$1 million versus $1k weekly pay till life

[Obulis]

I saw an update of a twenty years old  lottery winner who rejects $1 million to get $1000 weekly payment for life. $1000 weekly will amount to $52000 yearly which means it will take this winner over 20 years to get paid $1,000,000 if paid $1000 on a weekly basis.

How do you see such economic decisions?
What would be your decision if faced with such situation?
For someone having plans that are not executed because of lack of capital wouldn't it be a drawback to choose 1k for life instead of 1million?

[Ambatman]

Personally I would think taking the $1000 is a foolish decision
Even if it may seem like a lifetime can b up-to 100 years
But that's never guarantee
And worse inflation would play a big role
A dollar now is not the same dollar tomorrow.
The $1 million dollar in 20 years time may be less than an $100K today.

[Stepstowealth]

How do you see such economic decisions?

There are people that would have reasons for choosing this option because their opinion of it is not bad as they will consider taking the $1000 every week still appropriate for them based on their plans.

What would be your decision if faced with such situation?

I prefer to have my money once so I can make all the plans I want, I am only sure of today, not sure of tomorrow.

[Felicity_Tide]

This news broke out sometime around December last year. Even CZ shared his own opinion via Twitter - https://x.com/i/status/1999092425365864762

Well, as for my own decision, i think it aligns with what the first user said. It was a terrible move by the lady. Not sure of how the rules work, but thinking about the worst possible scenario, like in a case of death, who knows whether the next of kin would automatically have access to the remaining money?.

And in a society where money doesn't retain its value over time, you wouldn't want to let certain investment opportunities slip through your hands, especially when you have the opportunity to get in early with such an amount.

[batang_bitcoin]

I saw an update of a twenty years old  lottery winner who rejects $1 million to get $1000 weekly payment for life. $1000 weekly will amount to $52000 yearly which means it will take this winner over 20 years to get paid $1,000,000 if paid $1000 on a weekly basis.

How do you see such economic decisions?

That's what is comfortable to her. It really differs on how we see our situation and what decision suits our lifestyle. $1k weekly for life isn't bad assuming that she'll live for more than 21 years.

What would be your decision if faced with such situation?

I'll take the money right away, that $1M and I'll just do whatever I can with it. Life is too short, we have no idea what's coming tomorrow.

For someone having plans that are not executed because of lack of capital wouldn't it be a drawback to choose 1k for life instead of 1million?

She's going to have a budget weekly but that might not be enough for the upcoming years due to inflation and that person might not be an investor or business person.

[Maslate]

The question is, would you still be alive after 20 years? Life can always be uncertain, although we always advocate for long term and preparing for the future, but in situation like this, its always best to claim your $1 million dollars immediately so you can start maximizing the best opportunities in life, than to get it in installment, in 20 years everything is still unfold.

There may be no guarantees that you can change your life successfully, but with proper guidance on managing your winning amount and strict discipline not to return it into gambling, you will secure a financially stable life without going through financial struggles in the next years to come. 

[rezakurnia66]

Honestly, I will take $1 million fully than get payment $1k weekly until life or reach the amount of $1 million, firstly the winner of lottery have own reason why pick $1k weekly due his personal data already publishing when becoming the winner and having $1 million in wallet too risk with your environment. However as living cost having $1k weekly most enough but build up new business and investment get difficult because the lady winner not interested yet taking $1 million or fully reward lottery winning.
We can't avoid from inflation but bit mistake from the lady lottery winner when taking $1k weekly without think few years later the amount of his winner has significant inflation amount, everyone exactly has own decision when taking reward fully or get weekly payment needed until few years later all amount lottery winning accept fully.