Turn A Lottery Win Into $2 Billion
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.
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.
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.
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.
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.
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.
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.
Photo by Glenn Oakley.
Nikhil on April 18th, 2007 2:45 am
WoW , I see some nice plans there . Lets see if you manage to achieve your goal . Good Luck !!
Gary on April 24th, 2007 6:46 am
Dear all,
I see that you have a vast experience to build real estate empires, here in Romania there is great opportunity to buy land and to build commercial and residential developments now.
Romania has just joined the EU and is about to take off big time. I know you can achieve all your dreams, Are you interested ?
Regards Gary,
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