Re: WOW $500 Million
Many factors go into making the decision whether to take the annuity over the lump sum. For example, the difference in the total annuity payments between Florida and New York would be approximately $45 million in taxes alone. For the majority of americans it makes more sense to take the lump sum in large jackpot amounts. Considering how low current interest rates are the annuity does offer a decent return on investment, giving you an approximate ROI of 5%. However, when winning a jackpot this large, your main concerns should be estate and tax planning and not return.
Either way, when you win, your first call should be to an attorney you trust (they are hard to find) and second should be a PM to me (that financial advisor guy that does this everyday).
For the rest of my first 5 things to do:
#3 - Give my parents enough money that they never have to think about money again.
#4 - Quit my job (although I love it)
#5 - Buy a private island
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