup their posts with some facts, there would be fewer posts. I think that's why there are only a few in the Math section. I still enjoy reading all the posts/opinions, I accept them for what they are.

* you don't need to buy every combination, just the winning ones *
sirbrad

PA
United States
Member #22,982
October 6, 2005
2,229 Posts
Offline

Sep 19, 2006, 8:58 pm

The only problem is when people try to impose their opinion on others, and tell them what and what not to do. Or what and what not to play. Or that "everyone" hates annuities etc.
rdc137

Delaware
United States
Member #30,272
January 14, 2006
494 Posts
Offline

Sep 19, 2006, 10:39 pm

Quote: Originally posted by sirbrad on Sep 19, 2006
The only problem is when people try to impose their opinion on others, and tell them what and what not to do. Or what and what not to play. Or that "everyone" hates annuities etc.

And use global warming as justification...
floridian

United States
Member #45,801
August 28, 2006
335 Posts
Offline

Sep 19, 2006, 11:21 pm

Quote: Originally posted by SirMetro on Sep 19, 2006
First, I preface my following comment with the fact that I do not look down upon anyone's job. Whether they dig ditches (which I have done) or work behind a desk (which I currently do), its all work and neither is any easier or harder for the individual.
That said, I am curious as to how a grocery store Clerk (reference https://www.lotterypost.com/thread/141468 ) in another state will have any influence upon any Lottery anywhere else in the Country (reference https://www.lotterypost.com/thread/141154 ). So if you could, please enlighten me.
As for the challenge, in lieu of the illogical rhetoric constantly offered up, I challenge CashOnly to present a factually legitimate reason why annuity based games are bad. The facts must not only be presented, but must include a hyperlink to the source of information to support your cause. The information must be factual and must reference a prior situation whereas the annuity payout proved to be detrimental. The evidence can NOT be more opinions.
The prize, if you, CashOnly can NOT present One clear and simple factually legitimate reason to support your cause, you cease ALL your rants about Annuity Based games from this date forward and you reference the games by their actual published names.If you can present ONE (and only 1) factually legitimate reason why an American based Lottery with an annuity payout is bad, then I will agree to never post another reference to any of Lottery game that offer an annuity payout. And yes, this would include the MegaMillion, PowerBall and Ga Win for Life.This is a very simple challenge, do you accept CashOnly or do you agree to end the illogical rhetoric?

Sir Metro:
I think most of us believe that the odds to winning at Lottery, Casino gambling and most other forms of chance are in the house's favor. All gambling establishments are not run for the owner's health. They run them to generate big profits or better put huge profits. Sooooo the house does not do anything that could jeopardize that winning edge.
Currently, I can only speak to Florida. It has come to my attention through several news articles, blogs and word of mouth that the Lottery commission is trying even harder to buy back winnings that were processed via the winner's request for an annunity. Apparently, they are using some screwy present worth factors that are suppose to take into account how long the annunity has run minus some investment fees, etc., etc., and offering the remaining dollars in a lump sum. Naturally, they will take out the customary 25% income tax before cutting the check.
It seems to me if they really do not want the annunity option used by the winners (using Lottery logic) then there must be something good about them. I have read in the fine print that if the winners annunity should draw more interest over the life of the annunity than anticipated, the winner is entitled to.
It could be that the buy back process may leave some of the money in the investment to continue to draw interest but it goes back to the Lottery this time around. This also may happen when the economy is in pretty good shape like it is now.
I may be way off base on my thinking but thought I would offer this tidbit from the what its worth department. It probably is not worth much.
Let's face it a lot can happen in the world over a 20 or 30 year period, especially with this crazy world economy, which makes my eyes bleed it is so insane, but thats another post. It would be nice to know that you had a specified amount of money coming in once a year so you could plan your budget and get the most out of it.
Annuitingly yours,
Floridian
rdc137

Delaware
United States
Member #30,272
January 14, 2006
494 Posts
Offline

Sep 19, 2006, 11:28 pm

Quote: Originally posted by floridian on Sep 19, 2006
Sir Metro:
I think most of us believe that the odds to winning at Lottery, Casino gambling and most other forms of chance are in the house's favor. All gambling establishments are not run for the owner's health. They run them to generate big profits or better put huge profits. Sooooo the house does not do anything that could jeopardize that winning edge.
Currently, I can only speak to Florida. It has come to my attention through several news articles, blogs and word of mouth that the Lottery commission is trying even harder to buy back winnings that were processed via the winner's request for an annunity. Apparently, they are using some screwy present worth factors that are suppose to take into account how long the annunity has run minus some investment fees, etc., etc., and offering the remaining dollars in a lump sum. Naturally, they will take out the customary 25% income tax before cutting the check.
It seems to me if they really do not want the annunity option used by the winners (using Lottery logic) then there must be something good about them. I have read in the fine print that if the winners annunity should draw more interest over the life of the annunity than anticipated, the winner is entitled to.
It could be that the buy back process may leave some of the money in the investment to continue to draw interest but it goes back to the Lottery this time around. This also may happen when the economy is in pretty good shape like it is now.
I may be way off base on my thinking but thought I would offer this tidbit from the what its worth department. It probably is not worth much.
Let's face it a lot can happen in the world over a 20 or 30 year period, especially with this crazy world economy, which makes my eyes bleed it is so insane, but thats another post. It would be nice to know that you had a specified amount of money coming in once a year so you could plan your budget and get the most out of it.
Annuitingly yours,
Floridian

Interesting. I would go on a limb and say that Jeb has a lot to do with it. It's no secret he doesn't like the lottery and probably would shut it down given the chance.
SirMetro

East of Atlanta
United States
Member #6,191
August 11, 2004
1,390 Posts
Offline

Sep 21, 2006, 9:03 am

Floridian,
Lifetime annuities do pose an awkward dilemma for the Lotteries. For example, let’s say a 20 year old hits the jackpot for a Lifetime annuity payout. Unless there is something within the charter that can place a time based cap on it, the state would be obligated to pay that individual until he/she died. Can you imagine the huge cost to the Lottery if that individual lived to be 100? Most of the Annuities are designed for 20 to 30 years (some even less).

I think the Lotteries mentality (as misplaced as it may be) is that lifetime based annuities would appeal to the senior group (over 60) more then anyone else. So if a 20 year old won a lifetime annuity and lives to be 100. That person will have stretched that annuity out to over 4 times its intended value. Most have a base value of $1 million, but someone living another 80 years would cost the Lottery $4.16 million (values based upon Ga's Win for Life @ $1000 a week).

So all said and done, the only loser is the Lottery. Also, if I had won a lifetime based annuity and then the Lottery tried to buy it out after the fact, I would personally be very ticked off about it. I intend to hit Ga's Win4Life 3 times so that I can stagger out the payments so that I get a nice fat check each month of the year. And I intend to never die (besides I owe too many people to die anyway).

Kind of makes you wonder if they will enforce the "Redneck Lifetime Gaurantee". If they see you coming back, they shoot you.
Raven62

25

New Jersey
United States
Member #17,842
June 28, 2005
180,983 Posts
Offline

Sep 21, 2006, 10:15 am

Lotteries aren't in the Annuity Business, so they go out into the Public Sector and Purchase an Annuity from an Insurrance Company. For example if you Win a $1,000,000 Annuity the Lottery goes to an Insurance Company and for $500,000 they Buy an Annuity that Pays You $50,000 per year for 20 Years. You get Your $1,000,000 from the Insurance Company and the Lottery is out of it.

In the case of Lifetime Annuities the Age of the Winner would be considered when purchasing the Annuity. Two winners of different age would receive different Amounts on their Payouts due to the difference in Life Expectency of the two winners.
four4me

MD
United States
Member #1,701
June 18, 2003
10,731 Posts
Offline

Sep 21, 2006, 7:29 pm

i have hashed this out with Cashonly and all i can say is your beating a dead horse.
the only valid reason he had and it was posted in a news article is a 90+ yr old unknowingly won a annuity only prize paid out over 20 yrs. he tried to contest the lottery for a cash value claiming he would never live long enough to collect on the total payout.
On this i agree that a person above the age of 80 should be able to get a cash only payout. Or be allowed to pass the remainder of the annuity to a family member. But in the real world that isn't going to happen.
In most states the lottery buys a bond to cover the annuity and as the previous poster posted at that point the lottery is out of the payout structure it's in the bond holders hands.

Big John says. You don't hit the number. The number hits you!!!!

I'm not Big John, I'm Four4me, Big John's a friend.

New Topic New Poll

Subscribe to this topic

A Challenge to CASH Only from SirMetroPrev TopicNext Topic

A Challenge to CASH Only from SirMetroPrev Topic Next Topic