DougSt
135349
2268
77
I’ve been playing the lottery since I was 18. Which was 18 years ago. I’ve never won even a dollar.
Mar 29, 2018 3:23 AM
DougSt
135349
2268
77
I’ve been playing the lottery since I was 18. Which was 18 years ago. I’ve never won even a dollar.
MrJimmyC
Well if it's only $1,000,000, she'll be getting $1000 a week for the next 19.2 years. Hardly a lifetime, but still very nice.
KarateCanine
Just fyi. Every lottery win in canada is 100% tax free. No exceptions ever. Anyone who says different is lying.
Rhyuji
Possibility of this happening https://www.youtube.com/watch?time_continue=95&v=DusdJI7R6F4 rather take lump sum and go from there
TheInfamousPenguin
Quit while you're ahead
Frankasti
1000$ a week; no problem with what I give to who. Genius.
naddiec
What a fantastic way to start your adult life. I hope shes able to take this opportunity and have an amazing life from it!
CptBubblebutt
The small prints say that it is to a maximum of 25 years. Source: I'm from Québec
mywifeisfamous
No it's until you die, also for a min of 20years guarantee to your successor
ButterflyHeimlich
Good, now use it wisely. -sighs at student loans-
MYLASAGA
I live in Montreal and need a new friend...
morgan0073
It's a better choice at her age. If she lives to 100 it could be over 4 million bucks
AccountCreatedToUpdogVotes
What was the lump sum?
AccountCreatedToUpdogVotes
Asking because it's usually a fiscally better idea to take the lump sum and invest because of inflation, etc.
NNextremNN
I wish her a happy and long life.
Zan11
That sounds really nice. Enough money for a stable living, not just a million bucks to piss away over a few months and end up poor again
Oh4FukSakes
Now if it were me...
v
ins0mnio
what happens if she lives past 38?
GlowstickJedi
Or the remainder if she dies young?
IamTonyStark
Thank you.
p3culiar15
2/2 nonetheless, 52K a year is pretty good
Namotatop
What if she just goes to work and lives a slightly elevated normal life?
storebrandproductmascot
Her joints start aching and she starts wondering what she did with her life.
GlowstickJedi
As a 37 year old, ain't this the fuckin truth.
RageSamurai
Im 20 and my joints ache damn my gene game's bad
DuckyofDeath123
I demand you retract this comment and it's rock hard truthfulness. Actually if you make the aching stop the comment can stay.
p3culiar15
Hopefully she invest along the way, live past 38 with her work retirement and her investment. If not, she won't have nothing after 38
Naveedamin7992
Wow that's amazing. I hope she enjoys her newfound wealth
itsprobablysarcastic
she lives in Quebec, not Newfoundland
Strongharbour432
Goddamnit
SmellOfMonkey
I was 3 hours too late
Naveedamin7992
Why must you hurt me this way ;-;
wetuttle2
I mean this in the nicest possible way: Bitch.
brsbms0309182
Fuuuuuuck this bitch
bthighlander
Then dies while texting about it while driving.
MyBedroomIsSiberia
52k a year for maybe 60 years. Bruh
TheFastpaws
Ya.. I am going to have to ditto that.
datphone777365
Hmm hope its a long while before her name shows up in the papers along with missing or dead....or overdose...
GadenKerensky
It might be, because the payouts may only apply whilst she, and only she, is still alive.
Helios8172
It is for the rest of her life... *rubs hands Jewishly*
ilhares
I don't know about Canuck lotteries, but the last time I read the stipulations, a 'life' award was 20-30 years.
herbicarnivorous
Preeeetty sure I need to marry her. Not for the money, but definitely for the money.
Axelord
Hope you can speak French and Joual.
waitwasthatreal
If you wanna be a good digger, you should really find a wealthier mark.
BatmanAndCradleRobin
If they both work that is 3 incomes, with only 2 people's worth of costs. Pretty sweet gig still
nigglemaster
Hey, no queue jumping.
ThisIsWhyIDontTrustPeople
It's the equivalent of a decent office job. She'll still need to work if she wants to live comfortably.
Lorendell
It’s Canadian money tho bro, that’s like the women of money (75%/USD)
tipsymcstagger1
Female life expectancy in Quebec is 84.5 / 4,394 weeks - 936 (her age) = 3,458 weeks = $3,458,000. Beats a million & keeps her grounded.
NotaCPA
That's cool..52k a year
ins0mnio
did you do math in a crackhouse? that's 48k
waitwasthatreal
Boy it’s easy to forget there are 52 weeks in a year...
jghaverty8888
4 weeks in a month x 12 months = 48 weeks. :)
jghaverty8888
And yes I'm joking
NotaCPA
Why did you get points and not me with the correct answer in the first place? Was my snark level too low?
waitwasthatreal
Holy shit that is strange.
Lostvayne
I turned 18 on March 25th, the day before her, and I got a scratcher as a gift that won $100... It's something at least.
rickanddianne
wishing you a belated Happy Birthday
Lostvayne
Thank you vm.
DinoHunter56
Now make a time machine to go back to the 1700s and buy 60 acres and a mule with that 100 dollars. Profit
CADDMonkey
Get a job to pay all bills, spend the $1k on lottery tickets... every week. Odds Peeps, how long until she wins more than she already did?
CaffeineManic
1K per week won't be worth much in 20 years.
Warune
And what if she got a job to go with it?
ilhares
Maybe not, but if she saves even 25%, that's 260k in an account somewhere to accumulate interest. A 401k or equiv likely much better.
CGMR
Sadly that barely cuts it now. Nice little chunk of disposable income though, especially if she invests smart + gets a decent job.
Skevoid
It's trivial to live comfortably off 1/4 of that, don't waste money!
InflatablePooJabber
I'm not sure how 1000 a week doesn't cover living expenses. I don't even have that much for an entire month and get by reasonably well.
CGMR
Depends where you're living I suppose. I'm in Vancouver which is one of the most expensive cities in the world atm. On average about...
CGMR
$2500-$3,000 to live in the city. Throw in car insurance, gas, groceries, phone bill, hydro, etc.. $4000 ain't much.
InflatablePooJabber
Jesus christ. I get by on roughly 800 a month while still having spending cash, a car and a 3 room apartment not too far away from the city
remembertogrush
It would take the stress off,but it's a slippery slope into complacency, or wrecklessness. We're meant to feel this way so we can stay sharp
Asbjorn
There's no evidence to suggest that's true. People still seek meaning in their lives.
KyleBeach
This. All i see this meaning is a greater likelihood of her now being able to pursue something she is actually passionate about, with money
KyleBeach
having less to do with it.
TheMightyMoto
Would be nice to get.
Noksus
So lifetime is 19.23 years? (1mil / 1000) / 52 = 19.23 years
mywifeisfamous
No it's a choice between 52k/y until you die, taxable since it's not a lump sum, or 1M tax free since we are not taxed on winnings in Canada
Noksus
Ah in that case I misunderstood. Thank you kind sir.
MrPingouin29
She should have chosen to take one million. With just a little interest of 2% she would have 20k a year increasing each year
PoppinFlesh
You should have more upvotes
mdzmdz
http://www.bbc.co.uk/news/business-43566894
lespritdelescargot
The 1000/wk is tax free, the million is taxed. Besides which, by 20 years, she starts to make more than 1000000, and she can't lose it all.
zombiejon
It's Canada. No taxes on lottery winnings.
ilhares
In the original article it pointed out that she would be taxed if she took the 1 million payout. The weekly 1000 was the tax-free option.
PackedCatMeowingPowerDensity
2%? Hahahaha, in what world?
MaverickEsq
My savings account is 2.6% and its not even the highest percentage avalible to me
PackedCatMeowingPowerDensity
Teach me master! The european central bank has lowered its interest to 0% therefore no account that gets drawn off of regularly gets any %.
MaverickEsq
Australia! 2.3-2.7% is the easy range for savings in aus rn. Some of those accounts with draw off and some are growth conditional
PackedCatMeowingPowerDensity
I wish I lived there. On one hand, it's like relaxed Brits in sunny weather. On the other side, insects, snakes and a harsh immigration pol.
Sw1ftTurtle
But, she gets 52 thousand.....
MrPingouin29
Didn't see it was weekly thought it was monthly, my bad
HopeHubris
She gets 52,000 a year, instead of 1,000,000+20k a year
ChloePrice
But also no threat of being killed or having her entire wealth stolen or fucked with. It's just a lot of stable weekly cash.
HopeHubris
I think you overestimate how easy it is to kill someone for their money
ChloePrice
No, but I'm not expecting greedy monsters to be stopped by not thinking it through enough. Less danger is always a good thing.
Sw1ftTurtle
That is double counting, If she spends the million then she won't have the 20k a year.
Warune
Assuming an 18 year old had the discipline to not touch it.
MistressLyda
At least around here, it is possible to "freeze" accounts for a given time.
CreateYourOwnNormality
I never stopped touching it when I was 18
KyleBeach
Yeah, that always gets me about the keyboard know-it-alls. Statistically, far more people who win millions of dollars in lotteries spend
KyleBeach
the lump sum poorly than who spend it wisely or just invest it. At 18 years old, probably the best decision she could have made would be
KyleBeach
to acknowledge that she'd likely be a bad spender so a guaranteed 1k per week for decades to come is a better option for her.
Kjasi
That's only $52,000 a year. Hope she's not planning on retiring with that...
IbukiOnTheScene
plenty of people go their whole lives w/ less than that. She gets 52k a year on top of whatever she makes from working, if she chooses to
MyGFMightLikeTitsMoreThanIDo
That's 52k clear. That's close to 100k if it were taxed income.
DogIsGreat
Shouldn’t gone for the million and invested. She would likely make 50K in the first year alone.
KyleBeach
well, at 1k a week she'd make 52k the first year so...yeah.
HopeHubris
yes, but if she invested she'd have the 1million + the 50k
DiscGolfMike
2 points - 1 I imagine that taxes are less on 52K per year than a lump sum. 2- It is a smart way to stay out of trouble
DespiseEveryone
Boy you suck at math, she gets 52k per year.
Rulweylan
Yeah, but making 50k per year profit on 1m of capital beats getting 52k with 0 capital, unless you do it for over 500 years
IbukiOnTheScene
50k/year with 1 mil in the bank is better than 52k/year. The annuity still might be best due to the problems that come w/ huge cash winnings
DespiseEveryone
One is guaranteed, the other depends on getting investments right each and every year.
IbukiOnTheScene
The interest on even a super safe investment would be enough to live off, and she can still work and just let the interest compound
Rulweylan
Inflation will eat the 1000 per week. in 10 years time that's down below $850 at canada's current (historically low) rate of inflation.
DespiseEveryone
I assumed it would be inflation adjusted, if it isn't then your right.
DinoHunter56
She can achieve the same results by going to a bank and getting a collaterized loan and allowing the payments to pay the loan
yerd
I mean, until interest.
DinoHunter56
Know what a discounted cash flow is? Look it up and you'll understand everything. Getting downvoting just for trying to teach. Ridiculous.
yerd
It entirely hinges on "for life" If it is indeed for her entire life (No sane person would agree to that) then it would be better to 1/?
yerd
take the life option. Unless the non lump beats the lump in amount in regards to the discount factor, it's better to take the lump sum. 2/2
yerd
You weren't down voted for trying to teach. Some people/person though your comment ought to be down voted, possibly out of ignorance,and 1/?
yerd
then some other amount down voted you because tribalism. You were the group to be shunned and they didn't want to join you. 2/2
WTBHL3
That’s a good return on one mil. Much better than a well performing retirement annuity. Seems the 1k/wk is the only option.
Prinzka
5% is not a great return on an investment. But it is better than those shitty retirement annuities, yes. However when you realize "life" 1
Prinzka
Means 25 years you'll see the return is like 1%. Which is pretty awful. Take the lump sum and even with taxes you'll have way more than 1.25
Prinzka
Million after 25 years in safe ETFs.
WTBHL3
That changes everything then thanks
LlamaLingo
S&P 500 has an average growth of almost 10% over the last 90 years. 100k/y > 52k/y
pocktio
Did you project one million to her normal retirement age or just convert one million into an annuity?:
DinoHunter56
You can just go to a bank and get a collaterized loan so you can get cash up front and let the payments pay for the loan.
WTBHL3
Good thinking. This way you can pay down your mortgage, for example, immediately.
BearToof
Why would you do that rather than the lump sum? You end up paying interest on that loan so that’s going to reduce your returns heavily.
DinoHunter56
I wasn't arguing about lump sum vs annuity. This is a strategy you would implement to circumvent the annuity if lump sum isn't an option
BearToof
I guess. But If you would do this option, why not get the lump sum? Unless you are saying that after the fact, if you need $$ quick?
Kpilottemc
Wut?
DinoHunter56
When you get a loan from a bank you get a large sum of money up front and in exchange give the bank monthly payments.
DinoHunter56
So just use the 1000 a week (4000 a month) to pay off your bank loan.
JoueurSansFromage
Its only for 25 years. Not really for life. I would get the lump sum unless I was on my way to retirement.
ElbowDeepInAdog
it is a life if you kys at the end
mattrixk
Yeah. An extra grand a week sounds good, but I'd rather pay off my house and car straight away.
kaneep
Idk know about Canada but US it's for life but they are only obligated to pay up 20 years if you are still alive.
bobziIIa
Quebec has way different rules on contests/lottery then the rest of the country.
ServantOfTheGodEmperorOfUsersub
Probably waaay better for taxes, too.
Weschiefem
Canadian lottery no tax. And 1000 a week it non transferable and cant be passed on to spouse/kids. Only one person can claim it.
tugboatcaptain
The first post I saw said she took the 1k for tax reasons. No one commented this, so I thought maybe Quebec is an exception. Like always.
StitchardRamireztheKnitStalker
I thought the lump payout on the 1k a week draws was close to 7 million, in Ontario you take the 1k or the 7mil lump
ItWasNotMeItWasTheOneArmedMan
You’d have to be a baby. Hers will pay out 4 million if she lives to 84, so that doesn’t make sense :/
Lionskull
she should put that into a retirement account and fuckin bank roll
StitchardRamireztheKnitStalker
wrong lottery, lol, my bad, the daily grand is 1000 A DAY, i didnt realize this was a cash for life ticket, daily grand lump is higher