If you won, would you take the lump sum or go for the whole amount? I'd take the lump sum as I think I could survive on $140 million quite nicely! U.S. retailers prepared for a crush of ticket buyers as the jackpot for the Powerball multistate lottery reached $300 million, the game's fourth-largest prize. Separately, there were no winners in last night's Mega Millions drawing, pushing the drawing on Aug. 28 to $250 million, according to a statement by the New York State Lottery released by PR Newswire. Twelve tickets matched the numbers for a second- place prize of $250,000 each. Powerball numbers will be drawn in West Des Moines, Iowa, at 9:59 p.m. local time tonight. The jackpot rose to $300 million, or $140.3 million for those who take their winnings as a one-time cash payment, the lottery said. Tickets cost $1 and sales end about two hours before the numbers are picked, depending on the state. http://www.bloomberg.com/apps/news?pid=20670001&refer=&sid=aeoncPO3Yf2E
I'd go for the whole amount given to you over time. There's nothing worse than living with barely enough money and then having a pile of cash dumped in your lap. It's better to force yourself to pace yourself. If you take an overtime payout you can screw up one year and get progressively better. If you had one lump sum and you managed to blow it all in a year, you have nothing to save you. The first year I'd pay off all my debts and stuff the rest in the bank to guarentee enough interest to live off of for the rest of my life. If family wanted some help I'd want copies of all their bank statements and proofs of current debts. The second year I'd start trickling money into the debts of family that they reported the previous year. The better they do managing their money this year, the more I'd help them out the following year. By the third year everyone around me should be well off and anyone who takes advantage of the money gets cut off for their own good. The key is to progressively learn how to handle the money and find worthwhile things to do with it. It's very easy to just go nuts and ruin your life and the lives of everyone around you which happens quite frequently to lottery winners.
Take the cash and run, only a fool would do otherwise. The economy could collapse, banks can go belly up, war could break out. Enjoy it now, its more than I'll ever need. Take a few million and buy something of value least likely to be affected by government collapses, precious metals, gems maybe real estate. After taxes though I believe the final cash payout is closer to about 35% about 100 million.
Maybe find someone from New York to buy you a ticket. And I'm confused, why can't you take the whole 300 Million right away?
Lotteries like Powerball offer a full payout minus taxes over 20 years or so and make money off the interest. Or they offer a one time lump sum of little less than half? Thats where 140 comes from, then you have to pay taxes on that! They were forced to publicize the actual amount on thier site. Really a ripoff but of course i would take it if I won!