As illogical and stupid as it is, I did just buy a Powerball ticket to win the prize. (Over a Billion, or about $500Million if you just cash out.)
@sfleetucker the difference between the annual annuity and the cash prize has become a wider, because of higher interest rates guaranteeing a larger return.
@Negroni_drinker I think you're still better off going with the payout and managing your own money.
@sfleetucker it really depends upon so many individual factors, if you have a plan for investing a large sum, if might not outlive the 20 years of annuities, etc. It gives some comfort that my trust might carry me through my "golden years" though.
@Negroni_drinker @sfleetucker all I've ever heard of extremely large lottery winners is how it ends up ruining their lives. People come out of the woodwork, and even close friends, to try to get a piece of the action. I would immediately place all funds in an irrevocable trust and name a disinterested trustee who would deliver funds on a regular basis. Maybe there could be a provision that provides extra for emergencies or other predetermined activities. There'd be a team around its management.
Oh yeah. Setting up an LLC or other functional management so nobody knows it was me.
@sfleetucker @Negroni_drinker but also something that prevents you from becoming your worst filthy rich self, like an irrevocable trust.
@sfleetucker I too would take the cash and immediately invest in my own production gear.