Thursday, March 02, 2006

How the Young Professionals Will Handle Winning the Lottery

We all know that the odds are stacked against us when it comes to winning the lottery, yet millions play it everyday. I have mentioned before that this blog was started in part after some co-workers decided that they should start an Early Retirement Club aka Lottery Club. They even suckered me into it for the first game, but that was when it was a one time buy for a huge Powerball drawing. After the initial drawing, we won (overall it was still a loss) on a few tickets, it was decided to keep putting the leftover money into more drawings until it was gone (which it eventually was).

Then someone came up with the great idea to start entering into all lottery drawings that were over $100 million...because obviously it isn't even worth winning for anything less than that. This is about the time that I decided the lottery club wasn't worth the "investment," so I quit. Admittedly, I did fall off the wagon the other day with the $365 million Powerball drawing, but I swear that I am clean again. Now that I am better, it should be noted that I will be very angry if they ever do end up winning a hunk of cash.

So, where is this all going? It is pointing to Flexo's post about how to deal with winning the lottery over at Consumerism Commentary. Who hasn't thought about what they would do if they won the big one? Flexo's post tells you how you should actually plan to deal with winning. One of the toughest decisions that you would have is whether or not to stay at your job. I have always said that I would keep working if I won...probably not as hard, but I would stay. The second big question has to do with the payment options. I would take the lump sum so that I could get my big chunk of money up front and start investing it now. In the end, I think that would be the best option. The problem is that I will never have the chance to win since I no longer play...on second thought, maybe I could play just a few more times.


Blogger SL said...

a few more times which basically translates into the next time we play the 300+ million Powerball and WIN

If THAT was the case...would this blog keep going?

3/03/2006 9:52 AM  
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