If You Won the Lottery, Would You Take One Lump Sum, or Yearly Payments?

SeaBreeze

SeaBreeze

Endlessly Groovin'
Location
USA
If I was lucky enough to win a big lottery, I think I would take all the winnings in one lump sum. They can take the taxes out, and give me the rest. That way I would have control of that money to do as I wished with it, and wouldn't have to worry about something failing on their end, and my not receiving my annual payments in the future.

How about you, what would you do? :dollar:
 

SeaBreeze said:
If I was lucky enough to win a big lottery, I think I would take all the winnings in one lump sum. They can take the taxes out, and give me the rest. That way I would have control of that money to do as I wished with it, and wouldn't have to worry about something failing on their end, and my not receiving my annual payments in the future.




How about you, what would you do? :dollar:
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Oh God I wish! Well, the lump sum approach would work for me. I'd like too to get it earning interest right away. Though I reside in the UK I am still subject to US taxes, so they would attack I'm sure.

But still......:yes:
 
I would take the payments instead. Unless the whole economy totally collapsed, the payments should be secure, and if everything collapsed; then the money would be worthless anyway. You can get about twice as much with the structured settlement, and it can be left to your family if you die before it is all used up, and if it is a lump sum and you leave it, they would have to pay an inheritance tax anyway.
If you take the lump sum, then you have to decide where to put it once you have it. Banks are certainly NOT safe anymore, especially with cyber-theft growing every day. Hiding it in the mattress is not always a good idea, and being mugged or killed by someone who is robbing you is then a possibility.

I think with the structured settlement, and if you lived so it wasn't obvious that you had all that money, then you could just enjoy life and not worry about it. I would get a newer car, and a house that I liked, but nothing really expensive. Then, I would fix up the house inside however I wanted it, and keep the car running good, and help out my kids and other family after that.
It would be really nice not to have to scrunch pennies anymore, and be able to buy what I needed (or wanted), and not just settle for what I could afford.
 
That lump sum thing has always been popular but I'm with HFL and would rather get the payments. Just seems easier to me. But, alas, never gonna be a problem . . .
 
nan said:
I would Take the lump sum and share it with family.
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I like that plan.

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SeaBreeze said:
If I was lucky enough to win a big lottery, I think I would take all the winnings in one lump sum. They can take the taxes out, and give me the rest. That way I would have control of that money to do as I wished with it, and wouldn't have to worry about something failing on their end, and my not receiving my annual payments in the future.

How about you, what would you do? :dollar:
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I would do the same. Another thing is, if you take payments, somebody else gets to use "my" winnings without me having any say on what. I would want some to go into accounts for younger peeps in family to gain interest etc. I would not enjoy living too high, I don't like a lot of "stuff" to manage, so divide it up, and have a home of my own somewhere, not BIG, heaven forbid, and a better car, LOL! I would try to see some places and take tons of photos. I would like it if I heard of a friend or anyone in need, and be able to just hand them a check, or send it incognito, even better, fun;)
 
Yep i agree SB i would take the lump sum buy myself a decent unit maybe in a retirement village and buy both daughters a home, a new car, give the lady next door to me my home as hers is quite small, and invest in some bricks & mortar, won't ever dabble in shares again as i lost a lot of money, maybe buy some bonds, and give some to charities.
 
I don't do the lottery, but if I did I can't think there is anything I need that I don't already possess. If I came up with millions I would probably set up some sort of charitable trust after ensuring my kids were comfortable for life.
 
yeah, I've heard it all my life, and said it too. Money doesn't bring you happiness, but I would not turn down a winning lottery ticket these days, LOL!!
 
nwlady said:
ditto Phil, I love pizza!
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What's not to love? Dairy, grain, vegetable, herbs, meat ... it's a complete balanced meal! You can eat a little or a lot, you can add or subtract ingredients, it's available almost everywhere, heck, they even bring it TO you at home!

If i could travel back in time I'd like to meet the person that invented pizza - I would kiss their feet.
 
SifuPhil said:
What's not to love? Dairy, grain, vegetable, herbs, meat ... it's a complete balanced meal! You can eat a little or a lot, you can add or subtract ingredients, it's available almost everywhere, heck, they even bring it TO you at home!

If i could travel back in time I'd like to meet the person that invented pizza - I would kiss their feet.
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It's true, every, food group, don't for'git the fruit! Don't be committing to that feet-kissing thing to quick, if you go to far back, them folks went barefoot, or at best, sandals:eek:
 
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