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



## SeaBreeze (Mar 16, 2014)

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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## Falcon (Mar 16, 2014)

I would do exactly the same as you'd do, Seabreeze........and for the same reasons.


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## LogicsHere (Mar 16, 2014)

I, too, would take the lump sum for the same reason.


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## Vivjen (Mar 16, 2014)

And me!


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## Gael (Mar 16, 2014)

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.
> 
> 
> 
> ...



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:


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## Happyflowerlady (Mar 16, 2014)

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.


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## That Guy (Mar 16, 2014)

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 . . .


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## nan (Mar 16, 2014)

I would Take the lump sum and share it with family.


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## That Guy (Mar 16, 2014)

nan said:


> I would Take the lump sum and share it with family.



I like that plan.


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## Denise1952 (Mar 16, 2014)

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:



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


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## Denise1952 (Mar 16, 2014)

That Guy said:


> I like that plan.



Ohhhhhhhhh Spankey, love this, yeah, I would like doing some of the things they did in that movie "It Could Happen to You"


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## Denise1952 (Mar 16, 2014)

That Guy said:


> 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 . . .



Ditto, since I never buy a ticket:lofl:


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## That Guy (Mar 16, 2014)

nwlady said:


> Ditto, since I never buy a ticket:lofl:



I sometimes will buy one when the pot is gigantic . . . and then forget to check the numbers!  Brilliant.


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## Jillaroo (Mar 17, 2014)

_*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.*_


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## Justme (Mar 17, 2014)

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.


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## rkunsaw (Mar 17, 2014)

I'm gonna take the lump some when I win the mega millions tomorrow.


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## That Guy (Mar 17, 2014)

rkunsaw, could you loan me a few thousand bucks?  I'll pay it back.  Honest.


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## rkunsaw (Mar 17, 2014)

That Guy said:


> rkunsaw, could you loan me a few thousand bucks?  I'll pay it back.  Honest.



The checks in the mail


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## SifuPhil (Mar 17, 2014)

I'd take the lump sum, for all the same reasons Sea mentioned, plus one - I don't know how long I'm going to live to enjoy it!


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## Denise1952 (Mar 17, 2014)

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!!


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## SifuPhil (Mar 17, 2014)

I think money would actually go quite a ways to contributing to my happiness ... imagine all the pizza you could buy?


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## Denise1952 (Mar 17, 2014)

ditto Phil, I love pizza!


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## SifuPhil (Mar 17, 2014)

nwlady said:


> ditto Phil, I love pizza!



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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## Denise1952 (Mar 17, 2014)

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.



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


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## Denise1952 (Mar 17, 2014)

shoot, this is all your fault, we are fftopic:


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## SifuPhil (Mar 17, 2014)

nwlady said:


> shoot, this is all your fault, we are fftopic:



_*OH MY, NO!!!!!*_

I shall have to take the only honorable way out of this horrible event I have caused.

Good bye, all ......


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## Denise1952 (Mar 17, 2014)

ahhhh, what a cute kitti, is that the dance of the 7 veils or what?


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## SifuPhil (Mar 17, 2014)

nwlady said:


> ahhhh, what a cute kitti, is that the dance of the 7 veils or what?



No, that's _seppuku_ - the ritualistic disemboweling that samurai used to do when they dishonored themselves or their masters.

It's more commonly known as the (cruder and mis-spelled) _hari-kari_, (proper spelling) _harakiri_ or "belly cutting". 

In, and then left to right. Use the _tanto_ or _wakizashi_ blades, not the _daimo_.


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## Falcon (Mar 17, 2014)

And you shall  become gutless.  A  strange way of life for strange people.


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## Denise1952 (Mar 17, 2014)

SifuPhil said:


> No, that's _seppuku_ - the ritualistic disemboweling that samurai used to do when they dishonored themselves or their masters.
> 
> It's more commonly known as the (cruder and mis-spelled) _hari-kari_, (proper spelling) _harakiri_ or "belly cutting".
> 
> In, and then left to right. Use the _tanto_ or _wakizashi_ blades, not the _daimo_.



Boy I walked into that oneat least I have some festive color for the day.


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## Mirabilis (Mar 19, 2014)

Take the lump sum. I don't mind paying higher taxes to Uncle Sam.  Taking the annual payments seems like you will get more but you have to also consider the future value of money.  You might be better off taking the lump sum and investing a portion of it to make it grow.


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## drifter (Mar 23, 2014)

Lump sum.


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## CPA-Kim (Apr 3, 2014)

I would look at the rate they discounted the lump sum and then make a decision.


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## rt3 (Apr 4, 2014)

I would create a foundation for shelter animals, before taking the money, declare it tax exempt, establish a tax exempt PAC, establish myself as president with a high salary and golden parachute, and hire ex-cons who loved animals to go around and "enforce" animal cruelty laws.


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