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LinkTheWorld | If you won 10 million dollars in the lotto would you take 5.5 million all at once or $333,333 a year for 30? |
and why?
Additional Details
** It would only be 5.5 million after taxes. |
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cheesewithyourwhine?
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I'd take the lump sum...
I don't trust that the government will pay me for 30 years... it may be unlikely, but what if they decide to do away with the program for some reason?
No thanks, I think 5.5 million is plenty. The taxes are big, but they'd take a ton of taxes out of the 333k every year too. |
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Luke!!!!!!!!
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i was just about to say y 5.5 mil but i just saw y so i would do the 2nd 1 or u would waste all ur money
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Ev!lOnE
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All at once, you get more returns by keeping it in some form of investment account, than taking it later. |
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slickmickeygal
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i'd take it every year for 30 years or whatever, because i dont feel the need to have all that money at once. one years worth would pay off all the debt we have as well as pay off our new house, PLUS be able to have some left over in savings. we're planing on living in our home until the market is stable (in like 5 years or so) so by then we would have gotten another 4 years worth of payments into savings, collected interest on it, and be able to buy a nicer home...
after that its just nice to get a HUGE paycheck every year! haha. yeah it would be nice to have that huge lump-sum sitting in the account collecting interest, but i think i would feel more secure knowing that i would get a still "nice" amount every year - and that way i couldnt go on some wild spending spree and buy a 2 million dollar home straight off the bat |
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David D
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A very unwise decision I agree, but I would take the 5.5 million all at once. Even though I would be loosing money, I am very picky about my money. I like to have have it all in my hand, I feel secure and like im in control of my money. I want to choose how much I want to spend, or what I want to do with it.
example: If I wanted to blow the 10 million off on buying and island in the carribean I couldnt, i would have to wait 30 years to buy it, (when you buy an island they dont take: checks, credit cards, etc). |
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Eric C
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The 30 year payments are better for me cuz that by itself is a good life and I'm young so by the time I'm 50 I won't be getting any more payments so I could slowly save up for the rest of my time |
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Tricia L
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I'd take the anuity myself, being younger I have time to collect it for 30 years, plus its guaranteed income. I might be too tempted to spend it if I got it all at once. |
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Joe the Plumber
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I would take the one where I get $333,333 a year since I would be getting over $100k every year for no reason, and if one year I blow the money accidentaly, or if I invested the money and it goes bankrupt, I can always get another $100k + the next year. |
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mailladyrt2
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lump sum |
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ஐ♥ #3 came early!! 12~8~08!! ♥ஐ
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I'd take the $333,333/yr. for 30 years. Thats way more than we could/would ever spend. I don't know how to crunch the exact numbers, but I'm fairly sure you'd make a larger profit margine in investing by taking it that way and investing 2/3 of it every year for that 30 years. (I may be wrong...who knows.)
In the first year alone after paying off our home, car, and living expenses, We'd still have right at $200,000 left savings. With only our utilites/food/insurance/gas in the car/ect. Making our bills right at $1000/mo at most for the years to come. That'd leave $321,333 yearly...before vacations of course. We'd be taking a couple nice trips a year then. So after trips it'd leave about $300,000/yr savings for 29 years. I'd say that wouldn't be too bad. |
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Coupon Clipper
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5.5 today only for investment purposes. Obviously the 333 is double the amount after 30 years (9,999,999.00) but you have to account for inflation which usually runs around 3-5%. Just think hypothetically you have a present value of 5.5 mil invested in a mutual funds, bonds, common stks, etc and you earned an average of 7% rate of return (this is a low estimate). You would have a future value of 41 mil. less taxes and you have to factor in inflation. I know that one wouldn't invest all the money if they won this amount it but you get my point. If you cut the 5.5 in half and you were to invest half of it for 30 years at 7% rate of return you are talking about 19 mil future value after 30 years. |
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Worldly25
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5.5 mil all at once. I could die tomorrow, my heirs could not afford the tax on the balance and would have to sell the annuity for pennies on the dollar |
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