todays question....if you hit the lottery,would you take one lump...

[Dancing Fire]

sum or 20 yr monthly payments? when i play the lottery, i always buy cash value tickets.

 

[ammayernyc]

Lump sum... unless the payments could be guaranteed and would sit in an interest bearing account.

 

[Kaleigh]

Lump sum.

 

[JCJD]

Lump sum. Take the tax now and I''ll let it sit in a money market or my Roth until I''m 65.

 

[ame]

lump sum. Id immediately put half or 2/3 in an interest bearing account that I couldn''t withdraw from for several years.

The rest would be split around my family and his family and we would probably pay off our house, sell it and buy a newer one and do whatever remodeling we felt it needed to be perfect, pay off my car, sell both of our cars and buy newer ones, etc. And I wouldn''t worry as much about my rings

 

[coconut]

Definitely lump sum.

I believe the monthly payment over the 20 years don''t account for inflation.... so I''d rather invest with the money..

Also... you NEVER know what may happen to you in that 20 years!!

If you die... then it''s all gone... I''d hope someone could benefit from the wealth if I were to go before using all that $$$$


As far as what I would do with the money???
Definitely invest in some bonds, some stocks, property.
Make charity donations, including various pet rescue groups... then...

(1) Buy a house on a ski slope, one on the beach, and one in NYC.
(2) Buy an expensive sports car... automatic since I can''t drive stick! lol
(3) Buy some BIG ICY bling.. in variety of shapes and colors.

Oh boy... I''m assuming the jackpot is like $ 100 million... ...off to day dream...

 

[partgypsy]

Depends. Sometimes with lump sum they give you less money than 20 year payments. If same amount of money definitely lump sum, because can invest it to make more money! If not, I''d calculate the difference to see if total amount is greater or less the lump sum invested with certain percent, say 7%. Plus lump sum you know you are going to be paid.

 

[moremoremore]

Present day value. I want it NOW!!!!!!

 

[Diamonds4Me]

Lump Sum. Put it in the bank, live off the interest and never touch the principal

...depending on how much you win, of course.

 

[AChiOAlumna]

I agree with the lump sum....I would want to live off the interest...can''t do that if they''re holding my money over a 20-year period.

 

[MichelleCarmen]

Lump sum.

 

[MissAva]

Depends on how much the taxes would be if the lump some would be less...yadda yadda yadda. I guess my age would facotr in too I am young so I think I ahve a decent chance of being here in 20 years. And by then I might have different priorites like children or needing to take care of younger sibs. But I never play the lotto.

 

[JC]

Lump sum.......no one''s guaranteed tomorrow, so you might as well get it all now.......

 

[Lorelei]

Definitely lump sum

 

[Jennifer5973]

Lump sum and invest on my own with goal to live off interest.

Sell house and buy a big piece of land and build a big dog rescue facility with a nice (but not massive) house for us and gorgeous kennels...no dog would ever leave unless he could be adopted to a good home ad I''d spent my days raising money for the organization (I''d incorporate it as a charity), marketing the facility and loving each animal. I''d have a vet onsite and staff.

And I would get a big diamond treat, for sure!

 

[MichelleCarmen]

Date: 7/28/2005 2:28:02 PM
Author: Jennifer5973

Sell house and buy a big piece of land and build a big dog rescue facility with a nice (but not massive) house for us and gorgeous kennels...no dog would ever leave unless he could be adopted to a good home ad I''d spent my days raising money for the organization (I''d incorporate it as a charity), marketing the facility and loving each animal. I''d have a vet onsite and staff.

This sounds very nice Jennifer!

 

[Lorelei]

That''s exactly what I would do Jen so I could rescue more horses, dogs and cats! I would also have a vet onsite, farrier and everything the animals could ever need.

Oh and just a nice diamond treat for me too!!

That''s all I would buy for myself! - Honestly

 

[MichelleCarmen]

Just to add what I''d do with my winnings. . .lol. . .I''d love to have waterfront acreage with a huge garden, fruit trees, excotic plants and LOTS of privacy. I''d go crazy buy a new car, tons of jewelery, clothes and be not all to wise with my initial winnings. . .but of course, after the house and the goodies for DH, kids and me, we''d invest the rest and live off of interest.

Okay, my two goals today are pack and drive to store and buy lotto ticket

 

[moremoremore]

I think the accountant at my mom's work did a run through. There is very little diff...especially when you factor in the present day value...but I"m no accountant

it's funny, b/c when I played mega millions last week, hubby made the mistake of selecting payments over time. Can you believe I actually got mad at him and told him that that would be a big problem for me LOLOLOL...Like i was ever going to win

 

[MichelleCarmen]

Date: 7/28/2005 2:32:49 PM
Author: Lorelei
That''s exactly what I would do Jen so I could rescue more horses, dogs and cats! I would also have a vet onsite, farrier and everything the animals could ever need.

My mom use to run a bird refuge and had at least 120 exotic birds. It was a lot of work and she couldn''t keep up! She didn''t hire any staff as she''s a control freak and this was a huge mistake for her. (I know people are talking lotto $ here, but the reality is you pretty much HAVE TO win the lotto to support such an endevour and it''s a 24/7 job)

 

[MichelleCarmen]

Date: 7/28/2005 2:40:22 PM
Author: moremoremore
I think the accountant at my mom''s work did a run through. There is very little diff...especially when you factor in the present day value...but I''m no accountant

it''s funny, b/c when I played mega millions last week, hubby made the mistake of selecting payments over time. Can you believe I actually got mad at him and told him that that would be a big problem for me LOLOLOL...Like i was ever going to win

hahaha - every time I buy a ticket my husband refuses to discuss all the stuff we''re going to buy. . . he keeps insisting we''ll never win. he''s kind of negative about it. . .rubs his negative energy off on my lotto tickets

I need anti-grouchy-husband fen shui item placement in house!

 

[Dancing Fire]

Date: 7/28/2005 1:39:18 PM
Author: Matatora
Depends on how much the taxes would be if the lump some would be less...yadda yadda yadda. I guess my age would facotr in too I am young so I think I ahve a decent chance of being here in 20 years. And by then I might have different priorites like children or needing to take care of younger sibs. But I never play the lotto.

taxes ? you will be in the highest bracket. i think here in Ca you will net about 50%.

 

[Matata]

Lump sum. Then I''d set up two foundations: one for abused dogs & cats; the other for abused women.

 

[Jennifer5973]

Date: 7/28/2005 2:30:33 PM
Author: MichelleCarmen

Date: 7/28/2005 2:28:02 PM
Author: Jennifer5973

Sell house and buy a big piece of land and build a big dog rescue facility with a nice (but not massive) house for us and gorgeous kennels...no dog would ever leave unless he could be adopted to a good home ad I''d spent my days raising money for the organization (I''d incorporate it as a charity), marketing the facility and loving each animal. I''d have a vet onsite and staff.

This sounds very nice Jennifer!

You know, it''s totally selfish...the joy I''d get from doing this would overwhelm any good I''d do.

 

[curlygirl]

Lump sum, without a doubt. I've become a real lottery snob. I won't buy tickets unless it's over $50 million!! Who am I kidding--I'd be happy with 15 million!! I'm going to play more often to increase my odds!!

 

[sevens one]

lump sum

 

[Momoftwo]

Lump sum. It'll still be more money that I have right now, so I"d still be ahead by taking it all now instead of spreading it out for tax considerations. Then I could give a large chunk to my church and share with family and then pay off our house and invest most of the rest.

 

[Mara]

Lump sum for all the smart reasons everyone else said.

We'd pay off all our parents' mortgages, I'd set up college funds for my sisters, and then we'd get property in various places (aka Italy, Tahiti and some domestic places near family), buy a private plane so we can visit Greg's family anytime we want or fly them out to visit us, and would spend a fair amount of time traveling. One of the properties would be similar to what Jen would have except I would just want to take in dogs and NEVER LET THEM GO!!!

I'd also love to own a combo bookstore/florist shop where it didn't matter if I made any money but just could hang out with books and flowers, two of my favorite things, all day long and of course dogs are allowed too.

Greg would probably buy an auto shop or two and he would collect old cars and restore them!

OH and I'd get my 3c stone and then some!!

 

[jaysonsmom]

I know lump sum is the smart way.....but my husband and I would go crazy, and spend it all in a year, so I guess I''d have to choose over 20 years. Maybe that way we''d be able to pay for our kids'' college tuitions and weddings etc.

 

[Blue824]

My luck, my "jackpot" would be like $5000

I''d totally take a lump sum though. I''d rather enjoy my money...

If I was lucky and won multiple millions, I''d buy my mom a new house, or pay off whatever mortgage she had and then I''d buy myself a house instead of the condo I''ll most likely get....I think the rest of my money would be spent on experiences....like, my mom has never been to Italy, so I''d want to go for a month or so and just show her everything. My grandma has never been to Hawaii so I''d take her there. My dad''s a tough cookie, he''d probably yell at me for even spending money on him, but I''d want to treat him to some sort of special trip too. I''d plan a special trip for my bf or fiance or husband or family too. Then there are just the other things I''ve always wanted to do: go to the galapagos islands, to go see the pyramids in Egypt, and a safari in Africa, and through the rainforests in South America, and to see the penguins. I''d do my charity stuff as well, but I wouldnt spend all of it on a charity. I''d obviously shop a little bit too, but not too much.