You Just Won The Lottery, How Do You Want To Be Paid?

Tima Miroshnichenko via Pexels

Option 1 or Option 2?

A $2 Mega Millions ticket contains odds of 1 in 302,575,350 to win the jackpot … winning the jackpot is a big deal. One day when you win the lottery, you will receive life-changing amounts of money.

First Things First, Which Option Pays You More

What the heck is the annuity option? Option 2 is less heralded than the famed big check of Option 1, but it is a legitimate option for any lottery winner to consider.

Which Option Do You Want More?

The math is clear, but that does not mean Option 1 automatically wins out in the great lottery debate. There are many relevant psychological concerns to consider before deciding the fate of your lottery winnings.

Do Not Let History Repeat Itself

Winning the lottery is a dream come true, but there are many hidden consequences. Lottery winners are surprisingly more likely to declare bankruptcy in the years immediately following their win than the average American.

The First Step In The Rest Of Your Life

The lottery provides unimaginable wealth, but no one can get you out of the first question that you need to answer: lump sum or annuity? The math clearly pushes you in one direction, just be sure your psyche is comfortable following through before you make it official … so what would you do?



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Matt McDonough

Matt McDonough


Hello! I am a CPA by day, writer by night, and adventurer on the weekends. I’m on the lookout for fun ideas to read, please send anything interesting my way!