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Lump Sum V.S 26 Year

Topic closed. 3 replies. Last post 7 years ago by rburton.

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United States
Member #78968
August 25, 2009
49 Posts
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Posted: August 27, 2009, 7:28 pm - IP Logged

What is better

 

with 26 year couldn't you use your mega million contract to take out loans

    Piaceri's avatar - sarsony1
    Republic of Texas
    United States
    Member #57557
    January 9, 2008
    1095 Posts
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    Posted: August 27, 2009, 8:48 pm - IP Logged

    What is better

     

    with 26 year couldn't you use your mega million contract to take out loans

    Why would you do that? 

    Why borrow when you can "Bank on yourself"? Borrow from yourself for 6% interest, then you earn 6% interest on your money instead of the bank earning 6% on your money.

     

    Besides, when you look at the current administration, your future annutity payments might be taxed at 60% or more.

     

    Annuity is lose lose right now.

    face

    singlewinnersinglewinnersinglewinner   

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      toledo ohio
      United States
      Member #78839
      August 22, 2009
      22 Posts
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      Posted: August 29, 2009, 6:12 pm - IP Logged

      well if your not good with money take the 26, if you are then the cash option would be best if, you know how to invest it ...... and it would depend on your age..


        United States
        Member #78471
        August 15, 2009
        33 Posts
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        Posted: September 1, 2009, 1:18 pm - IP Logged

        Why would you do that? 

        Why borrow when you can "Bank on yourself"? Borrow from yourself for 6% interest, then you earn 6% interest on your money instead of the bank earning 6% on your money.

         

        Besides, when you look at the current administration, your future annutity payments might be taxed at 60% or more.

         

        Annuity is lose lose right now.

        Somethings badly wrong when the Government takes 60% of a persons money.