Thursday, March 10, 2011

How One Happy Lottery Winner Spent His Millions

We hear stories of lottery winners that spend their money buying everything they had ever dreamed of, only to end up losing it all again to unwise spending.  But this story is about one person's success and using his lottery winnings for an even greater goal - to become a BILLIONAIRE.

Brad Duke, 34, 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 in order for him to make wise decisions on where to invest his new-found fortune and turn himself into a billionaire.

$45 million of his winnings went into safe, low-risk investments such as municipal bonds, and $35 million went into aggressive investments like oil and gas and real estate.  The rest went to personal use.

Brad was indeed a responsible winner.  He says, "I wanted to make the most of the opportunity that was given to me, so I put together a team with the intent to reach and maintain a $1 billion status over a particular period of time. I wanted to do it in 10 years, which I knew was aggressive. My team talked me into looking at 15 years. But it looks like we're on track for 12 years. When you do something like that, the more you become worth, the quicker your growth curve is. My total net worth right now is at an unofficial value of $128 to $130 million. We've done very well for the first year and a half."

And was he happier since winning the USA Powerball lottery? He states, "Absolutely. When it comes down to it, I get to do the things professionally that I've always wanted to do. I get to invent a piece of equipment that I've always been thinking about doing. I get to give back to some people that have given to me over years."


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