$1 million versus $1k weekly pay till life

[logfiles]

Receiving $1 million at once gives one an opportunity to make good investments for the future. Say split part of the money and use it to buy BTC and other promising stocks for the long term. I am pretty certain after about 10 years, the value will have more than doubled. This is not easy to achieve with $1,000 per week unless if you are living in a cave or something like that. Expenses will always be there and even after 20 years, most people will not be close to $1 Million. Just look at the salary earners and tell me how many of them can have that much in their accounts after 20 years.

[Obulis]

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. 

Just wondering if it's fear of financial mismanagement that led to such decision. Under such situation (win) many people always end up in few times with empty pocket, seeing them you won't believe they ever had such amount of money in their bank statement.

[Kelward]

Before accepting whether to collect $1,000,000 at once or to be getting $1000 every week for life you need to consider some factors which the answers will determine the option to go for because our aspirations in life are different. If you're ok with meeting up with your basic needs and desires a simple life where you just want to be comfortable without bothering to meet up anybody's standards then accepting the $1000 weekly payment for life would be the best option. However if you're the type that is business oriented who wants to be enterprising and expand as an entrepreneur and an investor then you will take the $1,000,000 and walk away

If I'm given such an option with the life experiences that I have gathered and my business ideas that requires funding I will take the $1,000,000 and hopefully expand it within a few years. One of the reasons why in the real sense I will take the big amount and leave is that nothing is certain to remain the same after every decades and for life. I will reason that for some reasons beyond the control of those that will be paying the $1000 for life they became bankrupt and shutdown then I've lost my big chance of building my wealth with the one time big cash.

[Fragrance1122]

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.  

Just wondering if it's fear of financial mismanagement that led to such decision. Under such situation (win) many people always end up in few times with empty pocket, seeing them you won't believe they ever had such amount of money in their bank statement.

The decision he made looks absolutely fine because it was his money and his decision and he made it all from his heart. This means he want to live in comfort for the rest of his life and he doesn't want anyone to bother him. The mindset is the key factor to make a decision in such situation. However the situation might change and there is no assurance that he ought to be alive for the next five or 10 years.

 If i was there instead of him i would have taken the whole bunch of 1 million and would have invested in some trending business which i know about.

[bakasabo]

Those who are saying that taking $1k weekly was wrong decision, look on the situation from such angle.

1) If the winner would have taken $1 million, he would immediately have to pay income tax. Taxes are different from country to country, but on average they are 25-30%. So that is not 20 years already. In some countries, starting point when you have to pay tax from gambling winnings is several thousands. (he has avoided paying taxes)

2) Person has chosen stability in his life. No matter what happens, he will always have a thousand dollars.

3) If a person isnt ready for big money, he could have wasted them quickly. There are numerous examples of that. Maybe he has saved himself from turning in a person who will first waste 1 million, but then rest of what he has.

Some already say that 1 million they would have invested or started business. Without experience, that 1 million might turn into 0 within times. But taking 1000 weekly, the person will be living his usual life, but a little bit better.

[Roseline492]

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?

Owning $1 million is forever financial life transformation if you are investing wisely without exhausting it in luxury but however with how $1k would serve, it shouldn't be left for $1 million because even if you decided that you will not invest but only spending you will not still go broke because every week you have $1k you are expecting but in the one of $1 million immediately is gone that's were poverty began so actually if you think about it in this manner you wouldn't even consider the $1 million. Even if you are so much in need of money but is also important to manage because of the future because is better to have a steady cash flow than being paid ones, so actually the lottery winner is wise for going weekly $1k.

[Powerjumboo]

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?

Here, taking 1 million dollars can bring benefits and disadvantages to a person, for example, if a person has 1 million dollars, that person will feel very rich and will want to spend his money in any way, as a result, his money will be in a very risky situation. On the other hand, if 1 million dollars can be invested in Bitcoin at once, then it can be very profitable. However, if I am given 1 million dollars at once, I will accept that. I will not accept 1 thousand dollars a week because I can spend $1000 a week at any time.

[Smartprofit]

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?

In my opinion, choosing to receive a monthly payment of $1,000 for life is fraught with enormous risks. 🙋

For example, the organization paying you this amount could simply go bankrupt within a few decades... Even a government could disappear within a few decades, not to mention a commercial organization!

From a mathematical perspective, this is also a very bad deal. Having received $1,000,000, you can invest this capital wisely. The concept of compound interest will work in your favor. As for choosing a monthly payment of $1,000, in 20 years this amount will depreciate due to inflation. Moreover, in 20 years, even the US dollar may cease to exist (Bitcoin, of course, will exist!). After all, our world is changing rapidly.

On the other hand, a young person may simply not be psychologically prepared to receive such a large sum ($1,000,000).  I don't rule out the possibility that he'll start spending money. In fact, if you're truly attracted to girls, alcohol, and entertainment, then spending a million US dollars in a year is entirely possible!