If you won the lottery....
8/27/10, 11:20 AM
#1
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If you won the lottery....
Would you take the money in the slump some or the yearly payments?
And of course what would you do with the winnings?
And of course what would you do with the winnings?
8/27/10, 11:35 AM
#2
lump sum.
a dollar today is worth more than a dollar tomorrow.
Invest what I didn't use right away on mansions, cars and building my own 500 ft tall roller coaster very wisely and securely. why? did you win!!??
a dollar today is worth more than a dollar tomorrow.
Invest what I didn't use right away on mansions, cars and building my own 500 ft tall roller coaster very wisely and securely. why? did you win!!??
Last edited by codeman94; 8/27/10 at 11:42 AM.
8/27/10, 11:38 AM
#3
Legacy Tms Member
lump sum
pay off all of my debts, buy income properties, then buy all ive ever wanted, see the world
most importantly send money to my family so they wouldnt have to worry about money ever again and live a live in peace...
pay off all of my debts, buy income properties, then buy all ive ever wanted, see the world
most importantly send money to my family so they wouldnt have to worry about money ever again and live a live in peace...
8/27/10, 11:39 AM
#4
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Lump sum.
1. Payoff all debts, invest and manage the accounts daily.
2. Buy a few more acres surrounding me and build a really nice looking perimeter fence.
3. Buy a Raptor.
4. Buy a tractor/snow plow for the ranch.
5. Take a trip to Denali Park and ride the train to Fairbanks.
6. Establish a Charitable Foundation and run it.
7. Embrace the possibilities as they present themselves.
But you gotta play. The thing I don't like about lottery's is the huge mega winners - I think they should have more payouts to more people rather than a few getting enormously huge sums.
1. Payoff all debts, invest and manage the accounts daily.
2. Buy a few more acres surrounding me and build a really nice looking perimeter fence.
3. Buy a Raptor.
4. Buy a tractor/snow plow for the ranch.
5. Take a trip to Denali Park and ride the train to Fairbanks.
6. Establish a Charitable Foundation and run it.
7. Embrace the possibilities as they present themselves.
But you gotta play. The thing I don't like about lottery's is the huge mega winners - I think they should have more payouts to more people rather than a few getting enormously huge sums.
8/27/10, 11:39 AM
#5
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Lump sum.
Half I would spend on wine, women and fast cars.
The other half I would spend foolishly.
Half I would spend on wine, women and fast cars.
The other half I would spend foolishly.
8/27/10, 03:13 PM
#10
8/27/10, 03:37 PM
#12
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This is from Oregon's site. Tax withholding is 33%.
For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes.
8/27/10, 06:59 PM
#13
AKA 1 BULLITT------------ Legacy TMS Member
I'd take the lump sum, buy a Ford GT, take half a mil for myself, spread the wealth to my close family members, and leave 30 or 40% for worthy and honest charities.
8/27/10, 07:27 PM
#14
Legacy TMS Member
You have to choose BEFORE you buy the ticket here. "I'll take a Quick Pick for tonights Lotto, Cash Value Option."
If you don't say "Cash Option." and they don't ask, and specifically make the CVO selection on the machine, it'll auto gen a 25 year payout.
And Lump Sum (CVO) all the way. Take the money up front, you'll be able to use it better. Unless you're a shopping *****, in which case, take the 25 yearly, it'll give you 25 years to be broke each year, which is a very nice plus side to that.
If you don't say "Cash Option." and they don't ask, and specifically make the CVO selection on the machine, it'll auto gen a 25 year payout.
And Lump Sum (CVO) all the way. Take the money up front, you'll be able to use it better. Unless you're a shopping *****, in which case, take the 25 yearly, it'll give you 25 years to be broke each year, which is a very nice plus side to that.
8/27/10, 07:30 PM
#15
Shelby GT500 Member
This question has different answers based on the amount of cash won (clear).
Less than $5,000,000 clear:
1) Pay off all debt, and put my current home into the EXACT shape I'd want it. Finish the basement certain changes, nothing crazy.
2) Negotiate a deal with a nearby resident (I know who) to build a multi-bay garage with plenty of space to move cars around in.
3) House the garage with my favorite toys including a couple of the new Jags, 2011 Mustang GT, an Aston, possibly an Audi R8, and a high quality Cobra reproduction such as a Superforce.
4) Resign from my position and get on the local school board
5) Work feverishly to improve things in the schools and possibly branch out to do something state wide toward that goal
6) Live happily with a nice vacation thrown in here and there.
$10,000,000 and up:
1) Sell current home
2) Purchase an "estate" home in Charlotte NC or in that area with plenty of property say at least 5 acres
3) Set up the garage listed above but on my property
4) Look at charity work directly related to public schools in that area. Possibly set up a charity to help schools become better
5) Work feverishly to improve things in the schools
6) Live happily with a nice vacation thrown in here and there.
3
Less than $5,000,000 clear:
1) Pay off all debt, and put my current home into the EXACT shape I'd want it. Finish the basement certain changes, nothing crazy.
2) Negotiate a deal with a nearby resident (I know who) to build a multi-bay garage with plenty of space to move cars around in.
3) House the garage with my favorite toys including a couple of the new Jags, 2011 Mustang GT, an Aston, possibly an Audi R8, and a high quality Cobra reproduction such as a Superforce.
4) Resign from my position and get on the local school board
5) Work feverishly to improve things in the schools and possibly branch out to do something state wide toward that goal
6) Live happily with a nice vacation thrown in here and there.
$10,000,000 and up:
1) Sell current home
2) Purchase an "estate" home in Charlotte NC or in that area with plenty of property say at least 5 acres
3) Set up the garage listed above but on my property
4) Look at charity work directly related to public schools in that area. Possibly set up a charity to help schools become better
5) Work feverishly to improve things in the schools
6) Live happily with a nice vacation thrown in here and there.
3
8/27/10, 07:36 PM
#16
I'd take the cash option too, especially if it was a large amount, so I could do some good things with it.
Last edited by Rather B.Blown; 8/27/10 at 07:39 PM.
8/28/10, 12:08 AM
#17
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Easy. Lump sum. Put a modest amount on the side, and spend/donate the rest as I see fit. Only big ticket item would be a Ford GT. It would look nice parked in front of my cardboard house.
8/28/10, 07:04 AM
#19
Id most likely take the lump sum. if its 15mil+ id buy a few thousand acres of land in south alabama, start a hunting ranch along with a nice timber crop in order to have a continueing income.
8/28/10, 07:11 AM
#20
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lump sum! I would buy a Veyrom and just drive around all day. I would also buy a gold banana hammock and a scepter and take revenge on all who have wronged me.
