IF you won the lottery...........
By pookie92
@pookie92 (1714)
United States
December 1, 2006 3:58pm CST
I see most people who win big money in the lottery in the USA give up a lot of their winnings to get a lump sum of money rather than a monthy installment. I must be cheap, I wouldn't do that. I would take the monthly paycheck and keep all the winnings I could. What would you do if you won 7 million, take a lump sum of 3.5 million, or the payments over years for the full amount. Take into consideration that the government wants a hefty chunk for taxes......
2 people like this
41 responses
@PUGMOM10 (1)
• United States
2 Dec 06
If I won that much money I would NOT take the lump-sum...its too easy to go through it all that way. I've read about a lot of people that are broke after taking a lump sum either by buying all kinds of foolish things or being swindled out of it by someone. I would invest most of the ammual payment and only spen the rest on things that were worthy or really needed.
2 people like this
@Photos4sale (352)
•
1 Dec 06
This is easy. Take the lump sum. I know what you are thinking, take a cheque each month etc but there are catches. What if the company paying it stops or policies change. How about the fact that a $10,000 cheque is worth more than a $10,000 cheque in 2010.
Then think about the $3,5 million. If you have all that now and invest it, it will be worth 3 or 4 times that by the time all the cheques would have come to you. You will only ever get $7 million in monthly cheques.
The money would be worth more to me over 10 years if it started in my account on the same day.
@Poison_Girl (4150)
• United States
1 Dec 06
Hmmm... That's a good point. Makes me rethink my answer.
1 person likes this
@chalmette69 (3007)
• United States
4 Dec 06
I would just do like you, I would take a monthly installment as well, I wouldn't want to give up any of my money, I would probley give some to charity and my church as well as buy some fun stuff,lol
1 person likes this
@Lydia1901 (16351)
• United States
2 Dec 06
When you win, you don't get it all, they goverment wants some of that money too.
@Poison_Girl (4150)
• United States
1 Dec 06
I'd take the monthly installments. I could always save the money if I decided I wanted something expensive enough. I think I'd feel more "secure" getting a monthly check. Plus, I might not be so temped to spend it all at once. Not that I would, but you never know.
1 person likes this
@juliocstryfe (2019)
• Brazil
1 Dec 06
If I won?I'd waste half the money on a haouse and car, and luxury goods, then I'd put th rest in investment funds paying 1-5% monthly.
Have a ncie day!
1 person likes this
@carolynf (199)
• United States
1 Dec 06
I would take the lump sum because you never know how long you have to live and 30 years is a long time anyway what happens to the rest of the money if you die? Do your family receive it? Either way don't you still have to pay taxes on it?
@ElusiveButterfly (45940)
• United States
1 Dec 06
I would also take the chunk of change immediately. You can then invest the money and live off the interest. I would also be able to set up accounts for the kids. Although they are grown and on their own, I would like to give them something. Also if you get the monthy installment and you die, the payments stop. Where does that leave the spouse? When you get the lump sum the money is there for the spouse if something should happen to the winner.
@sergiuarsenie (309)
• United States
2 Dec 06
It would depend on how much the monthly payments were and for how long, etc. I would have to take that and compare it to what I would get if I took the money and invested and what my monthly returns on the the investment would be and how much I would have to pay on it in taxes, etc. I can't answer without all the details.
Probably buy a solid gold rocket car like on the simpsons.. and buy a nice car, house, treat my parents good, etc.
1 person likes this
@angel_manders (912)
• Canada
1 Dec 06
the first thing i would do if i won a million dollars would be to buy my parents a house so they wouldnt have to worry about that. i would also donate some to charity because there are alot of children out in the world who could use some money to help buy them stuff. i would also make sure my schooling is all paid for. i would make sure the people i love are taking care of. especially my little cousin who i love with all my heart i would make sure that he was set for when my grandma passed away because he is handicapt i want him to have the best life that id be able to give him.
1 person likes this
@guess_who92 (7)
• Romania
2 Dec 06
if i won the lottery i will go on a trip in an exotic country like caraibe ... i will open an animal center ... most probably with dogs ... i will buy a house , very big house and i will buy a very wxpensive car ..
1 person likes this
@sbeauty (5865)
• United States
2 Dec 06
I think that most people who win large amounts in the lottery don't come forward with their winning tickets for a few days so that they can contact a lawyer and an accountant to advise them on what to do that will be most financially beneficial t them. I know that if I won that kind of money, I wouldn't have a clue as to how to proceed and would probably end up blowing a lot of money foolishly.
1 person likes this
@rishabhsagar (130)
• India
2 Dec 06
i would spend 25% on myself another 25% on my loved ones and the rest to the charity
1 person likes this
@homer213hector (228)
• Romania
2 Dec 06
If i wod win 7 milion i wod donate 1-2 milion to some cild center, to help those chids to heave a beter life, the rest of the money i wod invest in to stocks.
1 person likes this
@juan_vicente (159)
• Philippines
2 Dec 06
if evr i won..i do hope ..lol..i would get the whole amount coz id plan to put up a business..i want to have it asap coz we dont know what will happen next..so why wait?