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I’ve read the famous lottery post enough times to know the major bullet points to follow after winning (not that I’ll ever win, because I don’t play the lottery):
Bad advice. I'd rather:
So you'll be taking the smaller lump sum rather than the larger amount paid out in installments?
Am I missing the joke here? You do know the lump sum is always the better option right?
You are missing the joke here, because if I do (2. Die) then I won't be getting the payment installments
Not if you want financial security until you die.
Pretty sure the math works out on even dumping the lump in a jumbo savings and giving you better dividends than the lifetime payment plan. You can obviously way outperform that with extremely stable index funds and other safe investments. You do you though
Getting a lump sum of $500m will forever alter your life for the better in the same way as receiving it over 30 years. You will have financial security for the rest of your life in either situation. Its better to receive it all in one lump sum and investing a larger portion now for bigger returns later rather than investing a sum yearly for returns you may not ever see
You might want to look up what happens to lottery winners and their money.
Are there any reports regarding 9+ figure winnings? Because I've definitely heard and read of 1-2 million dollar winners going broke quite quickly, but a billion dollars is an absolutely monstrous amount of money that I would struggle to spend entirely on purpose.
The resdit post referred to by the top level comment mentions that winners of very large jackpots turn up dead with alarming frequency.
Also the bigger the jackpot the more people get sued, family kidnapped, harassed, etc. A miserable existence apparently.
Yeah, this is the way.
I briefly worked at a convienice store that sold lotto tickets, and people should be aware that the default is the smaller lump sum. The operators have to change a couple things when they get the ticket made.
However most people do a random "quick pick" over filling out the associated forms to select individual numbers, pay out type, etc.
That being said, mathematically if you do win, and take the lump sum and invest it positively, it can out "earn" the staggered payments, resulting in more money.
However, the mathematically inclined rarely play lottery type games, I mean they give you the odds on the ticket.
You're more likely to be hit by lightning on a clear day than winning the jackpot.
But hey, a couple bucks, some wishful thinking, and its cheap entertainment for a short while imagining what to do with the winnings.
I realize the odds are totally stacked against me, but when it gets to 1b I'll buy a ticket, just on the off chance, lol.
You can do that now, without playing or winning the lottery.
@snaptastic Please notify me if this comment does not satisfy your relevancy requirements.
I've heard that hookers are a great investment.
Especially when you pair them with blackjack. Then when you make enough money, you can open a theme park.
In this case, I assume he was attempting to follow that advice except he had to tell the mother of his child for child support reasons. He did have her sign an NDA, she’s the one who told.
Also maintain physical control of the ticket, maybe consider a bank safety deposit box. And if privacy is a concern create an LLC to claim it under, since many (most) states require public disclosure of who wins (possibly including the news broadcast with a Big Check. If you trust them you’re new best friend- the asset protection lawyer you got referred to by the afore mentioned estate lawyer can claim it on the llc’s behalf.)
That all sounds like sound financial advice.
How many people who play the lottery pay attention to sound financial advice?
At least one.
Basically. I'd also change my name, grow my hair and facial hair out ao I'm damn near unrecognizable.
If you trust a lawyer (I’d trust a lawyer with a contract far more than I’d trust family with a million dollar ticket,) you can create an llc and have them claim it on your behalf. The name of the llc is what then gets published.
You can then distribute the winnings out of that LLC into one or more that then holds the cash or, holds the big assets (like a house).
This is particularly useful for inheritances and such like. Because the contents of that llc are secret to only the people managing it in trust and the owner, there’s less ability to fight over it.