|Posted: April 11, 2007, 11:48 am - IP Logged|
Yes Brad Duke is back in the news...for a good reason. Way to go BD; I'll be joining you in the pursuit to becoming a billionaire whether I win a huge jackpot or not. I remember I read an earlier story on Brad and the journalist clearly showed the wrong bias when he used the word "spend"; Brad Duke is clearly focused on investing, not spending his lottery winnings. And yes, even inflation affects multi-millionaires: it costs more to purchase a learjet today than it did 10 years ago; it costs more to purchase any piece of property today than it did 10 years ago. Since I don't know how to do the hyperlink thing, I have cut and paste the MSN article here as follows:
Turn a lottery win into $2 billion
What's better than claiming a $125 million Powerball jackpot? Becoming a billionaire. Here's how an Idaho man is investing his prize money.
By Kiplinger's Personal Finance Magazine
Brad Duke, 34, of Star, Idaho, wants to make his $125 million Powerball winnings grow to $2 billion. Here's his strategy:
How long will it take to become a billionaire?
My plan is to turn my winnings into $1 billion over 12 years. I took the $125 million lump sum (in 2005) instead of the $220 million annuity, which would have been spread over 30 years. I had to pay $40 million in taxes, so I started with $85 million.
Can you earn an annualized return of nearly 23%?
I'm a little behind. I've reached nine figures, so I made more than $15 million in just over a year. I want to reach $2 billion by the time I'm 55.
What's your investing strategy?
I have a financial team of three people who work for me full time. Two of them have a lot of experience building real estate empires, so we're focusing part of the money on buying raw land and building commercial and residential developments.
What are you doing with the rest of the money?
Some is in conservative investments, and the rest I use to run my two companies. Synergy Fitness Group is my health-club consulting business, and the Duke Speed Academy helps kids be better athletes.
Why do you want to be so rich?
I've always had a drive for success. I want to be able to provide future generations of my extended family with three things: an education, a job in one of my companies (if they need one) and enough financial backing to be able to pursue their dreams.
Has the money changed your lifestyle?
I'm still single, I live in the same house, and I still work for Gold's Gym. I had a chef for a while, but now I'm back to eating cheese straight from the fridge. I have traveled a bit and bought a few mountain bikes.
What's your advice to people who come into sudden money?
Remember the value of a dollar. It's easy to forget when you're making checks out for millions, but 15 bucks will still buy you a pizza.
Duke was interviewed by Elizabeth Ody for Kiplinger's Personal Finance Magazine.
Published April 11, 2007
Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!! NOW give me MONEY!
The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!