Would You Pick Guaranteed Money Now (Five Figures) or Take A Large Risk To Get Six Figures+?

[Zhengi]

I would probably go for the 6 figures. It seems like this question really depends on your current financial situation. If it was several years ago when I was hurting for money, I would probably choose the guaranteed money.

 

[Motorcycle Dork]

Five figures is enough for me

 

[Torpedo Vegas]

Watching people lose on Deal or No Deal was the best.

 

[NotVeryFriendly]

It depends on what my perception of the expected value would be.

In the context of 50k vs 500k, if I thought I'd more than a 10% chance at getting the 500k, in theory, I'd choose that, but in reality it's not as easy to say you'd do that when 50k is still a considerable amount.

EDIT:

You can derive the expected value of both based on the probability.

So, if the probability of winning 500k is greater than 10%, then I'll take it. If it's less than 10%, then I'll take the 50k.

Click to shrink...

This.

 

[bill crystals]

What's that saying that has persisted for literally thousands of years? Something about a bird in the hand vs in a bush...

 

[Menchi]

5-figures guaranteed actually puts me in a position where I can begin to be happy. Yes, 6-figures would be nice, but the chance of finally getting out of the (relative) hell I'm living in would push me far far away from risking it

 

[Shiz Padoo]

What's that saying that has persisted for literally thousands of years? Something about a bird in the hand vs in a bush...

Click to shrink...

A bird in the hand is worth two in the bush. I always thought it sounded a bit rude.

 

[SchuckyDucky]

Take the guaranteed money and stash it away.

 

[JosephManderley]

Quite honestly, 50k would be life changing for me. I would take it in a heartbeat.

 

[Aske]

Take the five figures every time. And then have investment professionals turn it into more money.

 

[RedStep]

Big risk. I prefer Roulette to Poker.

 

[Advance.Wars.Sgt.]

This is a no-brainer IMO. Give me the guaranteed five figures.

 

[Brick]

You mean I could guaranteed wipe out all of my debt and have a down payment on a home?

Like, everyone is in a different situation, but that is the definition of a no-brainer for me. Take the guaranteed money and laugh all the way to the bank.

 

[nullref]

That would entirely depend on the specific nature of the risk and my assessment of my chances. 50k would be great but not really life-changing for me, so I might be tempted to go for the 500k if I felt my odds were better than a certain threshold. (See "expected value" post above.)

 

[Mr_Antimatter]

Take the five figures any day of the week.

properly managed you'll get to the sizes eventually.