Writer's Block: Jackpot

[dolari]

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Two plans:

1) Get the yearly payments, spend no more than 32k a year (except maybe for an affordable house/car/surgeries), and save the rest. Once the yearly payments end, try to live off the interest of the saved cash.


2) Get a lump sum distribution, put it all in the bank (just under FDIC insurance per bank/account) and live off the interest for as long as possible at 32k a year.

I've had a relative or two win a lottery, and it's ruined them. They blow thruogh it all very quickly, or by investing badly. My plan is to simply try to stay under a comfortable "salary" and live off interest from savings for as long as I can. I don't need a mansion, just a nice house. I don't need the Ultra Fancy Hummer, but would rather overhaul the truck I have (or buy a nice, but sensible vehicle).

I'd want this to last as long as possible, and make a completely self-sustainable living off of it.

Not that I've ever won ANYTHING in the lottery. Ever.

Comments

[jadaze.livejournal.com]

Supposedly they won't be making Hummers anymore anyway!

Generally my idea has always been #2. Health and Home are top priority always (-:

[skipperofarc.livejournal.com]

I think it's a rule that they only give winning tickets to people who are guaranteed to screw themselves over.

[madrona.livejournal.com]

They only give winning tickets to people who buy lottery tickets...

[jenndolari.livejournal.com]

Can't win it if y'aint in it!

[kisai.livejournal.com]

The interest rate in a bank though is like 0.1%, annually, you actually lose money by putting it in the bank because inflation is higher.

That said, butting it in the bank is still safer than buying a car or house on a loan. If you can buy a house outright, in a buyers market, do it.