Initially if I had to choose quick, I think I would probably take the guarantee.
But as I have time to think about it, $1Million . . . . After taxes . . . . with very low investment returns isn't a "set for life" kind of thing like being a millionaire used to be. $100Million would be retirement material.
So if I had time to think it over, I'd probably go into with with an attitude "If I don't get it, oh well" and go for the 50% chance of 100.
I agree that $1m would be nice but won't take care of everything. The most gambling I do is when I buy a lottery ticket and we all know those odds suck. So a 50/50 chance to be able to do who I wanted, er, what I wanted, to be take care of my family and friends and not to have to work for the man, I think I may take that chance.
It won't cost me anything (unless you consider guaranteed money a loss if you don't win a bigger prize) and the worst I'd do is be exactly where I was.
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Stop trying to be what you see. Be what you ought to be.
Fuzzy, I'll make you a deal . . . let's both take the $100M and if either of us win, we can split it. We'd both then have a very good chance of at least $50M.
She said "I think it would depend on where you are in life. If you don't have much and have bills to pay, need a car, house, etc, take the guarantee. If you have a decent job, a little cushion, and not in financial crisis, then take the 50% chance."
Personally, I think I'd take the guarantee. I don't necessarily want to be a millionaire, I just want to be comfortable. 1 mil would be enough to go back to school full time and do what I want in life without having to worry about what I might earn. I'd invest some of it, and after school I'd still be making a living and bringing in some money. I'm not ready to retire. It would be enough to follow my dreams, but it would be little enough that I wouldn't go crazy with it.
My question would be "Are we talking $1 Million or are we talking 1 Million of something else?"... Guess I've been in Tier 3 for way too long. If we are talking $1 Million, what is the catch? A guaranteed $1 Million, only catch being I have to pay taxes on it, I'd take it. No, it would not be enough to retire on at this point, but it would be enough to take away a whole lot of worries... which would make the taxes worth it.
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MM
That which does not kill me postpones the inevitable.
I'd definitely want to know those things about the 100 million. I dunno... I might chance it. Fuzzy makes a great point about not being any worse off. $100 Million would for sure make my troubles go away!
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MM
That which does not kill me postpones the inevitable.
