You keep at my house.
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| Question of the day... https://gladerebooted.net/viewtopic.php?f=2&t=5147 |
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| Author: | Midgen [ Tue Jan 04, 2011 6:06 pm ] |
| Post subject: | Question of the day... |
Lump Sum or Annuity? BTW, Dont' bother buying any tickets for the megamillions tonight. I bought the winning ticket at lunchtime today. http://abcnews.go.com/Business/mega-mil ... d=12533744 Tomorrow's question of the day.... What exactly does one do with $240 million dollars (I'm taking the Lump Sum BTW!). I don't mean, what do you buy with it. Where do you PUT it while you are deciding what toys to spend it on? |
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| Author: | LadyKate [ Tue Jan 04, 2011 6:09 pm ] |
| Post subject: | |
You keep at my house.
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| Author: | shuyung [ Tue Jan 04, 2011 6:35 pm ] |
| Post subject: | |
More than one person can win the same lottery. Lotteries are a tax on people bad at math. If you are competent, you should take the lump sum. If you are incompetent, you should take the annuity. |
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| Author: | Midgen [ Tue Jan 04, 2011 6:59 pm ] |
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What, 370,000,000:1 isn't good odds? My time machine says otherwise :p |
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| Author: | Aethien [ Tue Jan 04, 2011 7:01 pm ] |
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Answer #1: Lump sum. Answer #2: Wherever your high-end wealth management advisor says to put it. For one thing, you're only going to have about 110 million or so left after the tax man comes by (assuming you're the only person to win it). Anyway, buy $10 million worth of toys, put the rest somewhere safe, and live off the interest. Thanks for the reminder to pay my stupid tax today on the way home. |
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| Author: | Midgen [ Tue Jan 04, 2011 7:03 pm ] |
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High-end wealth management advisor? how does one get one of those (that you can trust), and more importantly, how do you become one? Edit: I guess what I'm getting at is, if you were a 'high end wealth management advisor' where would you tell me to put the money? I'm thinking I'd put the max FDIC insured amount ($250k these days?) into a bunch of checking and savings accounts... Then, whatever is left after I pay off the time machine goes in the mattress! |
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| Author: | Aethien [ Tue Jan 04, 2011 7:08 pm ] |
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Also known as Asset Management. Join a country club with a minimum $500,000 fee, I'm sure you could find a good advisor pretty quickly. That's pretty much what those places are for, really. How do you become one? Make a butt-load of money, and convince other wealthy people that you know what you're doing enough for them to give you your money, too. Or, get a few degrees and start in the mailroom of one of the big Wall Street firms, something like that. Oh, sure, ninja-edit on me! I'd put it in bonds, for the most part, I guess. Decide how much you can set aside to live off the interest - If you're frugal, you could invest $1 million at 5% a year, and live off of that. Then just play with the rest, if you want. Or, invest $10 million at 5% a year, and live off of $500,000. That might be more comfortable. Then, buy toys, start a foundation, help starving artists, whatever you wanna do with the rest. |
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| Author: | Squirrel Girl [ Wed Jan 05, 2011 1:18 am ] |
| Post subject: | Re: Question of the day... |
Just avoid the guys like Stanford Financial. |
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| Author: | Kirra [ Wed Jan 05, 2011 1:42 am ] |
| Post subject: | |
Lump sum, of course.. Bury it in the back yard! |
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| Author: | Rafael [ Wed Jan 05, 2011 2:18 am ] |
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Diversify heavily out of dollars into a stable currency and into precious metals. Take enough cash out to pay off liabilities and put into short term volatile investments per the advice of your favorite hedge funds manager. |
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| Author: | Arathain Kelvar [ Wed Jan 05, 2011 12:08 pm ] |
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Take the annuity. Anyone dumb enough to play the lottery can't manage that amount of money themselves. Exception: You're playing for shits and giggles. In which case, you might be intelligent. |
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| Author: | Rynar [ Wed Jan 05, 2011 12:52 pm ] |
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Lump sum, and then annuitize through a financial company. Youll get a much higher rate of return than your initial winnings even after you lose half by lump summing. |
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