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Started By
Message
1
Posted on 10/19/18 at 12:45 pm to slackster
quote:I certainly get the sentiments for both.
The biggest "risk" between the two options, by far, is discipline. Even if you don't blow the money, watching $300MM go down $30MM between statements would be tough for most to stomach. 10% is 10%, but when you put it in real terms like that, people panic.
Lump sump is smarter financially if you have someone smart handling it. And you trust that entity more than you'd trust the government (taxes). Although, I'd bet they can be just as likely looking to frick you. I can't imagine a financial adviser worth his salt to his company would turn down the chance at managing another 300+ million. They'd fire him on the spot for missing out on an extra 290 up front.
The annuity is appealing as well because there are controls built in (especially at this amount) that keep people from fricking over themselves. Even if you chose the lump and invest most of it, you could still stop that practice for whatever dumb reason. As far as telling people "no," I don't think that's any different with 300 mill to your name or 10 mill.
Posted on 10/19/18 at 12:46 pm to ell_13
quote:
don't think that's any different with 300 mill to your name or 10 mill.
I think it’s a lot different. 10 mil puts you on the local radar for handouts. 300 million outs you on the global radar
Posted on 10/19/18 at 12:47 pm to slackster
quote:
, if you can't get it figured out by year 30, you've had quite a run.
No kidding
Would be a miracle if you were still alive after that much excitement
Posted on 10/19/18 at 12:49 pm to Thib-a-doe Tiger
quote:It would be way easier to turn down someone in Portugal than my aunt.
10 mil puts you on the local radar for handouts. 300 million outs you on the global radar
Posted on 10/19/18 at 12:50 pm to ell_13
frick my aunt
Want some money?
Work for it like all of the other peasants
Want some money?
Work for it like all of the other peasants
Posted on 10/19/18 at 12:50 pm to Thib-a-doe Tiger
quote:
Want some money?
Work for it like all of the other peasants
Posted on 10/19/18 at 12:52 pm to ell_13
quote:
Third, claim it on November 7th.
I wonder if claiming it on November 6th would be even better?
Personally, I'd take the annuity, because I live in DC and it'd be taxed at the top district tax rate of 8.95% (income over $1,000,000). I'd rather move, at least to Virginia, if not to Tennessee, to lower my tax burden.
4.5% isn't a great return in the annuity, but it's assured. The national lotteries, unlike Illinois, are not going to go broke any time soon. I also know that I don't have the experience to deal with $300 million+ in cash. No one does for a windfall of that magnitude.
Posted on 10/19/18 at 1:03 pm to just1dawg
quote:
4.5% isn't a great return in the annuity, but it's assured. The national lotteries, unlike Illinois, are not going to go broke any time soon. I also know that I don't have the experience to deal with $300 million+ in cash. No one does for a windfall of that magnitude.
FWIW, I went back and ran the numbers with the actual increasing payouts they use and the rate is like 3.55%. If they paid you a level $32,333,333 each year, the rate would be about 4.52%.
Posted on 10/19/18 at 1:05 pm to slackster
Lazy Friday huh?
Posted on 10/19/18 at 1:08 pm to castorinho
quote:
Lazy Friday huh?
, I'm auditioning to manage the winnings of any poster here. Posted on 10/19/18 at 1:09 pm to slackster
quote:
, I'm auditioning to manage the winnings of any poster here.
I’ll hit you up Monday
Posted on 10/19/18 at 1:11 pm to LSU6262
Gonna have to go with lump on this one
Posted on 10/19/18 at 1:29 pm to LSU6262
You take the lump sum and invest it yourself.
The money you receive now will be worth much less in 30 years. It's part of the reason why the annuity is a larger amount.
The money you receive now will be worth much less in 30 years. It's part of the reason why the annuity is a larger amount.
Posted on 10/19/18 at 1:30 pm to dcrews
quote:
You take the lump sum and invest it yourself.
With that type of windfall you pay a pro to do it
Posted on 10/19/18 at 1:44 pm to Powerman
quote:
With that type of windfall you pay a pro to do it
that's what I mean. Just very poorly worded
Posted on 10/19/18 at 1:47 pm to dcrews
I hear ya
I think a lot of people are arrogant enough to start day trading with the shite in their spare time
I think a lot of people are arrogant enough to start day trading with the shite in their spare time
Posted on 10/19/18 at 2:08 pm to LSU6262
I hope one of my clients wins. I could fire the rest and have a staff just for that client
Posted on 10/19/18 at 2:12 pm to wasteland
quote:
hope one of my clients wins. I could fire the rest and have a staff just for that client
I’ve also dreamed of this scenario
Posted on 10/19/18 at 3:30 pm to Fat and Happy
Lump.
Hire: gardener, cooks, cleaners, repair people.
Buy dream homes.
Go to health care to get everything even slightly wrong with me repaired.
Make a few assholes miserable.
give money to people who can use it but would never ask for it.
Do one act of kindness every day and never have my name associated with it.
Hire: gardener, cooks, cleaners, repair people.
Buy dream homes.
Go to health care to get everything even slightly wrong with me repaired.
Make a few assholes miserable.
give money to people who can use it but would never ask for it.
Do one act of kindness every day and never have my name associated with it.
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