Monday, June 20, 2011

Annuities Suck

Here's my beef: last night I was watching the horrible show, "America's Got Talent" where contestants compete for the chance at one million dollars. One of my favorite things to do is read the fine print at the end of shows like this. Turns out that the winning contestant will receive their million bucks in installments over FORTY years. Hmm, I'm pretty sure the idiots who go on that show don't understand the facts when they sign away on their contract. This brings me to the picture. For those who never understood the JG Wentworth ads, they basically buy your millions at a fraction of the price so that you can get your "money now." It's quite the ripoff but for people who juggle spoons for a living I'm guessing they have no other choice.
Just out of curiosity, I looked up the facts for, "Who Wants to be a Millionaire?" and they are at least a little more fair. If you actually manage to win the million dollars, they give your the first two-hundred fifty thousand within the first month. The rest? Rewarded over the next 20 years. Judging by the cat lady grandmas who usually end up on that show I'm guessing the producers of Millionaire are hoping contestants will die before receiving their full winnings. And it must be working out for them because the show is STILL on.

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