A lump will mean that you receive all of your money at once.
You’ll need to seriously consider the pros and cons of each before you make a final decision: The Pros of a Lump Sum Payment Most lotteries will give you the option to either accept the money as a single lump sum or have it paid out each month in annuities. Should I Take a Lump Sum Payment or Establish Annuities?īefore looking for a bank, you’ll need to decide how you want your winnings paid out. We’re talking about a lot of money here, and the decision where you put it can make a more considerable difference than you might think. But that might not be as simple as it sounds. The best option would be to store your money in a bank. Money can give you the power to chase your dreams, the security to eliminate a large number of daily worries, and the freedom to spend your time the way that you want. Suddenly coming into a large sum of money will significantly change your life in unimaginable ways. If you’ve just won the lottery, then let me be the first to say congratulations! Also, any chance I could borrow a few thousand bucks and repay you in a few decades? No? Well, it would’ve been crazy not to try, at least.
