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Good News

PoindexterOglethorpe

(28,011 posts)

4. Even the long payout period isn't a guarantee

Reply to customerserviceguy (Reply #2)

Wed Aug 7, 2019, 08:15 PM

Aug 2019

that he'll do the right thing. More than one lottery winner in this country who took the longer payout still went bankrupt because they just didn't understand that no matter how large the win, it's still a finite amount of money.

And yeah, it's almost always a really dumb thing to go for the lump sum.

Of course, this guy has already made the dumb mistake of going completely public with his win. Although perhaps the fact that he's going to get the money in monthly installments, rather like a paycheck, will help him be sensible about this. I don't have a lot of confidence, given he thinks he's set for life.

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Amazon Worker in UK To Quit Job After Winning $4.4 Million Lottery [View all] appalachiablue Aug 2019 OP

I hope he understands that 30 years, while longer PoindexterOglethorpe Aug 2019 #1

That's the good thing about the long payout period customerserviceguy Aug 2019 #2

Yeah, the lump sum idea is suicide. He's young, hopefully bright appalachiablue Aug 2019 #3

Even the long payout period isn't a guarantee PoindexterOglethorpe Aug 2019 #4

Well, he's got thirty years to figure it out customerserviceguy Aug 2019 #5