With the huge Powerball jackpot having put lotteries into the spotlight recently, perhaps we can indulge in a bit of fantasy.
What would you do if you won a lottery? Would you take the lump sum, or the annuity? Would you keep working? Buy a new house? Pay off your mortgage? Invest it, and if so, how?
Obviously, one factor in the answer to these questions is the size of the prize. What would you do with, say, a $1M (lump sum) prize? A $10M (lump sum) prize? A $100M or larger (annuitized, less if lump sum), prize?
At a more mundane level, do you buy lottery tickets? If so, do you buy regularly, or just when the jackpot reaches a certain point?