Should you take a lottery winning all up front or in payments?
Answers:
If you're older when you win and you take payments, your family doesn't get the money when you die. That's why, if you want your family to get the most they can, you set up a trust before you present the winning ticket to the lottery officials. When you win, they ask who gets the $$.that's why when an office has a pool, they can split up the prize easily, they just list each one as winner of an equal share. Anyway, you name the trust as the winner and they have to pay the money to the trust.and you can kick youself down 3-5% a year so you won't get totally crushed in personal taxes! So now the trust collects the loot for the benefit of you and your family forever!
all up front, you never know when you will die!
Take it up front and invest it all straight away - that way you get the interest.
If you take the payments they invest it, keep the interest and just give you the basic payment.
Spend some $$ on a financial planner. you'll be most happy that you did. That person will evaluate your situation and give you the very best advice. Worth every penny, I promise.
take it all up front, and put it up.
Depends. If you don't want the government to take a huge chunk out and if you are bad at managing your money, payments are the way to go. More often than not, people who win large sums of money spend it all at once and end up bankrupt. Also the tax penalty is not as big if you take payments.
I think it depends on your age. If you're on your 20's to 40's, taking the payments makes the most sense. If you take it all upfront you will only get a 20-30% of the total and there is always the posibility of losing it all in a few years. Now if you take the payments over 26 years(usually the timeframe) and your 25, the next 26 years you know that you will have a steady income to count on for a long time. Lots of thing you can do with all that time. You can invest your money over 26 years and be set for retirement.
If your older in 50+ range. Then taking the full sum will make for a nice retirement. Investing and saving is still a must.
If you are a capable investor or have a money manager you trust, take it all upfront and invest most of it.
If you are bad investor and bad money manager, consider taking the payments over time.
all up front, you never know when you will die!
i would say in payment cause i can not save money for nothing
all up front
The option is to get the money up front or in a series of payments..
BUT.. the thing you might not get is that they both have the same present value, using the current interest rates. So if you feel you can beat the interest rate given then you should take it, i you feel its appropriate then take the payments
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