General Discussion

SheilaT

(23,156 posts)

68. Leave it to the pros

Wed Jan 13, 2016, 03:49 PM

Jan 2016

is excellent advice. Just make sure you understand what they are doing for you.

I actually have a financial guy, and if I ever were handed a winning lottery ticket, he'd be the first person I'd call. He has done very well for me over the years. I trust him. He knows a whole lot more than I do. Did I mention he's done very well for me over the years?

It's the greedy "Fuck them, I'll take ALL the money up front because *I* can manage it better" mentality, coupled with the "What if the Powerball goes bankrupt and can't pay over time" which shows a total ignorance of how they handle the money, that makes people think they're better off taking it all. And sadly, many lottery winners wind up broke or dead in a sadly short time.

What I sincerely hope with this huge payout, is that there are at least a thousand winning tickets, so the money is spread out over many people.

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Dear Powerball Winner: Take Our Advice and Take the Annuity [View all] brooklynite Jan 2016 OP

It might not be one winner so this article is a mute point bigdarryl Jan 2016 #1

I think you meant "moot" point? brooklynite Jan 2016 #3

Although I won't win. I bought 10 dollars worth. yeoman6987 Jan 2016 #82

Even if you share the jackpot it's still a good idea. n/t pnwmom Jan 2016 #89

The chances of me living another 30 years are not good. hobbit709 Jan 2016 #2

An annuity of this kind is transferrable alcibiades_mystery Jan 2016 #5

If you took the lump some and invested most of it Goblinmonger Jan 2016 #33

Yes, but when you die 1939 Jan 2016 #35

I've seen the opposite said Blue_Adept Jan 2016 #36

Not true alcibiades_mystery Jan 2016 #54

Exactly. It depends on how old you are if you win brush Jan 2016 #56

Not to mention there's a good chance taxes will go up TexasBushwhacker Jan 2016 #95

The best advice I've heard is: do nothing brooklynite Jan 2016 #4

That May Be Good Advice. . . ProfessorGAC Jan 2016 #7

might want to invest in a few bodyguards too... Takket Jan 2016 #8

THIRD: Tell no one that you won. nt TeamPooka Jan 2016 #59

Some states allow for trusts to be setup so the winner is not known CorkySt.Clair Jan 2016 #81

Is there a reason why wheniwasincongress Jan 2016 #87

Here in Washington it's disclosed, and I believe it's tied to our Sunshine Laws n/t Kennah Jan 2016 #105

So that we know there was really a winner ! JonLeibowitz Jan 2016 #107

I'm not sure about that. I'm getting the hell out of Dodge ASAP. ohnoyoudidnt Jan 2016 #92

The winner better be ready to go into hiding right after they claim the prize. Drahthaardogs Jan 2016 #97

Boy, Do I Disagree ProfessorGAC Jan 2016 #6

Having just been laid off from the annuity industry justiceischeap Jan 2016 #9

The present value of the annuity is less than the lump sum, IIRC (I don't play the MillennialDem Jan 2016 #10

i think its mostly predators looking for investments that bleed them dry Takket Jan 2016 #12

I guess when people play the lottery, they largely can't understand the numbers they MillennialDem Jan 2016 #14

my very dear friend/travel buddy who I have known many years is an investment counselor CTyankee Jan 2016 #46

Exhibit A: Dave Edwards. HughBeaumont Jan 2016 #17

Oh my! Granted that's $27 million, an order of magnitude less than the current powerball jackpot for MillennialDem Jan 2016 #22

Everything I would possibly want wouldn't cost more than $1 mill. hobbit709 Jan 2016 #32

Jack Whittaker, who won over 300 million, is another cautionary tale Tanuki Jan 2016 #52

I bet that guy's life would make an awesome movie. HughBeaumont Jan 2016 #61

I grew up in West Virginia, not far from where all of this took place,and as you can imagine Tanuki Jan 2016 #62

Step1: TELL NO ONE! Step2: Sign back of ticket. Step3: Take photos Pathwalker Jan 2016 #55

My husband's sister and her husband won like 3 or 4 million. Mariana Jan 2016 #63

They go broke because they don't prepare and then they get stupid jmowreader Jan 2016 #69

Oh I'd definitely have some of my money invested and automatically tapped and/or MillennialDem Jan 2016 #71

The big winning lottery winners usually go bankrupt within year 3 to year 5 after a winning. haele Jan 2016 #91

i thought i would take the annuity but.... Takket Jan 2016 #11

Doesn't even need be half. Could be 1/10th :p MillennialDem Jan 2016 #15

If you're going to indulge in conspiracy theories... brooklynite Jan 2016 #21

the old "hide it in your mattress" feeling...I hear ya... CTyankee Jan 2016 #48

I'd build a wall. tazkcmo Jan 2016 #13

i like the way you think. please consider a run for office. Takket Jan 2016 #16

lol tazkcmo Jan 2016 #19

Let freedom ring!!! ;) Takket Jan 2016 #29

I would always chose the annuity MrScorpio Jan 2016 #18

I'm 70 years old left-of-center2012 Jan 2016 #20

yep 840high Jan 2016 #104

I'll take the lump sum and set up a family office. nt Lucky Luciano Jan 2016 #23

I would take the lump sum and hire you to run my accounts! n/t A HERETIC I AM Jan 2016 #75

I assume there is no job offer today then? Lucky Luciano Jan 2016 #110

Lightning struck in my state but it missed me by quite a bit A HERETIC I AM Jan 2016 #111

lean toward over time so if i screwed up i could reset every year dembotoz Jan 2016 #24

Can the lottery authority guarantee that the money will be paid? Renew Deal Jan 2016 #25

Illinois stopped payment on wins over $600 last year got sued too Person 2713 Jan 2016 #49

Take better advice and don't play rjsquirrel Jan 2016 #26

Decisions, decisions BeyondGeography Jan 2016 #27

While I plan to live forever, statistics tell me I may not last that long. ladyVet Jan 2016 #28

Read the article... brooklynite Jan 2016 #31

Nope, I'd take the cash. eom MohRokTah Jan 2016 #30

What happens if the lottery goes belly up next year? B2G Jan 2016 #34

Yes. brooklynite Jan 2016 #40

I will be laughing atop my pile of gold B2G Jan 2016 #44

Like Scrooge McDuck? hifiguy Jan 2016 #77

EXACTLY! B2G Jan 2016 #79

I will take the lump sum, thank you very much. bigwillq Jan 2016 #37

Never play the lotto..... odd_duck Jan 2016 #38

Screw that!! Separation Jan 2016 #39

I'm neither a math whiz nor a lottery player, but something about this author's math just KingCharlemagne Jan 2016 #41

I think there's a lump sum payout at the end. brooklynite Jan 2016 #45

Ah, I'm demonstrating Pope's observation that "a little KingCharlemagne Jan 2016 #47

The payments step up by 4% a year A HERETIC I AM Jan 2016 #50

Hey NYT... I win the Powerball Lottery? Hows about you take my advice and fuck off? cherokeeprogressive Jan 2016 #42

Managing this much money, regardless of how many Lodestar Jan 2016 #43

Sorry everyone, a psychic told me I would win the big prize! Uben Jan 2016 #51

Nope. Net worth before income. KamaAina Jan 2016 #53

I'll let you know how it goes. Tab Jan 2016 #57

I just love the way everyone assumes they'd do a better SheilaT Jan 2016 #58

The #1 rule of investing is "Leave it to the pros." Get a GOOD TEAM of portfolio managers. Xithras Jan 2016 #66

Leave it to the pros SheilaT Jan 2016 #68

This. In every particular. hifiguy Jan 2016 #76

I absolutely would not leave it to the pros exboyfil Jan 2016 #103

No it isn't A HERETIC I AM Jan 2016 #78

I understand the guaranteed thirty year payoff is to increase SheilaT Jan 2016 #101

The payment steps up but the securities they buy are current yield treasuries A HERETIC I AM Jan 2016 #106

I would not do the investing myself, but I would not take the annuity Goblinmonger Jan 2016 #80

We did a case study on this laundry_queen Jan 2016 #100

Bookmarking for reference after the drawing. DawgHouse Jan 2016 #60

At my age I'd take the lump sum. hifiguy Jan 2016 #64

I'd take the lump sum because I have plans for that money, and keeping most of it isn't part of... Humanist_Activist Jan 2016 #65

I'd go with the annunity as well, especially given the large size for this drawing. Lancero Jan 2016 #67

What if you don't expect to live 30 more years? Can the remainder be willed B Calm Jan 2016 #70

Yes - it becomes part of your Estate brooklynite Jan 2016 #72

Why do most lottery winners go bankrupt? Oneironaut Jan 2016 #73

Because they piss away their money on stupid shit. hifiguy Jan 2016 #74

There was a show about this underpants Jan 2016 #84

Yep. And send the lawyer -- hifiguy Jan 2016 #85

It still has to be a public record. underpants Jan 2016 #86

Have an exit plan. Xolodno Jan 2016 #88

Great advice underpants Jan 2016 #90

Annuity total take home = $678M. Lump=$421M underpants Jan 2016 #83

I'd take the annuity Kaleva Jan 2016 #93

I must be a very conservative investor but... steve2470 Jan 2016 #94

we would create 50 millonaires, 10000 units of co-op housing for homeless, a small socialist army... JanMichael Jan 2016 #96

Take lump sum and after taxes: 1939 Jan 2016 #98

My advice for all of the lotteries across the US: adopt the Canadian method. kentauros Jan 2016 #99

that's less money for CPA's and tax lawyers :p steve2470 Jan 2016 #102

They probably already get less money kentauros Jan 2016 #109

Back before The Learning Channel became The Reality TV Network ... Kennah Jan 2016 #108