Word of the Day: Winnings
A recent topic of discussion between my students and myself was the recent $758,000,000 (seven hundred fifty-eight million) lottery prize that someone in the US won.
The lucky person has a choice of how they would like to receive their winnings, which if you are not entirely sure means any amount of money that you have won.
The lucky winner could take a lump sum (minus the taxes of course) payment, or they could choose to receive it in monthly payments for 35 years.
Now, we have to remember that if you choose to receive your winnings in a lump sum, you will receive somewhere around half of the total amount.
$350,000,000 (three hundred fifty million)is nothing to sneeze at, but do you think you have the mental tools to be able to have that much money in your bank account and not go crazy?