💰 Is #Winning The Lottery A Curse? 💰 @LawByMike #Shorts #money #lottery

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Hey, you might think that this info makes me your lawyer, but it doesn't and I'm not. Sorry, but I AM NOT YOUR LAWYER unless we have an engagement agreement. I am just providing public information here, like a library does, and am not providing you with legal advice about your situation. So, it would be totally unreasonable for you to conclude we have an attorney-client relationship just because you're viewing this information.

[tmsact]

People don’t think about inflation over the years as well. Better to take the lump sum and invest it wisely.

[dankengine]

“Would you gamble twice?”

That quote goes hard and I don’t know why.

[Theonetruefinalboss]

There's a saying I heard a long time ago. "There's a reason most lotto winners go broke. It's because they're the kind of people who play lotto." You don't teach good money management by giving someone a lot of money.

[fashionjackie]

Finance degree here, I’d do the lump sum— it makes the most sense. Why most lose it is because they have the spending mentality to just buy things like mansions/cars that end up in additional costs (property taxes & insurance) for years that they don’t take into account.

[KawatanGaming]

The thing I learned over the years is that the easier(less effort) you get a thing, the easier you will lose it.

[WOLF-hiow]

Paid over time. I'm a recovering gambling addict so I wouldn't trust myself with that much money. Also over time is the better option overall.

[Sci-Mon]

There’s a saying in economics when it comes to this; a dollar today is always worth more than a dollar tomorrow.

I’m other words, take the full amount at once. IF you think you can invest it and manage it.

[SAMERi]

You HAVE TO take the annuity. People always take the lump sum because they “can make more in the long run”, but the benefit of protecting yourself from yourself for 20-30 years is worth 1000x more.

[thefamilydogs]

People “need” that fancy car to show off their status. I just want a nice plot of land outside the city and away from HOAs with a pick‘em up truck and deer.

[Eligio]

I’d get a Financial advisor and accountant so that they can help me manage that money until I become financially literate (for the huge amount) and don’t need them anymore

[WakeMeUpInVegas]

Here in Australia, you get it all up front. So if for example you won 100 million, you get the 100M. Winnings aren’t taxed. But I absolutely agree that often when you win a huge amount, some people are stupid and blow it all in a short time. If I ever win a huge amount, first thing I will do is hire a lawyer and a financial advisor.

[shmevanriceballz]

Most people spend it all on liabilities like fools.

[NCSUFutbol]

Taking the large chunk upfront and putting it mostly in an IRA is probably the best bet with inflation

[wyntersteelea]

I used to think slow and steady, but with the way the world is at this moment, give me my cash at once. Life is much too short to wait on the slow and steady.

[uziwakeupp]

Usually when you do slow and steady is over a 5-10-15 year basis depending on the sum, it would be ridiculous to accept any of that as inflation devalues that money quick af, take the entire amount and reinvest into capital and avoid some taxes while also hiring some money managers😂

[Liberalism-is-a-mental-illness]

I used to think I’d take one lump sum but, after years of hearing & seeing stories about lotto winners & how it ends tragically for so many. I would definitely take the long payout over time. It seems smarter & would lessen the risk of going overboard. Even though we all think we’d be smart with it, when millions of dollars get deposited into your bank acct & you become a multimillion in the blink of an eye & after struggling paycheck to paycheck your entire life, we really do not know how we’d act or if/how that much money would change us.

[GawBil]

Step 1) Take the lump sum
Step 2) Have a professional financial advisor from a notable firm manage the money for you.
Step 3) meet with your financial advisor on a monthly basis for spending/investment guidance
Step 4) Live happily ever after until you realize money doesn't actually buy happiness, it only buys comfort.

[handsoap]

If you chose the long route, how much is the money spread throughout? Years? Decades? Also, what about inflation? Do they calculate how much your money would be worth back when you earned it.

[lc]

I would immediately hire a financial advisor and ask him what to do

[MishaSims]

My cousin won the lottery back in the 80’s and took a lump sum but he was smart. He invested in plots of land on the outskirts of of town, put a chunk in his 401k, made 3 trust accounts for his kids and bought stock in nike, Microsoft, intel and Walmart. He’s now worth three times his initial winnings. He sold those plots of land for millions and they’re now a part of the city of Portland, Oregon