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$26 million Powerball winner: No more work for me

My theory is, the first million is the hardest, so I've given up trying to make my first million, and I'm moving right ahead to the second one. It's got to be easier. 😉
 
agreed, most people don't understand the concept that if you invest a little bit of that money is something safe, you will have a nice steady income to balance out the money you spend.
 


<< $20 says he's back working in under 10 years, & most likely bankrupt on top of it.

Viper GTS >>

Keep making those bets and you'll be the next millionaire. The majority of money put into lotteries is by people who never have a chance in hell of massing significant financial wealth. Then when they get it they're far too incompetent to deal with it properly so they blow on crap, houses, partying, vacations, etc. and in no time they're back to square one except now they have the bitter reminder of what life was for those years and what it still could be if they had the first clue.

I saw a show on it and a startling number of lottery winners blow their money very quickly. Really pathetic. I'm the sort of guy that would be responsible enough to handle $26 million reasonably. First item on agenda: Financial planner- ok that's the second item. First item is a new car 🙂 Thing is I'm also the sort of guy who doesn't blow cash on lottery tickets!
 
Viper GTS is probably right on the money. A Pennsylvania study of big state lottery winners who took the cash option showed 3 out of 4 had essentially blown through all the money in 10 years.

They felt the reasons were:
1. Most lottery players are not highly educated, and were ill-equipped to handle managing that amount of money.
2. The Lottery Commission would tell the winners how to go about getting professional money management help, but the friends/relatives of the winners convinced them there was no reason to pay someone else to handle the money, and the pros would probably steal them blind anyway.
3. Most winners had lived their entire lives from paycheck to paycheck and had no experience with savings. They rarely looked to see what impact their spending decisions had on their overall pile of money.
4. Some winners didn't really care about being set for life, and preferred to spend the money impulsively until it was gone.
 


<< I just don't see how you could just blow 26 million. >>

Well it's $17 million after taxes. Lets say he buys himself a house for $800k right off the bat and a new corvette. Plus his wife gets a new mercedes.Next on the agenda is the wedding he mentioned. He has to spend $50k on that since now he is rich. Then buy his brothers and sisters all new houses and give them $50k each for their kids for college. Donate $200k to his church, buy himself a summer home for $400k. Take a trip around the world $80k including all the silly expenses. In no time he can blow millions before hardly getting out of the gates!
 
all i'd want is a nice house (.5-1 million), a nice car (no mclaren.. just a nice porsche).. treat my mom and grandmother (250-500k house).. and buy my brother like a bmw or something.. thats it..

invest half of it into something, and put the other half into savings.. live off of interest
 


<< I just don't see how you could just blow 26 million. >>



26 million really isn't all that much. Figure 10% or more of that will go to a house + land, I could easily blow another 10-20% of that on cars + garages, a few vacations & you're already through half the money.

Viper GTS
 
If I won...come on Kansas lottery! I'd put that 17 mil into a loaded fixed account (%5.5 load) that guarantees %4 but usually pays around %6.25. That would be 16 mil of equity and between 640,000 and 1 million a year from interest.
 
If I had the winnings, I would buy a 200k house (at most), a Nissan SKyline, a Harley V-rod, a new Car for the wife... prolly a Infiniti or something... and the rest would be invested and in savings accounts.

I would keep my job (i love what I do for a living)... oh, and I would play golf... A LOT.
 


<<

<< I just don't see how you could just blow 26 million. >>

Well it's $17 million after taxes. Lets say he buys himself a house for $800k right off the bat and a new corvette. Plus his wife gets a new mercedes.Next on the agenda is the wedding he mentioned. He has to spend $50k on that since now he is rich. Then buy his brothers and sisters all new houses and give them $50k each for their kids for college. Donate $200k to his church, buy himself a summer home for $400k. Take a trip around the world $80k including all the silly expenses. In no time he can blow millions before hardly getting out of the gates! >>



Wow. None of that stuff even appeals to me. Give me a nice, relatively small house <$500k. A couple nice cars (<$100k each). Pay off mine, my parents, inlaws, and my sisters debts, and I'd be set. I don't know what I'd do for the rest of my life. I don't like to travel....

amish
 
I hope he compensated his only employee VERY nicely. You can't just up and shut down a business one day, without warning to your employee(s). Maybe that guy got $1Million out of it for his compensation package. 🙂
 


<< If I won...come on Kansas lottery! I'd put that 17 mil into a loaded fixed account (%5.5 load) that guarantees %4 but usually pays around %6.25. That would be 16 mil of equity and between 640,000 and 1 million a year from interest. >>



Wise idea. If I won the lottery, I would do the same. You could live pretty comfortably off the interest!
 


<<

<<

<< I just don't see how you could just blow 26 million. >>

Well it's $17 million after taxes. Lets say he buys himself a house for $800k right off the bat and a new corvette. Plus his wife gets a new mercedes.Next on the agenda is the wedding he mentioned. He has to spend $50k on that since now he is rich. Then buy his brothers and sisters all new houses and give them $50k each for their kids for college. Donate $200k to his church, buy himself a summer home for $400k. Take a trip around the world $80k including all the silly expenses. In no time he can blow millions before hardly getting out of the gates! >>



Wow. None of that stuff even appeals to me. Give me a nice, relatively small house <$500k. A couple nice cars (<$100k each). Pay off mine, my parents, inlaws, and my sisters debts, and I'd be set. I don't know what I'd do for the rest of my life. I don't like to travel....

amish >>



Buy expensive cars & drive them into large bodies of water. When you get stuck, get out & leave the car there.

😀

Viper GTS
 
Well, I am not going to pay cash for my 1million home. I would pay the 30 year mortgage with 8% interest.
I am sure I will have no problem paying the monthly mortgage, ~$7000, with investment return.

As a result, you don't even need to touch the $26 million.
 
Just remember, if you ever win the lottery, say goodbye to most of your current friends and many in your family. If you choose not to give all your money to them, they will claim you're greedy and have somehow "changed."

This happened to my brother when he became extremely wealthy in the networking industry. All of a sudden, most of his friends and many in our family became leeches. He wisely told them to go f'ck themseves.
 


<< Just remember, if you ever win the lottery, say goodbye to most of your current friends and many in your family. If you choose not to give all your money to them, they will claim you're greedy and have somehow "changed."

This happened to my brother when he became extremely wealthy in the networking industry. All of a sudden, most of his friends and many in our family became leeches. He wisely told them to go f'ck themseves. >>

Yeah that must be a really tough juggling act.
 


<<

<< Just remember, if you ever win the lottery, say goodbye to most of your current friends and many in your family. If you choose not to give all your money to them, they will claim you're greedy and have somehow "changed."

This happened to my brother when he became extremely wealthy in the networking industry. All of a sudden, most of his friends and many in our family became leeches. He wisely told them to go f'ck themseves. >>

Yeah that must be a really tough juggling act. >>



It was. It tore him up quite a bit.

It's funny, I saw what was happening from the beginning and I said, "Bro, I don't want anything from you but your time and time with the kids... Oh, and I want to play with your toys now and then if that's OK. 🙂

Ten years later he still comments everytime he sees me that I'm the only family member who hasn't cost him any money.
 
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