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this post was submitted on 14 May 2025
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This is also why if you hit the lottery, you should take the discounted upfront cash payout, and not get it paid in an annual annuity for 20 years. You never know if the government is suddenly going become moral about gambling, and cancel all lottery payments.
Take the money and run.
To be fair, it's best to not participate in the lottery.
True but that is a situation that doesn't really apply very often in the "if you hit the lottery" situation mentioned in the post you replied to.
I guess what I'm trying to say is, don't delude yourself into thinking you're being smart about the lottery by thinking about which is the smarter course of action in case of a win. The only way to be smart about the lottery is to not play.
I don't disagree, but I also thing playing the lottery once in a while is fine if you're just doing it as a daydream or something. Back when I worked in an office, if the jackpot got high enough we'd do an office pool and everyone that wanted to would throw in 10 bucks or something. And I've also done the same myself for the above reason but I play at most once or so a year.
That's the responsible way to enjoy it! But you can't have any expectations that it's a good idea beyond having fun with it. And I find that sometimes these posts about how to do the lottery in the smartest way possible kind of detract from the fact that it's wrong and possibly harmful to think that it's anything aside from a potentially fun thing to do.
Also because that lump sum is all there is. If you take the annuity they put the lump sum into an investment account and then pay you out of the proceeds (from which they take a cut, of course), and you can get the same returns they get, without losing their cut, doing it yourself.
They also take a big wet bite out of the total when you do a lump sum pay out. Then you pay taxes on it too. Oh and of you do the 20 year payout and die they keep it all. You can't transfer it.
No doubt, but it's still a lot better than doing the annuity. Half of fuck you money is still fuck you money.
Biggest mistake people do is put it all towards a house for a low or no monthly mortgage. It's better to invest it. Buy two. One to live in and a multi to rent out.
Yeah, my plan would be to buy a (small, perhaps even cozy) house to live in right now because my living situation is not ideal, set some small portion of it aside just to blow on stupid shit to get it out of my system, and then invest the rest to ensure that I can live off the proceeds for the rest of my life. Anything beyond what is necessary to secure myself a modest but comfortable lifestyle is going to be given away to help people.
Absolutely. However, if you are not the best with money, or on the irresponsible side; it might be best to take the annuity. Mathematically it makes no sense to do so, but if it stops you from blowing it all on hookers and coke in two years then its for the best. In other words, if you having it all is riskier than the state keeping track of it.
Even if you're bad with money, take the lump sum and go get a fiduciary advisor to handle it and give you a regular payout. Being a fiduciary advisor is important since it means they are legally obligated to work to the benefit of your money, not lining their pockets. Using something like a trust is another good way to protect you from yourself.
I mean more like someone who is irresponsible and maybe dumb. I was trying to be polite. Someone that doesnt even know what a fidicuary is.
What’s wrong with hookers and coke?
Can’t you open up a trust with the money and put a provision on it saving you from yourself?
Im talking about someone who doesnt know wtf any of that means. Like the town idiot.