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if you won over $70 mil- would you settle for the lump sum or annual installments

Topic closed. 53 replies. Last post 4 years ago by helpmewin.

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noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
Bay Area - California
United States
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December 12, 2012
4108 Posts
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Posted: March 6, 2013, 10:17 pm - IP Logged

I read where it said the annual installment program gives one multiple chances to avoid the screw up in the event one blew through their first payout. For instance if your 1st installment was over $1, 500, 000 and you decimated that amount in under 10 months, you have time to readjust your mental attitude the next go round and plan accordingly.
Do you agree with that thinking

    Romancandle's avatar - moon
    Upacreek
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    December 8, 2012
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    Posted: March 6, 2013, 10:43 pm - IP Logged

    Yep (basically), but if you blew it all before paying your taxes the first year, you'll be tapping into the next installment right away just to cover your 1st years tax bill.  Get a good accountant and financial planner... first.  If you got a good one, then you'll know which payment to take- lump sum or annuity- most go for the lump sum for a variety of reasons.

    -RC

      IPlayWeekly's avatar - avatarmoney
      Columbus, Ohio
      United States
      Member #128906
      June 5, 2012
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      Posted: March 6, 2013, 10:54 pm - IP Logged

      Lump sum

        rdgrnr's avatar - walt
        Way back up in them dadgum hills, son!
        United States
        Member #73904
        April 28, 2009
        14903 Posts
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        Posted: March 6, 2013, 10:54 pm - IP Logged

        I read where it said the annual installment program gives one multiple chances to avoid the screw up in the event one blew through their first payout. For instance if your 1st installment was over $1, 500, 000 and you decimated that amount in under 10 months, you have time to readjust your mental attitude the next go round and plan accordingly.
        Do you agree with that thinking

        I'd rather take the lump some and buy stuff before the dollar collapses.


                                                     
                             
                                                 

         

         

         

         

                                                                                                           

        "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                    --Edmund Burke

         

         

          sully16's avatar - sharan
          Ringleader
          Michigan
          United States
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          October 28, 2009
          40471 Posts
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          Posted: March 6, 2013, 11:24 pm - IP Logged

          lump sum

          Did you exchange a walk on part in the war ?

          For a lead role in a cage?

           

                                                      From Pink Floyd's " Wish you were here"

            CajunWin4's avatar - Lottery-061.jpg
            Whiskey Island
            United States
            Member #90216
            April 24, 2010
            12740 Posts
            Online
            Posted: March 6, 2013, 11:30 pm - IP Logged

            Wrong Mind Set to Win !!! You can't  have that if attitude ... It's when ,I will Win the Jackpot !! I will take the Lump Sum Winnings .....

              helpmewin's avatar - dandy
              u$a
              United States
              Member #106665
              February 22, 2011
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              Posted: March 7, 2013, 12:08 am - IP Logged

              annual payments!!Dance

              Let it Snow Snowman

                weshar75's avatar - Lottery-042.jpg
                Mcminnville, Oregon
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                December 13, 2003
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                Posted: March 7, 2013, 12:14 am - IP Logged

                I think the higher it grows the more willing I am to take the payments and grow old with the money in the bank every year.  Good luck to me on saturday night.-weshar75

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                  ttech10's avatar - blobdude
                  Texas
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                  Posted: March 7, 2013, 12:16 am - IP Logged

                  Lump sum. No question. A few years ago, though, I would be iffy.

                  Now though I think about effects of taxes rising as well as having to be linked to the lottery comission for years and years. I'd rather take the money and run.

                   

                  And remember mistakes can still be made with the annuity. Plenty of lottery winners have hit the bottom of the barrel by going with the annuity and then selling it to a company for a smaller amount.

                   

                  I also wouldn't be surprised if some annuity winners get the professional athlete mindset. They spend X amount each year because they expect X amount the following year. Then when the year comes they are no longer receiving X amount they still spend X amount and run into issues.

                  After they’ve stopped playing for two years, 78 percent of former NFL players have gone bankrupt or are having trouble financially. Sixty percent of NBA players go broke within five years of retirement.

                  I wonder if there are numbers on the amount of jackpot winners claiming via lump sum that have money issues compared to those who choose the annuity.

                   

                  Of course, I think most on LP would be smart enough to not lose everything, no matter which choice they make.

                    Avatar

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                    Posted: March 7, 2013, 12:49 am - IP Logged

                    If I won $69.9 million, I'd take the installments, but if I won $70 million, I would definitely have to take the lump sum

                      savagegoose's avatar - ProfilePho
                      adelaide sa
                      Australia
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                      April 11, 2006
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                      Posted: March 7, 2013, 1:10 am - IP Logged

                      you have to do some soul searching, and know who you are. Can you really say no?  its a lot easier to ssay no on 1.5 mill a year, than 35 mill in a lump sum.

                      If you know you cant  say no, and maybe you know you cant ever save money and always spend spend spend. then maybe  just maybe installments are in order.

                       

                      after all if you can live on 1.5 mill in the 1st year and money saved at the end, then after the 2nd year you should have more saved up.

                      and as you say, if yopu blow it in 10 months, its only 2 months to  wait till you can start again.

                       

                      we all say lump sum, but are we   smart enough  to actually manage that money well?

                       

                      bottom line, is listen to your own heart. not advice.  what oters would do is for when they win, this is you and all about  whats best for you. only you know that.

                      2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

                      keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

                        RJOh's avatar - chipmunk
                        mid-Ohio
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                        Posted: March 7, 2013, 1:11 am - IP Logged

                        Depends on the length of the annuity.  25 years maybe, 30+ years maybe not.  I'll cross that bridge when I come to it.

                         * you don't need to buy more tickets, just buy a winning ticket * 
                           
                                     Evil Looking       

                          ttech10's avatar - blobdude
                          Texas
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                          June 5, 2010
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                          Posted: March 7, 2013, 3:59 am - IP Logged

                          Depends on the length of the annuity.  25 years maybe, 30+ years maybe not.  I'll cross that bridge when I come to it.

                          Is Texas still the only state that you have to choose when you buy the tickets? I remember when I first bought tickets in California, I always wanted to say 'cash value' out of habit. I'm going to have to start remembering that again here in two weeks.

                           

                          Back when I wasn't sure which option to choose, it would have been nice to be able to wait until I knew if I won or not to make the choice. I used to buy one ticket with the cash value and another with the annuity (different numbers though).

                            Win$500Quick's avatar - Lottery-050.jpg
                            Florida
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                            August 1, 2009
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                            Posted: March 7, 2013, 5:34 am - IP Logged

                            I'll take the cash and run.

                            Guess Who's Back?

                              SOLO1's avatar - Myselfy

                              United States
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                              Posted: March 7, 2013, 5:50 am - IP Logged

                              I'll take the cash and run.

                              I'll run to take the cash.

                               First things first! lol

                              I Agree!

                              Success come to those that don't give up!