A 33-year-old Idaho man who won a state record $220.3 million Powerball lottery jackpot Memorial Day weekend has spent his summer appearing on TV shows, taking friends to Tahiti, fielding marriage proposals from strangers and starting to build a new stadium at his hometown high school.
But now it's back to work for Brad Duke of Star, a Boise suburb. Earlier this week, he returned to his old job at Gold's Gym in Meridian, where he teaches a 6 a.m. class on spinning, a workout using stationary bicycles.
"I realized I didn't need to win the lottery to live the life I dreamed of," he told the Idaho Statesman.
Brett Howell, Duke's friend and a manager at the gym, said he hasn't noticed any changes in Duke's personality since he became a multimillionaire.
"But I think he is busier now in a lot of ways," he said. "He just has a lot more options and a lot more fun."
After concealing his identify following his win, Duke came forward June 16 and opted to take a one-time cash payment equaling about $84 million after taxes. His goal is to invest it to be a billionaire within 15 years. He said he's earning about $12,000 daily on his investments and holdings.
About half his day is spent signing papers and reviewing documents to create a charitable foundation, as well as fielding hundreds of requests for money. He's been asked to invest in a flying car, a time machine, a hydrogen-powered locomotive and a small country in Africa that wants to make him their "ambassador."
He's working with his brother, a contractor, to build a new sports stadium at his hometown high school in Salmon, an eastern Idaho community at the foot of the Bitteroot Mountains on the Montana border. A fan of the reality TV show, "The Amazing Race," Duke and a colleague from the gym are hoping to enter the televised competition and donate any winnings to charity. He's also talking with network producers about possibly developing his own reality adventure show.
But he's abandoned a couple of the items on his original wish list. The private concert with heavy metal band Metallica was scrapped because Duke thought the cost was too high and he's decided not to buy a bigger house.
"For me, a lot of the simpler things have become pleasures," he said. "I love my little home."
He has bought a car for someone, but he declined to say who he gave the vehicle to. For himself, he splurged on a top-of-the line road-racing bicycle that comes with its own display case.
"That was an expensive bicycle, the best bike you can get," said Duke, an avid cyclist who owned five mountain bikes before he won the lottery. "I haven't bought anything else, yet, other than more mountain bike gear and a helmet cam."
Interesting man. He knew who he was before he won, which is a trait that's not going to be found a lot, lottery winners, or non-lottery winners.
Jack
He's making $ 12,000 per day on $ 84 million. That equates to an investment return of 3 1/2 percent per annum. It doesn't say how much of the income is taxable so it could be anywhere from 2 percent to 3 1/2 percent after taxes.
He's making $ 12,000 per day on $ 84 million. That equates to an investment return of 3 1/2 percent per annum. It doesn't say how much of the income is taxable so it could be anywhere from 2 percent to 3 1/2 percent after taxes.
That will not come close to making him a billionaire in 15 yrs. It tells me he is prob doing some research b4 making riskier investments with higher payouts. If I win a jackpot of great magnitude I'd spend a half year to a year taking investment classes. I'd still let others do the main financial decisions but I'd like to know enough to recognize if they're making good decisions for me.
Congrats on the win, Brad!
I heard that he picked his numbers using a number matrix? I never done that -- How does it work?
I heard that he picked his numbers using a number matrix? I never done that -- How does it work?
Take a good, hard look at the numbers, then get lucky on the drawing!
I'd buy a few road bikes if I won.
I find it interesting this guy had all these plans for a reality TV show, The Amazing Race, and a Metallica concert. I do remember when he won he wanted to remain anonymous. How do you go from wanting to remain anonymous to doing all this high profile stuff? Seems that he has come around to his senses. I think he could have been a train wreck waiting to happen if he would have stayed on the high profile route. Good to see he has toned it down a bit.
Amazing Race....haha. I love that show too. When I finally turn 21 next year I am applying to be on that show too.
But yeah the guys does seem down to earth. But I agree, a 3.5% return?? It will take 20 years for the full 80 million just to double. He better start getting higher returns. haha
Brad
He's doing what makes himself happy. That is one of the benefits of hitting the lottery. Doing what you want, when you want.
Some of us would do it differently, given the opportunity, but whould we put happiness at the top of the list?
I hope I will. There will be a chance to find out tomorrow night!
It's always nice to hear about someone from my state winning big and doing well! =)
I think it's nearly impossible to stay anonymous and I think winning the lottery makes you an instant celeb. Sounds to me as if his desire to remain anonymous might be part of his gig to be a celeb. I think it sounds fishy to want privacy yet your talking about being on TV? Anyone with me?
He's making $ 12,000 per day on $ 84 million. That equates to an investment return of 3 1/2 percent per annum. It doesn't say how much of the income is taxable so it could be anywhere from 2 percent to 3 1/2 percent after taxes.
Just curious, but how did you calculate the earnings percentage to be 3.5%? When I did a straight simple return rate calculation ($84,000,000/($12,000 x 365)*100), I got ~5.214%.
He's making $ 12,000 per day on $ 84 million. That equates to an investment return of 3 1/2 percent per annum. It doesn't say how much of the income is taxable so it could be anywhere from 2 percent to 3 1/2 percent after taxes.
Just curious, but how did you calculate the earnings percentage to be 3.5%? When I did a straight simple return rate calculation ($84,000,000/($12,000 x 365)*100), I got ~5.214%.
You're right, my mistake. It appears that I was using 250 business days in my formula. 5.214% is correct, and would have to be taxable income. Muni bonds are below 4 percent as are almost all other bonds.
http://bonds.yahoo.com/rates.html
He probably has it parked in higher-yielding stocks (REITs) or in stocks in general.
I think there's an important lesson here. At $84,000,000.00 you can miscalculate and it really doesn't matter. LOL. Cheers,
acronymn007.. i believe he wanted to remain anonymous, but the lottery commissioner told him that he could not. i guess his name had to be revealed. im thinkin from there he figured since his name was already out there, he may as well go on tv and talk about it. he was on the tv show The View. He donated $5000 to some babies that were on the show.
but he seems really laid back.. kinda cool. wish i had that kind of loot
I think there's an important lesson here. At $84,000,000.00 you can miscalculate and it really doesn't matter. LOL. Cheers,
Yes. On the other hand, that 5.214 % is probably too high to be extrapolated for 365 calendar days given the current interest rates available. If he's in REITs and real estate funds, he's collecting a good dividend but he may be ignoring the capital loss in his shares. The homebuilder sector is down 20% since June.
Has someone already dubbed him the Anti-Jack?
Has someone already dubbed him the Anti-Jack?
That remains to be seen. Give him a year or two to see if the money affects him adversely. Hopefully, he will not change (for the worse) and will not allow his possessions to possess him!
Money changes everyone. Don't lie to yourself people, that's the first step to failure. I know that much money would change me somehow, thankfully I have a great God so hopefully that impact would not destroy me but I'm telling I won't lie to myself it will change me. Maybe I become more appreciative, maybe I start joining clubs or things I never joined before, maybe I treat people different subconsciously. I don't know but I don't think anyone no matter their background would go unaffected with such sudden wealth. IMHO. Cheers,
Maybe he should travel to Oklahoma when its new lottery starts. After that he should go to NC when theirs begins, and so on.
acronymn007.. i believe he wanted to remain anonymous, but the lottery commissioner told him that he could not. i guess his name had to be revealed. im thinkin from there he figured since his name was already out there, he may as well go on tv and talk about it. he was on the tv show The View. He donated $5000 to some babies that were on the show.
but he seems really laid back.. kinda cool. wish i had that kind of loot
Big difference between the initial press conference, required by most states, and going out of your way to make yourself known to millions of people. One is a requirement to get the money, the other is the first step in loosing the money. Once the publicity addiction hits, it is harder to drop than smoking.
THINK JACK WHITIKER -- live longer and happier by not being a clone of him.