So the lotto talk with the "20 years = life" talk in the other thread made me wonder what y'all think.

 

Let's say you win the lotto - a big prize.

 

Do you lump sum, or take the annual payout?

 

---

 

I think I lump sum and then put it into various investments - whether it be various accounts, real estate, etc..

 

 

More related to that particular comment from the other thread, I agree that they shouldn't be calling 20 years "life"

Just now, rmc523 said:

Do you lump sum, or take the annual payout?

I used to say annual payment when I was 20, but now that I'm older, lump sum

And I guess an added debate......do you quit your job or continue it.....for "funsies" lol

 

What's the level/value that you just quit?

14 minutes ago, rmc523 said:

And I guess an added debate......do you quit your job or continue it.....for "funsies" lol

 

What's the level/value that you just quit?

I think I'd tell my company they've got me for six more months and then I'm done. Just so they can have an easier transition to replace me.

Lump sum, pay off every debt I have, upgrade/fix whatever lingering things I have like get a new car, do whatever home repairs and upgrades are needed, and then hopefully invest whatever is left. 

I've always said I don't need to be filthy rich, I just want enough money to not have to look at my balances to make sure I can buy something I want. 

As for work I always say I'd keep my job to keep me busy and to make "extra" money, like money for fun expenses and food and drink, entertainment money, etc. But thinking about it now that I'm a little older I might actually think about leaving my job (because it's a stressful one) and finding a stupid fun and relatively easy job. So many people now are able to make a living off the dumbest stuff I think I would look to get into something like that. Something that if I fail who cares cuz it doesn't really matter but if I succeed it'll just make me happy. The job I have now, failure kinda sucks.

Also, yeah, lump sum, I suppose.

i think anyone who takes anything other than the lump sum is insane. yes, that's a personal attack.  You simply never know what will happen that might prohibit you from receiving any of those annual payments and likewise something legitimately might happen where you actually need access to that money that you would not have if you're only getting paid once per year. 

For reference...that $200,000yr for "life" did offer the lump sum payout of 4 million bucks.  You also have to think in terms of inflation and with the way things are headed you may as well buy what you need now as that 4 million will stretch a lot further now than it will in 10 years (hell, 3 years if another pandemic hits and blows the world up again). 

 

To complete the story regarding her winnings.  She took the annual payments instead and she likely didn't even live to see all of them based on her age (she was in her 60s) and the fact she smoked like a chimney.  She wasn't the brightest crayon - nice lady but man....just not terribly bright.  She even brought the WINNING ticket with her to work that day and was flashing it around I kid you not.

39 minutes ago, SilverBullet said:

Lump sum, pay off every debt I have, upgrade/fix whatever lingering things I have like get a new car, do whatever home repairs and upgrades are needed, and then hopefully invest whatever is left. 

I've always said I don't need to be filthy rich, I just want enough money to not have to look at my balances to make sure I can buy something I want. 

As for work I always say I'd keep my job to keep me busy and to make "extra" money, like money for fun expenses and food and drink, entertainment money, etc. But thinking about it now that I'm a little older I might actually think about leaving my job (because it's a stressful one) and finding a stupid fun and relatively easy job. So many people now are able to make a living off the dumbest stuff I think I would look to get into something like that. Something that if I fail who cares cuz it doesn't really matter but if I succeed it'll just make me happy. The job I have now, failure kinda sucks.

Yeah, sounds about right to me.

Get a part time/flexible job that'd allow you to have more freedom for trips or things.

4 minutes ago, hovertical said:

i think anyone who takes anything other than the lump sum is insane. yes, that's a personal attack.  You simply never know what will happen that might prohibit you from receiving any of those annual payments and likewise something legitimately might happen where you actually need access to that money that you would not have if you're only getting paid once per year. 

For reference...that $200,000yr for "life" did offer the lump sum payout of 4 million bucks.  You also have to think in terms of inflation and with the way things are headed you may as well buy what you need now as that 4 million will stretch a lot further now than it will in 10 years (hell, 3 years if another pandemic hits and blows the world up again). 

 

To complete the story regarding her winnings.  She took the annual payments instead and she likely didn't even live to see all of them based on her age (she was in her 60s) and the fact she smoked like a chimney.  She wasn't the brightest crayon - nice lady but man....just not terribly bright.  She even brought the WINNING ticket with her to work that day and was flashing it around I kid you not.

BANNED.

Just now, rmc523 said:

BANNED.

Just now, rmc523 said:

Yeah, sounds about right to me.

Get a part time/flexible job that'd allow you to have more freedom for trips or things.

Also, with inflation, most of the lump sum payouts (aside from the stupid longshot ones like powerball, megamillions) don't provide enough for someone who is middle-aged to live on the remainder of their lives - especially since we don't have nat'l healthcare and a big scare like cancer or whatnot can wipe out your savings scary fast even when you have a private healthcare plan - then you factor in end of life care and whatnot and yeah, you'll likely need to keep working at least for the healthcare benefit portion alone.  Other options include moving to another country where you can stretch your dollar a bit more though - espcially if you ahve the flexibility to buy everything you need to start your new life elsewhere.

I would take the lump sum, buy 40 acres of agricultural zoned land, split it in half, live on twenty with my food plot and livestock, then lease the other 20 acres to a citrus grower for $5k-$7k per month. That handles my current life since i would be mortgage free and funds my retirement with the passive land lease. It honestly isn’t difficult to provide for retirement. We just are taught that retirement means buying a condo on the beach with a $800 HOA payment and making zero income but it doesn’t have to be that way. 

Edited January 10, 20233 yr by marlinsmaniac

Just now, marlinsmaniac said:

It honestly isn’t difficult to provide for retirement.

 its even easier when you win the lotto

Just now, SonOfJack said:

 its even easier when you win the lotto

Exactly lol I’m 33 in February and I own a sizable chunk of land in southwest Florida that I’m basically planning on doing that with and I’m by no stretch of the imagination “rich”. I just spent my twenties putting whatever little money I could make in the right places instead of driving a Porsche and eating at Komodo while living in an efficiency like every other miami Asshole lol

1 minute ago, marlinsmaniac said:

I own a sizable chunk of land in southwest Florida

Let's open a casino together on it. @pollythewog can be our VP, he is a gambling addict so he knows how to run one of those.

Just now, SonOfJack said:

Let's open a casino together on it. @pollythewog can be our VP, he is a gambling addict so he knows how to run one of those.

Nah he needs to prove himself to me first. Maybe when he evolves into pollytheWRATH we can revisit these talks. 

9 minutes ago, SonOfJack said:

Let's open a casino together on it. @pollythewog can be our VP, he is a gambling addict so he knows how to run one of those.

I missed this $800 parlay Sunday because of a phantom running into the kicker penalty in the rams game!!

I wonder what fish over/under wins is 🤔 

Edited January 10, 20233 yr by pollythewog

1 minute ago, pollythewog said:

I missed this $800 parlay Sunday because of a phantom running into the kicker penalty in the rams game!!

 

Just now, pollythewog said:

I wonder what fish over/under wins is 🤔 

See what I mean @marlinsmaniac

Do you guys prefer scratch offs or the regular lottery games where you pick the numbers and fill out the slip and get a ticket?

 

I'm usually 50/50 on that.

 

I like the idea of scratch offs, because it feels fun and there is the instant gratification factor if you win. The problem is that it's almost impossible to win anything more than a few bucks, so that can end up being a big waste of money. Especially when you get to the higher priced ones like the $20-$30 ones. Which do have higher odds. But also still a high chance of winning nothing.

That feeling you get when you pay $30 for a Scratch off with top prize of like $10,000,000, and you scratch all the numbers and you win absolutely nothing. And you have that moment of realization that you literally just took $30 and traded it for a piece of paper that is worthless and you could have thrown the $30 in the trash and would be in the same result. 😅

 

The classic lottery games where you pick 5 or 6 numbers are not that bad, still the odds are almost impossible to match all the numbers. But at least at $1-$2 a ticket, it's not that bad if you just do it a couple of times a week. It's one of the few remaining cheap form of entertainment. Even just to give yourself a chance to dream for a few hours, it's worth the $2 in my opinion.

 

Still haven't won anything of note, yet. But man, it's a fun feeling to dream for a few hours. Especially with tonight's Mega Millions jackpot of $1.1 Billion.

Yeah I'll spend $2, knowing deep down in my mind that I have a 99.99999999% of not winning anything. But still that .000000000001% chance makes me feel excited for a few hours.

 

 

It's not a bad way to waste $2.

 

Heck the other night I wasted $12 at Sonic Drive In, with rude order taker, tiny portion of food for the price. And that large lemonade I ordered that was like $3-4, the cup was seriously filled about 90% with crushed ice. What rip off.

1 minute ago, SirFishFan said:

I like the idea of scratch offs, because it feels fun and there is the instant gratification factor if you win. The problem is that it's almost impossible to win anything more than a few bucks, so that can end up being a big waste of money

All lotto is a big waste of money, I find scratch offs more entertaining but I haven't played one in probably 15 years anyway.

1 minute ago, SonOfJack said:

All lotto is a big waste of money, I find scratch offs more entertaining but I haven't played one in probably 15 years anyway.

I know. Well, everyone has their vice. Lotto tickets are mine.

I don't smoke or drink at all. So I figure that I would probably be spending the same or more on those habits if I had it. Fast food and lotto are my vice.
😅

1 minute ago, SirFishFan said:

I know. Well, everyone has their vice. Lotto tickets are mine.

I don't smoke or drink at all. So I figure that I would probably be spending the same or more on those habits if I had it. Fast food and lotto are my vice.
😅

Now I am imagining you furiously scratching off 100 scratch-offs with one hand while dipping fries into little ketchup cups with the other hand

1 minute ago, SonOfJack said:

Now I am imagining you furiously scratching off 100 scratch-offs with one hand while dipping fries into little ketchup cups with the other hand

Friday nights for me.

 

Actually I've noticed that very few fast food places around here give out ketchup anymore in the drive thru. What's up with that?

Seriously. I shouldn't have to ask at the window and make a special request for ketchup. Stupid.

 

If I'm spending $9.59 for a stupid combo meal that's not even that good. At least give me ketchup.

Edited January 10, 20233 yr by SirFishFan

2 minutes ago, SirFishFan said:

Friday nights for me.

 

Actually I've noticed that very few fast food places around here give out ketchup anymore in the drive thru. What's up with that?

Seriously. I shouldn't have to ask at the window and make a special request for ketchup. Stupid.

 

If I'm spending $9.59 for a stupid combo meal that's not even that good. At least give me ketchup.

Yeah I agree. I also like honey mustard if I'm getting nuggets or strips.