Choosing lump sum or annual payments, whats the difference?

Why would someone choose a lottery annuity instead of a lump sum annuity or lump sum lottery Lump-Sum vs Annuity Payments: An Example To illustrate how lump-sum and annuity payments work, imagine you win $10 million in the lottery If you take the annuity vs lump sum lottery Someone in Illinois bought the winning ticket, and if he or she does like most winners, they will take the lump sum, not the annuity

annuity lottery The biggest pro of taking the lump sum payout is that you have full control over your money However, the biggest con of the lump sum payout for