2006-07-06 10:49:48 · 8 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Sadly, I have not won anything. This questions was asked out of curiosity.
2006-07-06 13:28:02 · update #1
It's actually better to get paid in intervals, but it requires you to be able to manage your money a bit and states have rightly determined that people are generally too lazy for that.
You can go to a financial institutaion and have them pay you a lump sum as they will know how to manage the future cash flows and they will offer you a better "interest rate" than the state's lotto commision will.
If you've won the lottery, I'd be more than happy to give you more detailed advice...I'm sure we could work something out ;)
2006-07-06 10:56:17 · answer #1 · answered by amulkerin2002 2 · 1⤊ 1⤋
It depends where you are, too. In Canada, lottery winnings are not taxable. In the US, they are. Since a lump-sum payment would probably push you into a higher tax bracket, you might end up paying much more in taxes if you get paid up front.
If you are young and can afford to wait, it's best to be paid out over time.
2006-07-06 17:55:24 · answer #2 · answered by -j. 7 · 0⤊ 0⤋
At my age of 58 I would want the cash. If you are younger, it makes financial sense to take the payments, you get a lot more in the long run.
2006-07-06 17:53:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
My husband and I have planned to receive the money for the next 26 years.
2006-07-06 17:53:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Lump sum will all you to invest the funds and have a better rate of return on investment.
2006-07-06 18:47:10 · answer #5 · answered by John H 4 · 0⤊ 0⤋
All at once! What if get hit by a car and die next month or year. Then it goes nowhere.
2006-07-06 17:53:31 · answer #6 · answered by MagPookie 4 · 0⤊ 0⤋
You get more money if you spread it out.
2006-07-06 17:53:45 · answer #7 · answered by jennifer 3 · 0⤊ 0⤋
Could you elaborate?
2006-07-06 18:10:31 · answer #8 · answered by Anonymous · 0⤊ 0⤋