Tuesday, February 06, 2007
What would you do?
There is a new Canadian lottery that pays $1,000,000 a year for 25 years. I believe this lottery is available only for the month of February and the draw will be on February 28th. And...yes, I bought tickets! However, here's the thing - you can either take the $1,000,000 each year for 25 years or have a lump sum payment of $17,000,000. The owner of the convenience store and I had a discussion about this - he said he's take the lump sum! I thought that was a good idea too because $1,000,000 from the first year would run out quick after sharing with family, paying off the mortgage etc. But - then I got thinking about it - that's leaving $8,000,000 on the table. Really - who would do that? The convenience store man's point was that in 25 years $1,000,000 would not be worth what it's worth today - meaning that $1,000,000 in 2032 would not buy what it could buy in 2007. True enough but $8,000,000? What would you do?