A look at Cash for Life style lottery draws
We all like to play the lottery and get that top prize so we can start paying off debts and getting our new houses, cars, and luxury toys. But there is one type of lottery at your lottery retailer that is designed for long-term wealth rather than instant wealth, and that is the Cash for Life type of lottery
The Cash for Life type of lottery, be it a draw lottery or a scratch ticket lottery, is designed to provide an annuity amount per year over the course of at least twenty years. This prize structure is designed to provide a steady influx of money each year for the life of the winner.
As an example, if you win one thousand dollars per week, you get paid $52, 000 each year. If you win one thousand dollars per day, you get a yearly payment of $365,000 per year. This is better than working for a living and making far less per year for more wear and tear on your body and your mind.
The advantages of selecting the annuity amounts provide many positive perks for both young and senior winners:
The disadvantages of the cash for life annuity and not taking the lump sum are:
Cash for Life lotteries are actually very popular with players and although some winners do opt to take the lump sum, most go for the actual “cash for life” yearly annuity. As long as your heart beats and your lungs take in oxygen, your yearly amount is guaranteed to be deposited into your bank account.
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