A Model for What to do with the Jackpot You just Won

Reply #22

guesser — Sat, 14 Apr 2007 00:49:37 GMT

I know one PB winner from Iowa - still lives in the same small house he lived in when he won it years ago....

And, Nebraska winners ? The 8 from a year ago ? I believe all 8, or 7 of the 8 still live there.

Reply #21

guesser — Sat, 14 Apr 2007 00:45:58 GMT

You crazy

Reply #20

Stack47 — Thu, 12 Apr 2007 02:39:11 GMT

It boggles my mind that so many people on this board don't think a few million is a lot of money.

Boggles my mind too and so do all the what will you do with the winnings threads. It's one thing to fantasies about winning a huge jackpot, but is it unreasonable to expect to see a similar number of threads where people actually discuss ways to pick the numbers?

At least once everyday somebody will come up with another way to play Pick-3 where the jackpot is $500 but I don't see them disc... [ More ]

Reply #19

Coin Toss — Wed, 11 Apr 2007 23:26:38 GMT

I just want to make a comment on all of this. The guy won he money, good for him.

Now my $.02 - there's a theory that states the American education system has one goal in mind, to teach you to be somebody else's employee.

I think lottery winners that win huge jackpots and insist on continuing to work have just been brow-beat by such a system.

Here's a guy who wins millions and is going to keep working for Gold's Gym . He could buy his own gym, many times over, even Gold's Gyms with... [ More ]

Reply #18

LuckyLilly — Wed, 11 Apr 2007 15:09:08 GMT

Boise's not huge, but it ain't Mayberry either. There's plenty of crime, both violent and white collar, plenty of trouble. I don't think it's gonna make a whit of difference where you live. You've gotta plan your budget and you've gotta say no when it's appropriate. And it would be a good idea to stay out of strip joints and bars where bikers and gang members hang out, no matter which city/town you live in. Even Mayberry.

Reply #17

OldSchoolPa — Wed, 11 Apr 2007 14:28:49 GMT

Since I live in Chicago, I would tell you the primary reason I would get the f**k out of Chitown after winning a huge lottery jackpot...to escape to warmer weather and year round golf! Now I would maintain a residence here, but I would only occupy it during the late spring thru early fall months (May - September); after that, I would be hopping on my lear jet back south to either Georgia, Arizona, Texas, California, or Florida (I haven't made up my mind on which locale I would live during the w... [ More ]

Reply #16

rundown99 — Wed, 11 Apr 2007 14:00:00 GMT

Great article. However, I would still remain anonymous for the sake of peace of mind and so that you won't be targeted by the media. Don't forget that this guy lives in a small town in IDAHO!!! What crime or harrassment could possibly happen to him in Idaho? I read about one of the Powerball winners from Nebraska and he still lives in Nebraska. But a lottery winner in Idaho or Nebraska wouldn't have the same problems as someone who won it in New York City. Believe me, if someone won that k... [ More ]

Reply #15

MegaWinner — Wed, 11 Apr 2007 06:29:59 GMT

Just call me the Strip Mall King after I win because I will be buying MANY of those.

Reply #14

RJOh — Wed, 11 Apr 2007 04:07:44 GMT

I for one will worry about how to handle a multi-million dollars lottery jackpot after I win one. Unless I get lucky or come up with a better system for picking my numbers, it's unlikely such an event will ever effect me.

Reply #13

guesser — Wed, 11 Apr 2007 03:46:55 GMT

My point (for ME) was that I am not going to make it my life's goal to double or triple my money, not in a 9-5 everyday environment like the guy in the story seems to have.

I have NO problem with what anyone else wants to do with their winnings - it's THEIR money, they can do with it as they please.

Yes, I will invest wisely - I've said that before, but I'm going to have fun, and I'm not going to babysit it every single minute of the day, the point of winning a jackpot is so you do not hav... [ More ]

Reply #12

justxploring — Wed, 11 Apr 2007 03:37:49 GMT

I had to rush out when I wrote the above post. I just want to add that, although I agree that age isn't the only determining factor in determining one's investment portfolio, it certainly plays a big part.

The younger a person is, the higher his/her ability to take risk, because that person can usually afford to wait out any temporary erosion in the value of his investment.

Well, I need to shut down because we're having an electrical storm. It boggles my mind that so many people on th... [ More ]

Reply #11

justxploring — Tue, 10 Apr 2007 17:25:05 GMT

OldSchoolPA writes:

If you're not making MORE money, then you are losing money...literally and to inflation. I actually don't think age is the sole determining factor in investing style

I agree completely that if you are not making more money, you are indeed losing. I never said not to invest your money wisely. Imagine having $10 million just making an average of 8%. That's $800,000 a year!! That money also earns interest, since it is compounded. However, even if you only put... [ More ]

Reply #10

LuckyLilly — Tue, 10 Apr 2007 17:03:06 GMT

I agree with ya that ya can't just squirrel a few million away in a non-interest bearing checking account and deplete the account every year without making more. And I agree that you've gotta have a plan.

But I agree with previous posters that not everyone wants to have a ton of money and not everyone is willing to wait on getting nice things for a decade until they have a huge amount in their investment account. I'm a few years older than Brad Duke, and I'm very aware of my mortality. I c... [ More ]

Reply #9

OldSchoolPa — Tue, 10 Apr 2007 15:34:08 GMT

If you're not making MORE money, then you are losing money...literally and to inflation. I actually don't think age is the sole determining factor in investing style; yes, it plays a part, but I can tell you that I know of many elder people who are still invested moderately to just slightly less than aggressive as they want to 1) ensure that their cash pot lasts their lifetime, 2) have a nice sum to pass on to deserving children, grandchildren, and charities, and 3) always outpace inflation.... [ More ]

Reply #8

justxploring — Tue, 10 Apr 2007 14:48:46 GMT

This article has been discussed before on LP. Here is one link if you want to read several additional posts.

https://www.lotterypost.com/thread/151919.htm?q=brad+duke rp=search get=785637

I agree with other posters here that everyone has a different plan. I've taken big risks and I've made tons of money and I've lost tons of money. There is a percentage you invest when you're young in each risk category (high, medium, low) but security becomes more important as you get older. If I... [ More ]

Reply #7

RJOh — Tue, 10 Apr 2007 14:33:54 GMT

A lot of the jackpot winners are up in age and retired, their goals would be lot different than a younger person and even some younger persons might no want to have a lifelong goal of just accumulating wealth.

Reply #6

guesser — Tue, 10 Apr 2007 14:20:20 GMT

Not everybody can be, or wants to be, like him.

If I've won a large jackpot, then I HAVE money, and I'm going to preserve what I need, and do whatever with the rest, but I'm not about to make it my lifelong goal to make MORE money, I don't need the headaches. Most folks play the lottery so they DON'T have to 'work' anymore.

Reply #5

LuckyLilly — Thu, 05 Apr 2007 20:48:41 GMT

I love that he's not afraid to say that money has made him happier. Readingabout some other winners saying money was the cause of all their woes just bugs the crap outta me. They need to get a clue and budget their money. Even if they have 100 million bucks, many people need to budget exactly how much they're going to give away each year, how much they can spend on houses, cars, etc. All they have to do is talk to their financial advisors about their goals, think about the future, then liste... [ More ]

Reply #4

Editgap — Thu, 05 Apr 2007 13:23:36 GMT

How come we don't come up with a number system here on LP

Reply #3

delS — Thu, 05 Apr 2007 12:03:20 GMT

This is what we all need more of, successful winners

Reply #2

emilyg — Thu, 05 Apr 2007 04:02:12 GMT

great story.

Reply #1

toot — Thu, 05 Apr 2007 03:38:01 GMT

That was a great article. Thanks

A Model for What to do with the Jackpot You just Won

Raven62 — Sun, 25 Mar 2007 12:39:05 GMT

Brad Duke, a manager for five Gold's Gym franchises in Idaho, pocketed a lump sum of $85 million after winning a $220 million Powerball jackpot in 2005.

He spent the first month of his new life assembling a team of financial advisors.

His Goal: to use his winnings to become a Billionaire.

The Story

PS: He had developed a little numbering system which ultimately: Paid Off.