New Library DefinitionPrev TopicNext Topic

• CASH Only

  United States
  Member #379
  June 5, 2002
  11,296 Posts
  Offline
  Apr 3, 2003, 3:11 pm

  ▲▼

  CASH OPTION: Offered in many games where the top    prize(s) is/are otherwise paid through an annuity. The choice is either exercised when you buy the ticket or after you win, depending on the rules of the game.
• CASH Only

  United States
  Member #379
  June 5, 2002
  11,296 Posts
  Offline
  Apr 3, 2003, 3:36 pm

  ▲▼

  I meant to add "Cash Option" as the subject. Please forgive me since this is the first potential definition.
• Todd

  

  50

  Chief Bottle Washer

  New Jersey
  United States
  Member #1
  May 31, 2000
  27,923 Posts
  Online
  Apr 3, 2003, 6:15 pm

  ▲▼

  I'd love to add some more information to the definition explaining why the cash option is usually somewhere around half of the advertised annuity amount.  (I didn't vote yet.)  Do you want to take a crack at it?

   

  Check the State Lottery Report Card
  What grade did your lottery earn?

   

  Sign the Petition for True Lottery Drawings
  Help eliminate computerized drawings!
• CASH Only

  United States
  Member #379
  June 5, 2002
  11,296 Posts
  Offline
  Apr 3, 2003, 8:32 pm

  ▲▼
  Todd: I didn't want to be too "wordy"

  The cash value of an annuity prize depends on interest rates, the length of (usually 20-30 years), and the type of, the annuity (usually the cash value is 50-60% of the annuity). Annuity prizes include future interest, which is why the cash option amount is always "less" than the advertised annuity amount. Lottery winners, when given the choice of cash or annuity, are much more likely to take the lump sum over the yearly payments.

  Todd: I would think you would edit, if need be, "winning" definitions.
• Todd

  

  50

  Chief Bottle Washer

  New Jersey
  United States
  Member #1
  May 31, 2000
  27,923 Posts
  Online
  Apr 6, 2003, 10:36 am

  ▲▼

  Cash,

  I think we need to update the definition: this one's not getting any responses.  I'll try to put together an "unbiased" definition.

   

  Check the State Lottery Report Card
  What grade did your lottery earn?

   

  Sign the Petition for True Lottery Drawings
  Help eliminate computerized drawings!
• AnnuityIsGreat

  United States
  Member #1,047
  January 17, 2003
  348 Posts
  Offline
  Apr 9, 2003, 8:25 am

  ▲▼

  Casho,

  Looks like you have NO idea what cash option means by the votes you're getting.  The one yes vote you received is obviously by you.  Give it up!  Stick to Annuity!  It works everytime.

  Don't blow all your winnings in one place - Choose Annuity
• CASH Only

  United States
  Member #379
  June 5, 2002
  11,296 Posts
  Offline
  Apr 9, 2003, 8:46 am

  ▲▼
  AnnuityIsToppled:

  Todd re-did my definition.
• AnnuityIsGreat

  United States
  Member #1,047
  January 17, 2003
  348 Posts
  Offline
  Apr 9, 2003, 10:21 am

  ▲▼

  Todd REDID your definition?  More like... he defined the definition since you apparently have no clue what Cash Option means.

  Don't blow all your winnings in one place - Choose Annuity
• CASH Only

  United States
  Member #379
  June 5, 2002
  11,296 Posts
  Offline
  May 4, 2003, 9:47 am

  ▲▼
  AIG:

  Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

  (cutting down on the Zs this time)