White Shores- California United States
Member #136,471
December 12, 2012
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Quote: Originally posted by Coin Toss on Feb 11, 2014
noise-gate,
Well we've already seen five years worth of what not having any business or work experience does for someone running the government.
I'm with rdgrnr on the question in the OP - what's not to say lottery annity payments aren't a future government grab? Or at leasr jackin up the taxes on them to make someone who took the annuity really wish they had taken the cash?
The current regome doesn't look for ways to produce, actually stimulate the economy, as nauseam.
All it does is looke for more and more ways how to leach of of those that do succeed.
My Dad always says - Stay away from the 3 P's.
Priests, Politicians & Prostitutes.
United States
Member #118,604
November 4, 2011
1,443 Posts
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Quote: Originally posted by noise-gate on Feb 11, 2014
Whoa -Where did you read that being a businessman translates into being good at running the Govt?
There is no such thing as an honest politician, they all lie to some extent... from " Well, l am not a crook- " l did not have sex with that woman"..they all lie.if you looking for honesty, better get out your dictionary. .
He is successful, whether or not he is good at running the government would have remained to be seen but again I will say, I would choose him over what we have. What I WILL agree with you on is no such thing as an honest politician, at least I could have hoped?
Texas Panhandle United States
Member #136,837
December 20, 2012
1,660 Posts
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Quote: Originally posted by lejardin on Feb 11, 2014
I agree with RDGRNR and MIKE. I would take the cash because I do not trust our ever expanding, invasive government and this admin is the worst. The President lied from day one and I feel 100% he won his re election by fraud. Romney would have made a vast improvement, first being he is a businessman and I think HONEST, imagine that, an HONEST President? That aside, I would take the cash, who can be assured we would have a government? What happened in Cypress can happen here. While I dont have an exact plan where to put BIG win money, a huge amount would be in cash, gold, silver and real estate. The idea Mike has for the taxes is an excellent idea and what state would turn down cash? I dont think that is silly in the least, it is prudent and looking out for your future the best you can under the circumstances. For banks, the FDIC only covers $250K per account altho some special deal might be worked out. The bankers (big banks) are just as crooked as our government, I trust neither.
Doubtful I could use up $100 million in my lifetime but looking at some of the past winners I guess it is possible but not likely. Can I have the chance to find out?
Thanks, lejardin. My own (fantasy) plan includes not only some land where I could try to be as self-sufficient as possible, but also along the lines of a "prepper" or survivalist, but not really to the extreme. I'd have a large cellar built (practical for Texas since it's in Tornado Alley) and keep freeze dried food down there...again, not thinking I'd be a holdout against zombie hordes or a nuke attack, but just to have the basic things f/ survival. I'd start eating on it a few yrs. before it reached expiration date and if I didn't finish it, I'd donate to a food bank (or if they didn't want it, I'd feed it to my hogs)...then I'd replace it.
You're exactly right about Mitt and I couldn't understand why more people didn't vote f/ him, at least more freedom loving Democrats who were concerned about where the current administration was - and still is - taking the country. After all, he/Romney was basically a social liberal and fiscal conservative. Wouldn't have been MY choice to run against Obama, but the low information primary voters and the media put him up to run.
New York said: "Who cares about liberal or republican." Well, I do and most concerned Americans do. What you said, though, was basically "who cares about Granny Smith or Gala apples?" Different types, different tastes, but both are still apples. Many Democrats are liberals, but far too many are nanny state progressives. Many Republicans are moderate to liberal in the strictest definition, but far too few of them are truly conservative. (the RINOs you always hear about) WAY too many - most of either - are big govt. statists. There's not many at all who are strict Constitutionalists and that's the real sin of the present day politician.
upstate NY United States
Member #108,786
March 31, 2011
549 Posts
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Quote: Originally posted by New York on Feb 11, 2014
Because they want it one shot. Its like winning a $500 scratcher, some cash it instantly. Some wait. I don't know. Humans just become so excited when a huge amount of money is theirs. They want it all!
Who wouldn't? As for others who choose annuity, they have a plan I guess. But in my opinion, the lump sum is the better way to go.
As for politics, screw politics. Who cares about liberal or republican.
The 3 branches of government ain't doing squat! No reform in the past 20 years, nothing!
We're never gonna move in this country because there is never agreement. It's like I win $1 and decided to give that to charity, the other party member would vote it down because he/she believes that $1 could be invested into a liquor store. Wow! Disgusting!
As for politics, screw politics. Who cares about liberal or republican.
Some people on this site care more about that than they do about the lottery. And they all seem to lean in the same direction; somehow I think that's not a coincidence.
Frankly, I disagree with their paranoid visions of an impending apocalypse. If we managed to survive the Bush administration, full of people who thought it was their spiritual duty to bring about the Second Coming, we'll get through the Obama administration just fine.
The Hall Of The Mountain Kings Tennessee United States
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April 28, 2009
15,378 Posts
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Quote: Originally posted by mediabrat on Feb 11, 2014
As for politics, screw politics. Who cares about liberal or republican.
Some people on this site care more about that than they do about the lottery. And they all seem to lean in the same direction; somehow I think that's not a coincidence.
Frankly, I disagree with their paranoid visions of an impending apocalypse. If we managed to survive the Bush administration, full of people who thought it was their spiritual duty to bring about the Second Coming, we'll get through the Obama administration just fine.
I believe all that gubmint cheese done made you null and void, son.
Texas Panhandle United States
Member #136,837
December 20, 2012
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"...full of people who thought it was their spiritual duty to bring about the Second Coming..."
Dumbest thing I've read today and I spent a couple hours on Facebook, YouTube and reading comments under Yahoo articles earlier, so that's saying something.
United States
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May 13, 2013
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Wow, so we've moved from reasons to choose cash over annuity to name calling, mud slinging and political diatribe. How about everyone agree to disagree and get back to the actual point.
To that end, very good points LottoMetro. Between history and the numbers, you get less in the long run taking the annuity. And for those who think annuity payments mean that bankruptcy is unlikely because you don't have access to all the money upfront, that's a fallacy. JG Wentworth has made a lot of money from desperate annuity takers who overspend their yearly checks. Think about the fact that jackpots never used to have a cash option. It was all annuities. Andd think of how many of those early winners have anything left.
Zeta Reticuli Star System United States
Member #30,469
January 17, 2006
11,791 Posts
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Quote: Originally posted by noise-gate on Feb 11, 2014
My Dad always says - Stay away from the 3 P's.
Priests, Politicians & Prostitutes.
Good one, wisdom there!
In the Army when things went whacky it was the 5 P's:
Pi$$ Poor Proper Prior Planning.
Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.
There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.
Mcminnville, Oregon United States
Member #3,013
December 13, 2003
6,173 Posts
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If I am lucky enough to win powerball or mega millions I would struggle to decide which is better when the jackpot is high like they are now. I would not want to have a big chunk of money in the bank so all my so called relatives could try and mooch off of me. But I guess that I do not see myself spending all of the powerball money or mega millions money in my lifetime. But I have lived so long off of little bit of money that millions would be a shock to me. So I would probably take the annuity and will it to my niece who is in college right now. But I would take cash if the older I get is when I win because lady luck decides when you win.-weshar75
Indiana United States
Member #150,266
December 18, 2013
503 Posts
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Quote: Originally posted by LottoMetro on Feb 11, 2014
If you planned to do zero investing, even in U.S. Treasury bonds or whatnot, then the annuity makes a little more sense. For me, taking the cash is about taxes and returns. Honestly the way things are looking, the only way taxes can go is up, which means those annuity payments won't be as much as if you planned 39.6% tax as worst case scenario. Taking it now gets the tax business out of the way, and you will only have to pay taxes on gains (although there are crafty ways the rich use to reduce this). Also, investing even a portion, say 50-75% of the lump sum, at a very menial rate of return accumulates into a larger amount than the annuity in less time! This is because the annuity is restricted to compounding only 5% of the annual payment. For both cases it is important to take into account inflation. At average rate of 3% in 30 years your annuity will only be worth a little less than $88 million (using the $213M figure you provided). Taking the cash also allows you to exercise an active role in beating inflation.
"Without wood a fire goes out; without gossip, conflict calms down.
Like adding charcoal to embers or wood to fire, quarrelsome people kindle strife."
United States
Member #149,814
December 9, 2013
644 Posts
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Quote: Originally posted by Teddi on Feb 11, 2014
Wow, so we've moved from reasons to choose cash over annuity to name calling, mud slinging and political diatribe. How about everyone agree to disagree and get back to the actual point.
To that end, very good points LottoMetro. Between history and the numbers, you get less in the long run taking the annuity. And for those who think annuity payments mean that bankruptcy is unlikely because you don't have access to all the money upfront, that's a fallacy. JG Wentworth has made a lot of money from desperate annuity takers who overspend their yearly checks. Think about the fact that jackpots never used to have a cash option. It was all annuities. Andd think of how many of those early winners have anything left.
Im serious!! Why must we start talking politics? You are right Teddi it always ends up with mud slinging and name calling. We know where politics takes up cant we just leave it at the door on this site?
Florida United States
Member #77,813
August 1, 2009
7,835 Posts
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Quote: Originally posted by Teddi on Feb 12, 2014
Another good point. I'd have been shocked if Gloria took the annuity.
Gloria should have taken the cash. But in past few years we have had a couple winners under 30 years old that also took the cash. Most lottery winners go broke within 5 years. Poor David Edwards took the lump sum and blew threw $27 million in cash and died broke.
Florida United States
Member #77,813
August 1, 2009
7,835 Posts
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Quote: Originally posted by weshar75 on Feb 12, 2014
If I am lucky enough to win powerball or mega millions I would struggle to decide which is better when the jackpot is high like they are now. I would not want to have a big chunk of money in the bank so all my so called relatives could try and mooch off of me. But I guess that I do not see myself spending all of the powerball money or mega millions money in my lifetime. But I have lived so long off of little bit of money that millions would be a shock to me. So I would probably take the annuity and will it to my niece who is in college right now. But I would take cash if the older I get is when I win because lady luck decides when you win.-weshar75