Jewel Pic: Buccellati Emerald Necklace, Should I sell lottery payments?

Passmoore, Works Of Alexander & I.V.

I passed by a Buccellati store on Rodeo Drive and this caught my eye. Many women would be overjoyed to receive a gift like this. The question is: should one cater to such desires? Jewels, and diamonds in particular, are associated with numerous negative externalities. Consider the mining operations. For every carat of diamond recovered, many tons of rock & rubble must be moved and processed. Great expenditures of power and labor are required. Environmental damage is often significant, and sometimes irreparable. The fact is, precious gem mining has an ecological footprint that dwarfs most other industries. Buying their output is tantamount to personally leveling an acre of forest or killing an endangered rhino – it’s an obvious mistake you can avoid. Next, think of the substantial outlay required: the cost of such a necklace might run into the millions. Who would get most of that money? -A few already wealthy mining executives. As for their middling employees: there are fewer and fewer of them every year, as automation makes human labor obsolete. Did you know that the mining industry enjoys among the richest of government subsidies in America? Consult Bollier’s “Silent Theft” for details. The bottom line is, corrupt mining concerns don’t deserve your support. For these and other reasons, consider forgoing the jewel-encrusted necklace route. Why sell your lottery payments if your best idea was to buy a fancy necklace? There are better things to spend it on. Hold onto the annuity payments until you’ve gained enough wisdom to manage the fortune properly. Series Description: Hypothetical scenario- you’ve just won the lottery, and the jackpot was worth millions! But there’s a catch: you’ll be paid slowly over the course of 20 years. Do you accept the predictably moderate income, or sell the lottery payments to an investor for a big lump-sum payout? -A series of tempting acquisitions dismissed by some reasons not to sell annuity income. Assumption: you’re a layman with no grand business aspirations. -Can apply to wealthy non-lottery winners too.