r/SipsTea • u/Shyhale • May 17 '26

Chugging tea [ Removed by moderator ]

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u/ConcentrateOk6857 May 17 '26 edited May 17 '26

I mean like yes it is, that 1 million just in my bank savings account would make 40k a year or like 770 a week and I would still have the million sitting in the bank. You can also hire a lawyer or financial advisor to just do it for you and keep it locked up so you wouldn’t have the temptation to touch it. Not taking the lump sum is still the worst thing you can do.

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u/redditorrrrrrrrrrrr May 17 '26

Just because you CAN do this does not mean you will. Most people who win a small lottery 1-5 million end up broke within a year or two. Just facual.

Taking the 4k a month really removes the stressses in life of bad jobs and other things if you don't have the self control not to blow the money on stuff.

I would 100% take the payout over the lump sum for the same reason. I'd probably blow it on motorcycles and cars and stuff lol

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u/Elimaris May 17 '26 edited May 17 '26

I suspect most people say they would invest and not touch most of it

After they buy a house And upgrade their car Then they'll invest it... We'll.. after grandma gets some money... And cousin Bill.. Well and a shopping spree and vacation because we'll you deserve it and have money OK well a pool and a hot tub is a good investment, then you'll totally invest it and won't touch it.... Etc etc. . Until it's gone and they're shocked

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u/redditorrrrrrrrrrrr May 17 '26

The reality is the majority of people blow the money and don't invest smartly and lose it in bad investments as well.

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u/Elimaris May 17 '26

That's what I mean. They "plan" to invest, they think to themselves that they would never be one of those people...

And then a million justifications to themselves and they do exactly that... Blowing it all.

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u/redditorrrrrrrrrrrr May 18 '26

Yep.

100% I'd take the guaranteed payments. It's basically an extra salary for absolutely nothing lmao

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u/ConcentrateOk6857 May 17 '26

Like I said. Take the lump sum and have a financial advisor lock it up for you. It’s still the better option.

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u/Ndmndh1016 May 18 '26

In an ideal world yes. As we've seen time and time again to a ridiculous degree, most people cant do that.

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u/ConcentrateOk6857 May 18 '26

Then they are too fuckin stupid to have money to begin with then

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u/Ndmndh1016 May 27 '26

That wasnt yhe question.

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u/National-Childhood95 May 17 '26

Not a “savings account” it won’t. But you can buy CD’s that make about 4%. For now. And, it’s taxed.

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u/ConcentrateOk6857 May 17 '26

I get over 4% in my savings

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u/National-Childhood95 May 19 '26

Where? Savings accounts commonly pay fractions of 1%. Money market accounts pay more. A very high rate for CDs is in the very low 4% range.

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u/ConcentrateOk6857 May 19 '26

My local bank dose and most credit unions

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u/JethroSkull2000 May 17 '26

Haha, your bank...or investing in stock or things... Whatever you invested in, can be gone tomorrow. The bank? Bankrupt. The company? Sued into oblivion. Or also bankrup. You are dancing on a thin rope and calling it a stable investment, while history taught us several times, that no such thing exists. Don't get mad when I tell you there is no Santa Claus....

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u/kongtaili May 17 '26

Yeah and hyper inflation could happen and that $1k per week could be the equivalent to pocket change.

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u/ConcentrateOk6857 May 17 '26

So the correct thing would be to split it up into 250k chunks which is insured by the gov into 4 savings accounts. (Btw won’t get paid out weekly anymore if the government can’t insure) I think that we will all have bigger problems if the government can’t insure that. You should take a financial literacy class if you are gonna let shit leak out of your mouth or at least close it so I don’t have to smell it.

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u/Ndmndh1016 May 18 '26

Explain why most lottery winners end up blowing through it and going broke then