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Songwriter76
LIF Adult
Member since 4/08 902 total posts
Name:
David
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If you won the Mega Millions...
would you take the lump sum (only half of the jackpot) but all at once. Or would you take the payments?
I'm unsure but I guess the old cliche of "a bird in the hand is worth two in the bush" could apply.
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Posted 8/26/09 10:07 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: If you won the Mega Millions...
Lump sum. My father (accountant) and DH (MBA) have both done the math over and over again with different scenarios. Even with the most conservative investment analysis, taking the lump sum is more lucrative every, single time.
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| Posted 8/26/09 10:09 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: If you won the Mega Millions...
Lump sum...who knows what the future will hold and if the government would decide to cut lottery payments due to enormous deficit.
Take the money and run!!!!
and seriously, $200 mil or $100 mil...in the grand scheme of things...you'd still be filthy rich!!
Message edited 8/26/2009 10:15:18 AM.
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| Posted 8/26/09 10:13 AM |
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JP826
=)
Member since 9/06 10903 total posts
Name:
Me!! All about ME!
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Re: If you won the Mega Millions...
Lump sum.
Money in my hands.
NOW.
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| Posted 8/26/09 10:14 AM |
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irishbaby
LIF Adolescent
Member since 5/08 582 total posts
Name:
M
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Re: If you won the Mega Millions...
Lump Sum - why should the goverment collect years of intrest on MY MONEY?
I can set up my own installment payments if need be.
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| Posted 8/26/09 10:20 AM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: If you won the Mega Millions...
Posted by Kara
Lump sum. My father (accountant) and DH (MBA) have both done the math over and over again with different scenarios. Even with the most conservative investment analysis, taking the lump sum is more lucrative every, single time.
after reading this... LUMP SUM!
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| Posted 8/26/09 10:20 AM |
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CouponKT
Our family is complete
Member since 6/06 16494 total posts
Name:
K
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Re: If you won the Mega Millions...
My first reaction would be to take the lump, but I almost think it would be smarter for me to take payments. I think I would be so overwhelmed that I would spend it all too fast! 
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| Posted 8/26/09 10:25 AM |
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Lisa982006
Mommy of 2! Ty God
Member since 9/06 3107 total posts
Name:
Lisa
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Re: If you won the Mega Millions...
Posted by libby2595
Posted by Kara
Lump sum. My father (accountant) and DH (MBA) have both done the math over and over again with different scenarios. Even with the most conservative investment analysis, taking the lump sum is more lucrative every, single time.
after reading this... LUMP SUM!
I agree. I always thought Id do the payments but seems like lump sum is the way to go.
BTW: Whos in it this Friday for $320 million??
I am
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| Posted 8/26/09 10:34 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: If you won the Mega Millions...
Lump sum. Always! I prefer to have it all RIGHT NOW!
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| Posted 8/26/09 10:49 AM |
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eroxgirl
My Loves
Member since 5/05 15697 total posts
Name:
Rebecca
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Re: If you won the Mega Millions...
Lump sum. My dad is also an accountant and has told me (repeatedly) why the lump sum is better than the payout. Of course, the conversation generally makes my eyes glaze over so I can't tell anyone else why it's better... but it is.
He's also told me that after taxes you generally only take home a third of whatever the jackpot is... and that a jackpot of this size isn't worth winning because it's one of the largest in history and therefore the winner will be subjected to more scrutiny than normal. It's better be a part of a group when you win a prize of this size.
My dad really, REALLY has thought this through.
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| Posted 8/26/09 11:04 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: If you won the Mega Millions...
lump sum but lock away the majority of it on secure investments/accounts and give my self an allowance after all bills are paid off and we take one HUGE vacation with the entire family.
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| Posted 8/26/09 11:34 AM |
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JessInCA
live laugh love
Member since 8/06 5082 total posts
Name:
Jess
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Re: If you won the Mega Millions...
Lump sum, definitely.
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| Posted 8/26/09 11:37 AM |
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DayDay
Livin' the Good Life....
Member since 9/06 5939 total posts
Name:
Dayna
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Re: If you won the Mega Millions...
I would take a lump sum and invest it and live off the interest
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| Posted 8/26/09 11:38 AM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: If you won the Mega Millions...
i'd take the money and run like the wind...LOL
lump sum all the way.
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| Posted 8/26/09 11:43 AM |
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lucyloo
nope
Member since 1/06 9758 total posts
Name:
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Re: If you won the Mega Millions...
Lump Sum. Now please. 
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| Posted 8/26/09 11:59 AM |
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Songwriter76
LIF Adult
Member since 4/08 902 total posts
Name:
David
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Re: If you won the Mega Millions...
Posted by irishbaby
Lump Sum - why should the goverment collect years of intrest on MY MONEY?
I can set up my own installment payments if need be.
By law and according to the New York State Constitution, ALL revenue from the lottery MUST go toward education in NY State. There are web sites that explain where each dollar goes.
I would assume that is the case with the interest (unless there is legal mumbo-jumbo ways around it). But if the interest is required to go towards education as well, I would take the payments instead of the lump sum.
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| Posted 8/26/09 1:34 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: If you won the Mega Millions...
Posted by Songwriter76
Posted by irishbaby
Lump Sum - why should the goverment collect years of intrest on MY MONEY?
I can set up my own installment payments if need be.
By law and according to the New York State Constitution, ALL revenue from the lottery MUST go toward education in NY State. There are web sites that explain where each dollar goes.
I would assume that is the case with the interest (unless there is legal mumbo-jumbo ways around it). But if the interest is required to go towards education as well, I would take the payments instead of the lump sum.
Mega Millions is a multi-state lottery, not governed solely by the laws of NYS. I don't know where the revenue goes or how it is divided among the states involved, but it doesn't all go to NY.
Regardless, the state makes a ridiculous amount of money off of lottery revenues. I will plan what charitable organizations get my winnings, not let the state decide what to do with it.
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| Posted 8/26/09 1:58 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: If you won the Mega Millions...
lump sum.. it's all about the time value of money... money today is ALWAYS worth more than money tomorrow...
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| Posted 8/26/09 2:10 PM |
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MrsBumbleb
it's me
Member since 5/05 11234 total posts
Name:
Christine
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Re: If you won the Mega Millions...
Posted by SIBride06
Lump sum.
Money in my hands.
NOW.
agreed
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| Posted 8/26/09 2:18 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: If you won the Mega Millions...
lump sum
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| Posted 8/26/09 2:22 PM |
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mrsej
The cutest!
Member since 1/07 2495 total posts
Name:
Mommy
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Re: If you won the Mega Millions...
lump sum - they had this show on lottery winners and this guys took the yearly ( i think) payments and he made some bad investments and was defaulting on his mortgage, but they wouldn't advance his lottery payments, so he was going to lose his house.
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| Posted 8/26/09 2:32 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: If you won the Mega Millions...
lump sum. you never know what could happen down the road.
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| Posted 8/26/09 2:55 PM |
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MrsList
Sweet cheeks
Member since 4/09 1696 total posts
Name:
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Re: If you won the Mega Millions...
I would take lump sum too. I actually get paid only once a month and find that helps me budget better and I don't have to wait for my money. I imagine winning the lottery would be similar except on a MUCH larger scale.
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| Posted 8/26/09 2:58 PM |
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MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
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Re: If you won the Mega Millions...
Lump me baby!
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| Posted 8/28/09 11:10 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: If you won the Mega Millions...
Lump sum. I have my finance MBA - time value of money - money in your hand today is worth more than future income stream!
even though rates stink today!
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| Posted 8/28/09 11:29 AM |
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