I Won The California Lottery Last Week Need Some Advice?

Question

I am just overcome with emotion right now. I think it may be best to take the payout over 20 years. 6.2 mil per for 20 years. Even if after taxes I only see half that I should still be able to save 1 mill a year and then have 20 mil in the bank at the end of 20 years right?

Answer 1

Three words. You are made.

Answer 2

If you are disciplined and know how to set boundaries with family & friends(and yourself) then take the cash up front.

If you don't have the ability to say 'no' to people and you have no idea how to handle money, then take the yearly payments. Either way, things are good for you. Congrats!

Answer 3

take the payout now...buy a few houses...cars,,etc.....god forbid anything happens to you in the years to come, at least you know your family will be taken care of.... IF THIS IS REAL....CONGRATULATIONS

Answer 4

Just don't go crazy with your money, keep your feet on the ground and invest it on something, have help on how to manage it a professional. Oh, and family you never knew you had will suddenly start to appear, lol. Also, the friends you had before your money those are the real friends, the ones that come after may not be.

Answer 5

Take it all at once or stand to loose a lot if our economy and the dollar crashes.  There is no promise that our perfect world is going to stay that way.  Don't put more than  $100,000 in each bank.  FDIC only insures up to that much in each bank..  The way the banks are, you stand to loose a lot.  Real Estate, gold (not on paper, but in coins, bullion), silver, are the way to go.  Stay away from the stock market and gambling.  You have no idea what is about to come on this world.  Pay off your home and debts.  

Establish a no touch college fund for your heirs.  Give to charity if you are so inclined.  

......and I kid you not......

Build a nuclear bomb shelter and stock it with food and everything you will need to survive two years at least.  Buy and store soil and seeds.

For the next few months, don't answer the phone or the door.  You will be hounded by sales people trying to sell you things and people asking for handouts.

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Love cats and dogs?  I have 23 cats and 3 dogs who sure could use some extra goodies.

Answer 6

Yeah, plus if you save a million a year you will have more than 20 because of interest.  I want to win the lottery damnit.

Answer 7

Yes. You should. 1 mil * 20 mil is the equation.

Answer 8

I think you might be lying.

The Super Lotto Plus hasn't been that high in recent times.

So the only other lottery that could be anywhere close to that in California is Megamillions.  That was just won at $125m.  But the ticket was won by someone from New Jersey, not California.