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Lump Sum or Annual Payments?

Topic closed. 18 replies. Last post 12 years ago by CalifDude.

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New Member

United States
Member #4914
June 3, 2004
39 Posts
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Posted: July 25, 2004, 4:01 am - IP Logged

i still say annuity for me. i honestly don't think i could manage the lump sum at once. it would be too much to worry about,say 1-20 million a year would be easier to manage for me. let's say that all you cash only people would win ,say 400 million plus,just for fun. would you still take the cash option? i wouldn't worry too much about estate taxes and stuff on all that money,it isn't like they played or bought the ticket. so i say they should and would be happy with what they get,if not they dont have to take it and spend it. besides you cant get all those zeros on a regular check,anyway. how would you manage youre checking account? you couldnt fit it all in there. i don't care if anyone roots for me to win or not ,if i don't choose cash option,it's jsut a game,i only spend a dollar or two on tickets each draw. if i win ,i win,if i don't i dont.i hope i win of course. but if i dont i hope someone who needs it does.in our state i think we have an option with powerball,they should let the person decide(give them about 30-90 days)if they win a jackpot,in california,hope they do change it . check with a financial adviser,before you do anything,but i dont trust anyone esle to manage my money,too many crooks. they can steal it all without you even knowing,and be lying on the beach somewhere with youre money. what i would do with my annuity payments,would be to try and find the bank(in new york,i think) that pays about 20-30% in interest a year,deposit all  the remaining checks after about the first 5(if i won alot and get about 3 milllion or more a year) and live off the interest(have a will of course) to leave to beneficiaries. but if i won alot i would take the cash option and do the same,but if i won anywhere from 10-50 million- annuity.but i now i may never win,so i dont get too upset over what everyone else does. i say let people do what they want,dont knock them,calm down,wish them luck,dont be jealous. i root for everybody.even if they dotn agree with me ,lol.

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    Poway CA (San Diego County)
    United States
    Member #3489
    January 25, 2004
    14120 Posts
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    Posted: July 25, 2004, 4:51 am - IP Logged

    Phantomrainbow, I really do hope you win and I wish you good luck.  You and I don't agree on the best way to receive the money, but that's not a problem with me!!  I do think you are naive about a number of things, but maybe that's because of what I have experienced in my lifetime and what I have seen when I was working in the financial industry.  I was a life insurance broker for about 6 years.  My goal was only to educate people and try to keep them from making foolish errors like I had heard about on the radio (I got interested because I was listening to a financial adviser in the morning when I was driving an hour to work).  I went to school to learn the insurance business and during the six years I sold ONE policy.  That was because the lady couldn't get the proper advice and help from the agents she was talking to.  So, my goal was not to make money.

    You say that you would find a bank that pays about 20-30% interest per year.  What is the Prime Rate now, 1.5% or 2.0%?  I don't think you will find a bank paying on anything much more than that!  You do need help!  Banks are about the worst investment you could find. 

    I really do hope you win it big and I hope you get financial advice with your yearly paychecks.

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      Posted: July 26, 2004, 2:03 am - IP Logged

      I am going by what i saw in the movie brewsters millions with richard pryor. he had the money at a bank that paid 20% some percent a year,i think it was the bank of new york,haven't seen the movie in a while. it was for small countries and millionaires,billionaires,too. they said the interest rate amount,it was alot,i didnt know if it was just for the movie or not,someone i worked with told me there was a bank like that.i dont know that much about managing money, but if i were to win ,i would sure try to learn. i just wouldnt trust anyone else managing my money,because of all the stories you hear about them stealing from clients.is there any way for you to manage you're own money/stocks and stuff. oh,the bank was fdic insured.i would like the security of knowing i had money if i spent it,that way i could better learn to manage the money. i can manage my checkbook with a regular weekly salary. but when it came to millions, i dont know if i could keep up with it.if i actually won,i might take the lump payment,i think if you dont choose at the time of playing powerball ,you have 90 days to decide.i could invest it all in wal=mart and microsoft,and intel,lol. i dont really like stocks,cause the companies go bankrupt all the time,or they embezle money.what would be a good way to invest money. cd's that double youre money(do they still have those?)?i would like somethign that i could check on myself and learn how to manage it and stuff. any suggestions calidude? i wouldnt say im nieve,just a little unknowledgeable about the way to invest millions,etc. i just like to learn what i can and make a plan after i win after i get advice. but my opinion is this,either way, it's more than i had or would have had.  i like to have a choice,i might change my mind if a financial adviser says differently,or if i read about the stuff more. it's just that with annuity you get more money,and there is no guarantee any investments you make with the cash option is going to be as much as the annuity,i would want to get all of my money that i could,so to me annuity seems better,unless i could find a way to invest the cash option and make the same or more money without loosing it(but there are no sure things in life).i hope i have explained my thinking a little more.

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        Poway CA (San Diego County)
        United States
        Member #3489
        January 25, 2004
        14120 Posts
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        Posted: July 26, 2004, 10:04 am - IP Logged

        Phantomrainbow, yes you need help!!  You don't understand money, so which ever way to take your big winnings...GET HELP!