Everyday there are new lottery winners. And everyday, there are lottery winners who file for bankruptcy. How can people be so financially careless, especially after they win so much money? Is it that initial exhilaration that leads them to believe they are invincible? What if you won the lottery, let’s say $87 million. What would you do?
Winning such a large sum of money should not be be viewed as a free pass for life. It is a huge responsbility and one that needs to be taken very seriously. Financial intelligence is a subject I wish they taught in grade school as it is one thing that usually provides for more pain and frustration then most people ever anticipate.
This is the story of one man who made a committment to not be like all of the other lottery winners who go bankrupt after a few years. This is one of the most interesting stories I have read all year and a must-read for anyone who hopes to make it big someday.
A brief excerpt:
One man, by the name of 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. Here’s what Duke has done with his money so far.
After you finish reading this article, tell me how you would spend $87 million if you were to win it in one lump sum. Kind of makes you think twice about splurging it all on useless toys…