If you live in Texas and win, then do you have to identify yourself to everyone? My understanding is only like six states allow you to stay private. I would take the annuity. I wouldn't even know what to do with all that money in a lump sum. Do you have to like open many savings accounts as the FDIC only insures up to $250,000 per account...correct? Obviously, you could invest it but would probably need several broker accounts. I guess first step is to get a lawyer and financial advisor before you do anything with it. It almost seems like a curse versus instant happiness. It becomes full time money management.
You always take these lump sum, always .. Any financial advice/advisor will tell you the same. Inflation/lotto suddenly stopping/the unknown etc etc etc could screw you bad. If you won this and invested it correctly (key word here)... You'd make insane amount on 5% alone. Even if you don't know what you're doing yet ,just take it all, haha, lotto is hoping people pick that 30 annual payment bs because they are always the actual winners (and this option just solidifies that).
Edit Take the lump sum of 900 million. After taxes is like what 600. Put 300 away in a savings and collect 1% apy. That's like 3 million a year. Minus uncle sam.
What you do is you start up a TRUST first, then let the TRUST claim the reward so you can pass down the winnings over generations. DD
How about just buy the millennium falcon and live in it. That's a pretty good life. Saving all that money seems like a giant waste of money. You entire life is going to fall apart around 60. So ust go hog wild and don't assume much about the future. But either way you do have a spaceship.
All yall talking about investing and sh*t, lol. The point of having 600 mil is you never have to think about money again.
Put $300 million in savings and collect 1% a month? 1% a month is 12% a year (well... not exact, but you get the idea). You don't get this from savings. Or even lower risk bonds. I'm not saying oyu can't find some solid, lower risk bonds with plenty of yield to fund annual cash flow while still growing the portfolio, just that the above makes no sense.
The problem is you cannot just drop it into the bank. If you put it all in one spot . .they can say they lost it and you only get 250K So you have to find somewhere to store your money I guess you could get a Scrooge McDuck tower 500 Million is alot and putting it away in 'storage' is not as easy as it sounds I was thinking what is the SAFEST place to put it. . . Then where can you put it that is SAFE and EASILY ACCESSIBLE won't even mention the criminality and moochers that surface Rocket River
In order to purchase all 300 million combinations, you would need to print 30 million tickets as each ticket can hold 10 entries. To print out 30 million tickets, you would need to print out 86 tickets per second for 4 straight days (96 hours) between drawings. I guess you could split it up between stores?
Yet, when you buy lotto tickets, be it TX Lotto, Mega, Powerball, all them have defaults are to pay you cash option, unless you opt/tell them annual payments.
I don't disagree with you, but this comes up a lot anytime silly lotto gets big, clever people think it's some secret they found out and that the 30 annual payments are good etc. Like even on Friday, I stopped at convenience store, way too busy because of lotto but wanted a drink after getting gas, and people are at the register discussing what option to pick... The lotto shouldn't even offer the option is what I was meaning. Like people shouldn't even know there's another option. I decided to explain it to speed things along, and the people all took the cash option.. So hopefully they win and I can be their financial advisor
30 annual payments already pays interest on the money so it's sort of like investing it in treasury-bonds already. Given how many lotto winners blow their winnings, it's a fairly smart strategy for people who don't know how to manage money and are suddenly coming into life-changing dollars.
I'm not sure I'll read up on it since I know I'm not winning.. But that's cool if there's interest attached, I mean I guess it could be good for someone who Allen Iverson's it and doesn't know what they're doing (obviously this is even more money), but I'm sure someone would probably mismanage it and become a statistic so if this helps them, that's great, I just wouldn't trust a lotto/gov/non-trust fund etc. (whoever is handling the annual payments etc.). I'd rather have mine all at once and even a modest 5% annual return and you'd have a good setup for your family and future gens on that alone (as long as they don't screw it up). I'd definitely have it diverse and obviously use financial advisors (maybe even keep some protected in case everything goes to **** etc etc).. But... no winning here so wouldn't even bother going passed the pretending stages. If somehow I won (ie someone gave me a ticket, yeah right), I'd definitely prep everything before coming forward. Regardless hopefully someone from the thread wins and gives me some money. I don't need much
I don't even think it matters what you put on your tickets because when you collect the money . . .you can choose then take it all or payments I don't think you locked in . .. to what you put on the ticket Rocket River
If you invest it right, you will never have to think about money again. And neither will your kids. Or your grandkids. Or your great-grandkids. Or their great-grandkids. You can set up a trust fund (I think?) with rules stating that no one is ever allowed to touch the 600 million principal, only the interest and earnings. That's still a LOT of money.
