We’ve discussed this topic in terms of winning the lottery, which I think everyone sees as a win. Whether you take the lump-sum payment yourself or the payments spread out of 20 years or so, you’re still a winner.
We’ve also discussed it in terms of how we choose to make payments on our own debts and obligations. There’s no right way of doing things, as long as we’re making payments regularly (or irregularly, but at least larger payments), then we’re doing something right.
Now, will talk about it in terms of receiving settlements. Would you rather have the lump sum payment or smaller payments spread out over a long period of time?
For this type of settlement, I think I would rather take the lump sum payment. Maybe that’s because the amount would be smaller compared to the winning the lottery, but also probably because it would be because I didn’t “earn” the money in away way but because it was a result of being wronged in some way. While winning the lottery would be a whirlwind, being awarded a settlement would be a lot less joyous and much more relieving, so I think I’d be more likely to be cautious and no spend my new-found money irresponsibly.
We’re really excited to be giving away $1,000!
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