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Are you for a Cash Jackpot payout regardless of the amount?

Topic closed. 50 replies. Last post 2 years ago by Teddi.

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Texas
United States
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October 23, 2007
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Posted: May 19, 2015, 9:16 am - IP Logged

At my age, cash is king.

I would be dead before the annuity ends. Not to mention paying taxes, and not knowing how much taxes each, only knowing taxes would increase each year. They never go down, only up.

If I win PB or MM, I could live on the cash amount and still have money left over after 25 years.

To each his own.

CAN'T WIN IF YOU'RE NOT IN

A DOLLAR AND A DREAM (OR $2)

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    Member #143211
    May 27, 2013
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    Posted: May 19, 2015, 11:35 am - IP Logged

    Cash Baby, I might not live a long life so I want to enjoy my money that I won !

      noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
      Bay Area - California
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      Member #136477
      December 12, 2012
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      Posted: May 19, 2015, 12:48 pm - IP Logged

      At my age, cash is king.

      I would be dead before the annuity ends. Not to mention paying taxes, and not knowing how much taxes each, only knowing taxes would increase each year. They never go down, only up.

      If I win PB or MM, I could live on the cash amount and still have money left over after 25 years.

      To each his own.

      Funny you should mention being "dead before the Annuity ends"- l brought up this topic last night amongst some friends and one of them made a good argument. He said that if you young, single and have a family history of heart disease,  strokes etc- taking the money is a good option because you never know when the grim reaper comes calling.If you young married & your family medical history is pretty good,  it's a 50/50 choice as to whether you go for either payout. Most of us disagreed with his thinking but then again, he brought up some nuggets in the conversation. 

      People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

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        Member #164725
        March 12, 2015
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        Posted: May 19, 2015, 1:13 pm - IP Logged

        If you kick the bucket, the annuity doesnt disappear but is part of your estate.  Sure you may be dead and can't enjoy it, but as far as myself goes, I can only spend so much money. After a house, car, vacations, the rest wd go to charitable donations while I am alive and when I am dead.


          United States
          Member #106134
          February 13, 2011
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          Posted: May 19, 2015, 3:52 pm - IP Logged

          Cash for sure!

          inflation can really ruin your annuity toward the end.  Your $3 million payout in year 30 might sound nice now, but in 2045 $3 million may not go very far at all!

            mypiemaster's avatar - 2015021003pileofcash
            JACKPOT HUNTER

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            April 2, 2013
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            Posted: May 19, 2015, 4:40 pm - IP Logged

            BashSmash Take the money and run!

            Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

            Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

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              Arizona
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              March 24, 2015
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              Posted: May 19, 2015, 8:27 pm - IP Logged

              Cash for sure!

              inflation can really ruin your annuity toward the end.  Your $3 million payout in year 30 might sound nice now, but in 2045 $3 million may not go very far at all!

              That's why PB and MM both set up the annuity on an increasing rate schedule. PB payments increase by 4% each year, MM by 5%. For the current $173M Mega Millions jackpot, the first payment is $2.6M, the final payment is $10.7M.

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                United States
                Member #164725
                March 12, 2015
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                Posted: May 19, 2015, 9:03 pm - IP Logged

                Do they offer annuity's when the jackpots is so small, e.g., 3 million?  It seems like whether you take cash or the annuity, after they get done with it your winnings are significantly reduced.


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                  May 15, 2015
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                  Posted: May 20, 2015, 3:07 am - IP Logged

                  I'd settle for cash. Like previously mentioned by the members, it is uncertain if there is any change of rules or dirty politics in Annuity. Get a grab on the lump sum and we are good to go!

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                    December 3, 2014
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                    Posted: May 20, 2015, 4:01 am - IP Logged

                    I'd settle for cash. Like previously mentioned by the members, it is uncertain if there is any change of rules or dirty politics in Annuity. Get a grab on the lump sum and we are good to go!

                    Speaking of "cash" ... I wonder how many members caught this from last month (April) ... if you have won the lottery and decided to get the cash and just work with cash as you buy things ... storing it could be a problem. The government seems to want a record of everything ... I read where they would like to make "paying with cash" illegal in the future. They want a record of all transactions ... so having lots of cash just to spend could be a problem and then there's storage.

                    Last month JP Morgan banned cash from being put into safety deposit boxes ... don't know if other banks are doing this ... so cash is suddenly a "terrible" thing ... just where all this is going, we'll have to wait and see.

                    If a person doesn't trust their money in a bank ... could be a problem. Also they are wanting to stop large purchases with cash ... they want records of everything. Maybe living in the Cayman Islands or Switzerland might be the place to be.

                    The average person has no criminal motive ... it's their money as cash but now there may be problems with good honest cash from a lottery win.


                    Report: JPMorgan Chase Bans Storage of Cash in its Safety Deposit Boxes
                    War on cash intensifies

                    by Paul Joseph Watson | April 22, 2015

                    Some JPMorgan Chase customers are receiving letters informing them that the bank will no longer allow cash to be stored in safety deposit boxes.

                    The content of a post over on the Collectors Universe message board suggests that we may be about to see a resurgence of the old fashioned method of stuffing bank notes under the mattress.

                    My mother has a SDB at a Chase branch with one of my siblings as co-signers. Last week they got a letter outlining a number of changes to the lease agreement, including this:

                           “Contents of the box: You agree not to store any cash or coins other than those found to have a collectible value.”

                    Another change is that signatures will no longer be accepted to access the box. The next time they go in they have to bring two forms of ID and they will be issued a four-digit pin number that will be used to access the box then and in the future.

                    The letter, entitled “Updated Safe Deposit Box Lease Agreement,” was sent out to customers at the beginning of the month.

                    “Hide your wallets, the banksters are on the move,” warns the Economic Policy Journal.

                    As of last month, Chase has also instituted a new policy which, “restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans,” writes Professor Joseph Salerno of the Mises Institute.

                    The news arrives on the back of comments by Citi’s Willem Buiter, who recently advocated abolishing cash altogether in order to “solve the world’s central banks’ problem with negative interest rates”.

                    Last month we also reported on how the Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more.

                    Efforts to impose restrictions on the use of cash by banks are seen by many as an attack on anonymity and an example of how financial institutions are positioning themselves to handle the fallout of the next economic crash – at the expense of customers.

                    According to reports which emerged last year, HSBC is now interrogating its account holders in the UK on how they earn and spend their money as well as restricting large cash withdrawals for customers from £5000 upwards.

                    Banks in the U.S. are also making it harder for customers to withdraw and deposit cash, with Chase imposing new capital controls that mandate identification for cash deposits and ban cash being deposited into another person’s account.

                    In October 2013, we also covered policy changes instituted by Chase which banned international wire transfers while restricting cash activity for business customers (both deposits and withdrawals) to a $50,000 limit per statement cycle.

                    Last month, French Finance Minister Michel Sapin hailed the introduction of measures set to come into force in September which will restrict French citizens from making cash payments over €1,000 euros.

                    ... also I found this about safety deposit boxes - I just posted the number 12 and 13 section:

                    12. When I opened up a safe deposit box the banker told me that it was illegal to store U.S. cash in your box. The banker said this is considered taking currency out of circulation which is against federal law. I read an online post by another commenter whose attorney and banker confirmed this. However, I don’t believe it is widely known that you are not allowed to store cash in your safe deposit box. I asked my banker if you could store foreign currency in a safe deposit box but she didn’t know. I assume it’s ok.

                    13. Many people use safe deposit boxes to store precious metals like gold and silver. In the 1930’s it became illegal to own gold and it was confiscated by the U.S. government. When you went to your box a bank representative would have to make sure there was no gold in your box. If there was, they confiscated it and paid you the prevailing price for your gold in cash. I don’t believe this will happen again, for one thing, back in the thirties the dollar was pegged to gold which was the primary driver of the policy. We have since gone completely off the gold standard and the dollar is no longer pegged to gold.

                    Get the cash now and enjoy while you can ... just thought some members might find this interesting.

                    ...

                      Funtimz's avatar - Lottery-022.jpg

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                      Posted: May 20, 2015, 11:14 am - IP Logged

                      Cha-Ching

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                        Zeta Reticuli Star System
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                        Posted: May 20, 2015, 11:22 am - IP Logged

                        Crazy Wombat,

                        There's an article on Yahoo News at the moment:

                        Major banks to plead guilty to currency manipulation

                        Four financial institutions have been fined $2.5 billion for criminally rigging global markets going back to 2007.  Used chat rooms to conspire...

                        Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                        Lep

                        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.

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                          South Carolina
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                          Posted: May 20, 2015, 12:03 pm - IP Logged

                          Would anyone put all the cash in one account like Mayweather?

                          "Boxing champion Floyd Mayweather Jr. has a specific fascination with cash.

                          He has taken video of himself counting $1 million in hundred dollar bills, and posted photos where 50 Cent is balancing bricks of cash on his forearms.

                          His nickname is "Money," and his apparel business is called "The Money Team" — which also doubles as the name of his entourage.

                          So it should be no surprise that he keeps a significant portion of his assets in cash. 

                          Mayweather has a single bank account with $123 million in it, according to an ESPN The Magazine feature by reporter Tim Keown.

                          Keown was with Mayweather in a Grand Rapids, Mich. Foot Locker when the boxer discreetly showed him his bank account receipt and said, "One account, baby."

                          Every champion was once a contender who refused to give up.-Rocky Balboa

                          “Don’t let someone who gave up on their dreams talk you out of going after yours.” – Zig Ziglar

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                            March 12, 2015
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                            Posted: May 20, 2015, 12:32 pm - IP Logged

                            I would assume it is in the bank vault and not safety deposit boxes.  Recently, there was a huge bank heist in London where they emptied out safety deposit boxes where many jewelers kept their stock of gemstones and lots of private people had their jewellery and cash.   It's never wise to keep all your eggs in one basket. I'm sure he has financial advisers telling him this, too.

                              noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                              Bay Area - California
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                              Posted: May 20, 2015, 4:26 pm - IP Logged

                              Would anyone put all the cash in one account like Mayweather?

                              "Boxing champion Floyd Mayweather Jr. has a specific fascination with cash.

                              He has taken video of himself counting $1 million in hundred dollar bills, and posted photos where 50 Cent is balancing bricks of cash on his forearms.

                              His nickname is "Money," and his apparel business is called "The Money Team" — which also doubles as the name of his entourage.

                              So it should be no surprise that he keeps a significant portion of his assets in cash. 

                              Mayweather has a single bank account with $123 million in it, according to an ESPN The Magazine feature by reporter Tim Keown.

                              Keown was with Mayweather in a Grand Rapids, Mich. Foot Locker when the boxer discreetly showed him his bank account receipt and said, "One account, baby."

                              Thank goodness; Neither Mayweather or any other boxer has ever got a penny of mine. If l am to see someone get knocked out it's going to be by Denzel or some other action star on a screen...Total cost will be $15.00 or less. * price of admission. In fact it's been said that Mayweather & Manny destroyed boxing by taking people's hard earned money.l seriously doubt that there is going to be another $100 mil boxing payday for any fighter on the horizon.

                              Mayweather should have OPM on the  back of his cap which would mean " Other People's Money".Say what you want- Money Weather is a skillful businessman. 

                              People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.