this post was submitted on 08 Mar 2025
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I know I am the minority in this but I would take the 30 year payment. Let’s use the 320 million as the example. It would prevent me from spending it all on dumb shit and I could easily live off of 888,000 a month pre tax. Pay off all debts right away and force me to save up for any huge thing I want.
It would also pass to my kids if I die in the next 30 years.
It is still in your favor to take the lump sum, then invest it yourself. Even low risk low return you'll likely end up way ahead compared to the payment plan.
I agree about the investment, I’m just saying that this prevents me from falling into the “ohh I can buy that” trap.
For me, I have two concerns (like it matters, I'm never winning). The organization running the lottery could fold and I can likely make more investing the lump sum myself. Plus I really want to start a nonprofit grocery chain.
Even worse is that if the state you won in had financial issues they can and will hold payments until the budget is balanced. I recall hearing something about Illinois holding lottery payments when there was a shutdown.
Facts and statistics say the organization running the lottery is IMMENSELY less likely to run out of money than YOU. Take the annuity. Winning the lottery does not suddenly make one smart with money.
Up until recently, I'd take the annuity, but right now, the stability of the underlying currency and the organization that pays out is in serious doubt.
Even in today's political climate I'm pretty sure the State of California will still be able to make your payments over 30 years. If you didn't spend it on anything else, you could make a start on that grocery chain. You'd probably learn a lot in the first few years, some expensive lessons. But having started small, you could put the next payments towards putting those lessons to work as you expand. Meanwhile, you're not investing any attention or risk into those funds. But you do hypothetical you!
Editing to add, the guy who actually won might be able to do some real good in his own neighborhood, which had that big wildfire.
Fuckin hell that payment would pay off my mortgage in 20 days. I cannot fathom spending that much every fucking month