We were reviewing the State of Ohio’s financial statements for the fiscal year ended June 30, 2017, and saw this interesting statistic…….well interesting to me, but I have no life….
Did you know that the State is obligated to pay out to lottery winners through the year 2047 the tidy sum of $558,114,000 . Here is a list of the payouts by year:
State of Ohio Lottery Prize Payouts
However, since they get to hold on to your money they have projected that they will earn $109,945,000 in interest income, so the net amount that they will pay out is $449,169,000! That’s only a savings of 19.7%.
It reminds me of the “Golden Rule” (government edition)…..He who has the gold, makes the rules…..
Word to the wise….if you win, take a lump sum…..I know we will…