# Would You Take $3 Million Now, or wait 6 months and get $20 million? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [January 11, 2010, 1:39am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459 "2010-01-11T01:39:15Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![pkbites](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/pkbites/32/204_2.png) [@pkbites](https://boards.straightdope.com/u/pkbites)\ **Post date:** [January 11, 2010, 2:47am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/21 "2010-01-11T02:47:40Z")
> [@Voyager](#): > > If someone were at the point of starvation or destitution today, I can see taking the money now, but not otherwise. Does the OP assume this is happening in the USA? Where are people actually starving to death in this country? I mean sane people of at least average intelligence? Does the OP assume this is happening in the USA? If so, the choice is incredibly easy. Even if you weren’t allowed to tell anyone about the deal, surviving on the street for 6 months in exchange for 20 million is a small price. Even if starvation were a real threat, getting tossed in jail for 6 months on a misdemeanor charge could be an option. There are levels of survival I’d eager accept for a lousy 6 months for 20 million smackeroos. Personally I think the OP is too easy. An additional 17 million for 6 months of even a miserable existence is a no brainer to me. ---
**Author:** ![drachillix](https://avatars.discourse-cdn.com/v4/letter/d/48db29/32.png) [@drachillix](https://boards.straightdope.com/u/drachillix)\ **Post date:** [January 11, 2010, 2:57am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/22 "2010-01-11T02:57:07Z")
> [@Rumor\_Watkins](#): > > well let’s ignore the fact that if you’re “guaranteed” this money, you would most likely be able to find someone willing to front you the money now for a return with a good rate of interest in 6 months from now 😉 10 million from JG Wentworth…NOW. 😃 ---
**Author:** ![billfish678](https://avatars.discourse-cdn.com/v4/letter/b/7bcc69/32.png) [@billfish678](https://boards.straightdope.com/u/billfish678)\ **Post date:** [January 11, 2010, 3:00am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/23 "2010-01-11T03:00:47Z")
> [@Lumpy](#): > > A condo in Manhatten? For twenty million, I could survive being homeless for six months. Man, even the rent for homesless people in New York is crazy 🙂 ---
**Author:** ![chacoguy](https://avatars.discourse-cdn.com/v4/letter/c/50afbb/32.png) [@chacoguy](https://boards.straightdope.com/u/chacoguy)\ **Post date:** [January 11, 2010, 3:09am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/24 "2010-01-11T03:09:47Z")
If the $20 mil guarantee is rock solid and verifiable, you could borrow against it now. ---
**Author:** ![Chessic\_Sense](https://avatars.discourse-cdn.com/v4/letter/c/7c8e57/32.png) [@Chessic\_Sense](https://boards.straightdope.com/u/Chessic_Sense)\ **Post date:** [January 11, 2010, 3:12am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/25 "2010-01-11T03:12:16Z")
> [@Voyager](#): > > I’d wait, but then I’ve looked at the behavioral economics studies on this very subject. > > To take the $3 million now, your discount rate has to be absurdly high - but not higher than the rates measured in people in studies, though usually asking about a lot less money. The rate that those of you who want the money now is somewhere over 1300%! But that’s assuming that a dollar is a dollar is a dollar. It’s not. That 300,000,001st dollar doesn’t increase your purchasing power as much as the first $1,000,000 does. So you can’t really calculate the discount rate the same way. ---
**Author:** ![drachillix](https://avatars.discourse-cdn.com/v4/letter/d/48db29/32.png) [@drachillix](https://boards.straightdope.com/u/drachillix)\ **Post date:** [January 11, 2010, 3:21am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/26 "2010-01-11T03:21:03Z")
> [@Lumpy](#): > > Frankly 3 million dollars isn’t all that much anymore. Worth having to be sure, but you could probably spend every cent of it on just three things: a reasonably nice (NOT luxurious) place to live, 30-40 years living expenses, and medical care for the last four years of your life. That doesn’t even begin to cover some of the things you could spend money on: three or four kids going to medical or law school? A condo in Manhatten? For twenty million, I could survive being homeless for six months. 3 mil in the bank well invested could easily put you in the income range with most doctors and lawyers. Heck I would be going hog wild at lending club…7% for the safest loans x 3 mil? pushing $200K+ a year takehome. ---
**Author:** ![GuanoLad](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/guanolad/32/42_2.png) [@GuanoLad](https://boards.straightdope.com/u/GuanoLad)\ **Post date:** [January 11, 2010, 3:39am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/27 "2010-01-11T03:39:09Z")
It would depend on my personal situation. If I could live quite happily in the six months, I’d definitely wait. But if I couldn’t, and needed some money, then 3 million is plenty for me, and really, 20 mil is way more than I could possibly need. So I might very well take the 3 mil if that suited me better in the immediate. ---
**Author:** ![Wesley\_Clark](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/wesley_clark/32/20581_2.png) [@Wesley\_Clark](https://boards.straightdope.com/u/Wesley_Clark)\ **Post date:** [January 11, 2010, 3:52am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/28 "2010-01-11T03:52:49Z")
> [@Lumpy](#): > > Frankly 3 million dollars isn’t all that much anymore. Worth having to be sure, but you could probably spend every cent of it on just three things: a reasonably nice (NOT luxurious) place to live, 30-40 years living expenses, and medical care for the last four years of your life. That doesn’t even begin to cover some of the things you could spend money on: three or four kids going to medical or law school? A condo in Manhatten? For twenty million, I could survive being homeless for six months. If you had 3 million you wouldn’t need to make student loan payments, credit card payments, mortgage payments or car payments since you would buy those things outright and not have to pay interest. So your cost of living would be much lower due to no debt. And it depends on where you live if you are buying a home. If you buy a home in NYC or SF, it is going to cost a fortune. However renting a place should be reasonable. And like others have said, $3 million invested at 6% will give you 180k a year. ---
**Author:** ![Arkcon](https://avatars.discourse-cdn.com/v4/letter/a/96bed5/32.png) [@Arkcon](https://boards.straightdope.com/u/Arkcon)\ **Post date:** [January 11, 2010, 3:53am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/29 "2010-01-11T03:53:13Z")
For me, it’s more like **Guanoad:** and others have said – 3 million is enough, so I’d probably take it. It’s not a competition for me – “What! You’d just throw away sevuhnteen mhillion dullares! For a measly half year wait! Arkcon, you clearly don’t know how to value money …” yeah, maybe, but like everyone else, how sure are we ever about the second half of the argument, even if there’s some sort of contratual bond, legal or moral or magical. ---
**Author:** ![bonitahi](https://avatars.discourse-cdn.com/v4/letter/b/7993a0/32.png) [@bonitahi](https://boards.straightdope.com/u/bonitahi)\ **Post date:** [January 11, 2010, 4:00am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/30 "2010-01-11T04:00:27Z")
Huh? Where are you guys gonna get 6-7% return safely? ---
**Author:** ![Hockey\_Monkey](https://avatars.discourse-cdn.com/v4/letter/h/a183cd/32.png) [@Hockey\_Monkey](https://boards.straightdope.com/u/Hockey_Monkey)\ **Post date:** [January 11, 2010, 4:04am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/31 "2010-01-11T04:04:14Z")
I could wait. ---
**Author:** ![bonitahi](https://avatars.discourse-cdn.com/v4/letter/b/7993a0/32.png) [@bonitahi](https://boards.straightdope.com/u/bonitahi)\ **Post date:** [January 11, 2010, 4:11am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/32 "2010-01-11T04:11:45Z")
Seems like some would take the now cash, and a few more would take the $ later. Wonder how racial demographics, country one lived in, age group, IQ, gender, would affect the decision. To some it is a slam dunk. Others see it as a response to ponder before responding. I do not know which would be the ‘best’ decision. Though I know what I would do. ---
**Author:** ![Una\_Persson](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/una_persson/32/346_2.png) [@Una\_Persson](https://boards.straightdope.com/u/Una_Persson)\ **Post date:** [January 11, 2010, 4:20am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/33 "2010-01-11T04:20:35Z")
I can’t imagine why anyone wouldn’t wait 6 months to get $17 million more. Even if you didn’t “need” it yourself, you could donate it to a worthy cause, start your own scholarship program, even, perhaps, fund public television. Hell yes I’d wait 6 months. I’d keep working the whole time until, and I’d need plastic surgery to peel the constant smile off of my face whilst waiting for the $20 million. ---
**Author:** ![luv2draw](https://avatars.discourse-cdn.com/v4/letter/l/46a35a/32.png) [@luv2draw](https://boards.straightdope.com/u/luv2draw)\ **Post date:** [January 11, 2010, 4:25am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/34 "2010-01-11T04:25:10Z")
I’ve been unemployed for several months and there are some financial ramifications hitting the fan now. I’m tired of mentally counting out every penny I need to spend. I’ll take the money now. I’m not a kid anymore and I could make $3 million (less tax, of course) last me for the rest of my life. I haven’t had a real vacation for at least 10 years; I’d like one now. Either way I’ll still collect unemployment until all the extensions run out because it’s not earned income, after all. 😃 ---
**Author:** ![Aji\_de\_Gallina](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/aji_de_gallina/32/260_2.png) [@Aji\_de\_Gallina](https://boards.straightdope.com/u/Aji_de_Gallina)\ **Post date:** [January 11, 2010, 4:29am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/35 "2010-01-11T04:29:08Z")
The 20, no brainer and not fighting the hypothetical. ---
**Author:** ![wolfman](https://avatars.discourse-cdn.com/v4/letter/w/a8b319/32.png) [@wolfman](https://boards.straightdope.com/u/wolfman)\ **Post date:** [January 11, 2010, 4:37am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/36 "2010-01-11T04:37:17Z")
I’d go to the doctor for a full suite of tests. If I was good the 20. If there was any hint of something that may kill me in 6 months, take the 3 and live it up. ---
**Author:** ![Cat\_Whisperer](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/cat_whisperer/32/4839_2.png) [@Cat\_Whisperer](https://boards.straightdope.com/u/Cat_Whisperer)\ **Post date:** [January 11, 2010, 4:40am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/37 "2010-01-11T04:40:29Z")
> [@Una\_Persson](#): > > I can’t imagine why anyone wouldn’t wait 6 months to get $17 million more. Even if you didn’t “need” it yourself, you could donate it to a worthy cause, start your own scholarship program, even, perhaps, fund public television. > > Hell yes I’d wait 6 months. I’d keep working the whole time until, and I’d need plastic surgery to peel the constant smile off of my face whilst waiting for the $20 million. This is pretty much word-for-word my thoughts on the subject. Six months ain’t no thing, and while 3 mil would be wonderful, I think 20 mil would truly be life-changing (as in, live off the interest and never have to work again life-changing). The interest on 20 mil at 5% is a million dollars per year - yeah, we can live quite comfortably on that. ---
**Author:** ![Maiira](https://avatars.discourse-cdn.com/v4/letter/m/f04885/32.png) [@Maiira](https://boards.straightdope.com/u/Maiira)\ **Post date:** [January 11, 2010, 4:44am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/38 "2010-01-11T04:44:03Z")
I’d wait. I can be pretty damn patient when I want to be. I guess I can see taking the 3 mil now if just because of the uncertainty factor: you could very well die in six months. Then again, you could take the 3 mil and die the next day. I can live on 3 mil, but 20 mil would be much nicer. ---
**Author:** ![billfish678](https://avatars.discourse-cdn.com/v4/letter/b/7bcc69/32.png) [@billfish678](https://boards.straightdope.com/u/billfish678)\ **Post date:** [January 11, 2010, 4:46am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/39 "2010-01-11T04:46:04Z")
I’d be very tempted to wait for the 20. Honestly, 3 mil tax free could make me very happy for life. But with 20 I could do some cool stuff. There is some eco sensitive land I’d love to buy to protect. Help outa bunch of other folks. 3 mils more than enough for me, but 20 and I can do so much more. About the only thing that would make me take the 3 NOW is how sure I was sure or unsure I felt I’d get the 20 if I waited. ---
**Author:** ![The\_Second\_Stone](https://avatars.discourse-cdn.com/v4/letter/t/bbe5ce/32.png) [@The\_Second\_Stone](https://boards.straightdope.com/u/The_Second_Stone)\ **Post date:** [January 11, 2010, 5:14am UTC](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459/40 "2010-01-11T05:14:29Z")
I’ll take the 20 million now. What do you mean that isn’t an option? It’s just as real as the fictional premise. But given a real situation, I’d go with the 6 months and 20 million. [Previous page](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459.md?page=1) [Next page](https://boards.straightdope.com/t/would-you-take-3-million-now-or-wait-6-months-and-get-20-million/524459.md?page=3)