$1m comes with a hoard of beggars, and tempting splurges
Squeezitgirdle on
This guy is clearly good at math.
Fajitajitas on
Isn’t that just under 18 years to make 1 mil at $1000 a week?
Arthesia on
Getting ahead of this in the comments.
If you managed a 5.2% yearly return on investment, you would match $1000/week, and still be up a million dollars. Even if you just threw the million into the safest form of investment (high yield savings account) the million would still be ahead even after you die from old age.
So yes, absolutely, a million today is worth more than $1000/week for decades.
Substantial-Cat2896 on
Maybe the amount is not the reason she did it. Maybe she dont care about getting up to 1 mil
TypicalBlox on
I just saw this post and he replied under it that he misread it as monthly instead of weekly
Meliodas016 on
Does anyone remember the person who also made the same choice, instead of asking for the full amount, and the company or bank incumbent went under, so they didn’t receive the full amount?
Pesoen on
1 mil/(1000*52) is about 19.2 years, after that she is getting more money than she won out of them. unless my math is wrong(which is possible)
SnooDogs157 on
She did it to keep people from asking her for money
Glad-Rip6265 on
19.2 years. Where did that moron get more than 80 years? 1000 week =52000 per year= 19.2 years
Then she still gets paid. Moron.
FishDispenser2 on
She was probably self aware enough to know she’d waste it, just like every other lottery winner.
xoogl3 on
If taxing lottery income works like ordinary income then $52K per year would be taxed way lower than a $1M lump-sum. Not to mention, the temptations of something like half a million (after tax) sitting in your bank account are going to be too great to ignore. Both for herself as well as for her friends and family.
For a 20 year old, it’s actually pretty solid decision-making overall.
dede7462 on
If she needs a lump sum, she can always call J. G. Wentworth. (877-CASH-NOW)
HeatXfr on
Is that $1k after taxes? Yes!! No taxes on Canadian lottery winnings. Yet another reason Canada is better than the U.S. (I’m pretty sure the NSA will come knocking shortly after that comment)
friarguy on
Im 36, take the fuckin annuity
Tripple_T on
I’d take the lump sum and disappear.
Apherious on
Or just 19.23 yrs to make a million USD$ at that rate.
Fan_of_Clio on
No need to tell us. We know she didn’t talk to a financial advisor
semidivineone on
BYU Blue trying to use trumponian math to throw shade and is nearly 60 years off in their assessment. What a strange and wild time we’re living in.
Congrats to the twenty year old. My 44yr old ass is mad jealous but still happy as hell for you
WhatIsThePointOfBlue on
Everyone saying X amount of years to hit 1m not taking into account how much that $1m would be by then if it were invested amd allowed to grow.
SabbyDude on
Since I don’t the type of person she is and her spending habits, I’d say $1k/week is the safer option, even if she doesn’t make it to $1M, she’ll have $52k/year, $140 for each day, since I don’t live in USA, i don’t know the average cost of living but on the Internet it says 35k-60k so she might’ve to manage those expenses unless she gets a job, which might benefit her
fkms2turnt on
I feel like the right person in this situation could not make a bad decision either way. This is a win-win situation
PatienceHere on
Eh, I understand this. Lotteries are infamous for their ‘sudden wealth syndrome’ where a person getting too much money at once will get pestered by friends and families for a portion of their winnings, or squander the cash too quickly.
I guess she feels more comfortable trying to manage 1000.
[deleted] on
[deleted]
Additional-Ad-7956 on
Once hyperinflation kicks in, those $1000 checks aren’t going to go far.
OneForAllOfHumanity on
It’s basically an annual salary of $52,000… not bad for not working.
MrNorthumberland on
I wonder if there’s a difference in how you’d be taxed doing weekly payments over a lump sum.
PinCurrent on
Someone taught her to “never take the lump sum”. They’re on to us.
wrobbii on
CANADA DOES NOT TAX LOTTERY or GAMBLING WINNINGS!!
Thank you for your attention to this matter
stron2am on
It’s a BYU guy–Joseph Smith invented new math in 1840, and God changed it again in 1978.
PayFormer387 on
Take the lump sum. . . Not only is there no guarantee you will live to see the full payout, the country might not be around to pay out at all.
ObviouslyRealPerson on
$1k a week isn’t a whole lot now
It will be worth even less after years of inflation and cost of living increases
metap0br3ngNerD on
Not a bad decision. Imagine getting harassed by friends and relatives for money. With $1000 a week you can live comfortably but not extravagantly if you choose to be single your whole life. Now should he/she decides to travel in Southeast Asia with that money that’s another story.
Complex_Impressive on
Just over 19 years to recoup the full amount, but then it keeps paying…she made the right decision, it’s a guarunteed income and the lump sum would have been eaten by taxes. And the temptation to spend it all quickly would have been high.
Bandandforgotten on
To be fair, working and getting an additional 1000 to whatever I made, regardless of if I worked or not, each week at the same time sounds lit.
And no, it wouldn’t take that long.
52 weeks in a year, 1000 a week, $52,000. That’s $25 an hour. 1,000,000/52,000 = 19.23 years. That means if she lives to another 58 years, she’ll have passively made 3 million dollars. Math.
marioplex on
Lets see what is it 52 or 54 weeks in a year? Its 52 so that means 52k a year
1mill /52k = 19.23
So 19.23 years
Which is 19 years 2 months 23.13 days?
If we go by life expectancy
Wm: 78.4 years as of 2023
Black: 74 years as of 2023
All americans : 79.0 years as of 2024
So lets just go with the largest here
79 – 20 = 59 years
52k x 59 = $3068000
If tge person lives that long and also invest you are looking at more and it also prvents tgem from going crazy and looosing it…
Some people think of size while others think of necessity
36 Comments
$1m comes with a hoard of beggars, and tempting splurges
This guy is clearly good at math.
Isn’t that just under 18 years to make 1 mil at $1000 a week?
Getting ahead of this in the comments.
If you managed a 5.2% yearly return on investment, you would match $1000/week, and still be up a million dollars. Even if you just threw the million into the safest form of investment (high yield savings account) the million would still be ahead even after you die from old age.
So yes, absolutely, a million today is worth more than $1000/week for decades.
Maybe the amount is not the reason she did it. Maybe she dont care about getting up to 1 mil
I just saw this post and he replied under it that he misread it as monthly instead of weekly
Does anyone remember the person who also made the same choice, instead of asking for the full amount, and the company or bank incumbent went under, so they didn’t receive the full amount?
1 mil/(1000*52) is about 19.2 years, after that she is getting more money than she won out of them. unless my math is wrong(which is possible)
She did it to keep people from asking her for money
19.2 years. Where did that moron get more than 80 years? 1000 week =52000 per year= 19.2 years
Then she still gets paid. Moron.
She was probably self aware enough to know she’d waste it, just like every other lottery winner.
If taxing lottery income works like ordinary income then $52K per year would be taxed way lower than a $1M lump-sum. Not to mention, the temptations of something like half a million (after tax) sitting in your bank account are going to be too great to ignore. Both for herself as well as for her friends and family.
For a 20 year old, it’s actually pretty solid decision-making overall.
If she needs a lump sum, she can always call J. G. Wentworth. (877-CASH-NOW)
Is that $1k after taxes? Yes!! No taxes on Canadian lottery winnings. Yet another reason Canada is better than the U.S. (I’m pretty sure the NSA will come knocking shortly after that comment)
Im 36, take the fuckin annuity
I’d take the lump sum and disappear.
Or just 19.23 yrs to make a million USD$ at that rate.
No need to tell us. We know she didn’t talk to a financial advisor
BYU Blue trying to use trumponian math to throw shade and is nearly 60 years off in their assessment. What a strange and wild time we’re living in.
Congrats to the twenty year old. My 44yr old ass is mad jealous but still happy as hell for you
Everyone saying X amount of years to hit 1m not taking into account how much that $1m would be by then if it were invested amd allowed to grow.
Since I don’t the type of person she is and her spending habits, I’d say $1k/week is the safer option, even if she doesn’t make it to $1M, she’ll have $52k/year, $140 for each day, since I don’t live in USA, i don’t know the average cost of living but on the Internet it says 35k-60k so she might’ve to manage those expenses unless she gets a job, which might benefit her
I feel like the right person in this situation could not make a bad decision either way. This is a win-win situation
Eh, I understand this. Lotteries are infamous for their ‘sudden wealth syndrome’ where a person getting too much money at once will get pestered by friends and families for a portion of their winnings, or squander the cash too quickly.
I guess she feels more comfortable trying to manage 1000.
[deleted]
Once hyperinflation kicks in, those $1000 checks aren’t going to go far.
It’s basically an annual salary of $52,000… not bad for not working.
I wonder if there’s a difference in how you’d be taxed doing weekly payments over a lump sum.
Someone taught her to “never take the lump sum”. They’re on to us.
CANADA DOES NOT TAX LOTTERY or GAMBLING WINNINGS!!
Thank you for your attention to this matter
It’s a BYU guy–Joseph Smith invented new math in 1840, and God changed it again in 1978.
Take the lump sum. . . Not only is there no guarantee you will live to see the full payout, the country might not be around to pay out at all.
$1k a week isn’t a whole lot now
It will be worth even less after years of inflation and cost of living increases
Not a bad decision. Imagine getting harassed by friends and relatives for money. With $1000 a week you can live comfortably but not extravagantly if you choose to be single your whole life. Now should he/she decides to travel in Southeast Asia with that money that’s another story.
Just over 19 years to recoup the full amount, but then it keeps paying…she made the right decision, it’s a guarunteed income and the lump sum would have been eaten by taxes. And the temptation to spend it all quickly would have been high.
To be fair, working and getting an additional 1000 to whatever I made, regardless of if I worked or not, each week at the same time sounds lit.
And no, it wouldn’t take that long.
52 weeks in a year, 1000 a week, $52,000. That’s $25 an hour. 1,000,000/52,000 = 19.23 years. That means if she lives to another 58 years, she’ll have passively made 3 million dollars. Math.
Lets see what is it 52 or 54 weeks in a year? Its 52 so that means 52k a year
1mill /52k = 19.23
So 19.23 years
Which is 19 years 2 months 23.13 days?
If we go by life expectancy
Wm: 78.4 years as of 2023
Black: 74 years as of 2023
All americans : 79.0 years as of 2024
So lets just go with the largest here
79 – 20 = 59 years
52k x 59 = $3068000
If tge person lives that long and also invest you are looking at more and it also prvents tgem from going crazy and looosing it…
Some people think of size while others think of necessity