Reply To: Question about the lottery
Most people who win big file bankruptcy within 8 years because they change their lifestyle. The best and hardest thing to do is to wait one calendar year after taking the money to figure out what you want to do. Get financial guidance from Fee Only advisors-stay a long way from anyone who is commission.
The problem with the long term payout is that if something happens, the rest of the money is gone, unless you set up a perpetual trust to receive the income. So a car accident, a bad ski trip, etc and the money stream is gone, not given to your estate, it just stops. That is the biggest reason to take the money now.