I'm absolutely astounded how the average folks talk about what they will do if they win the Mega Lottery.
Some said they will get them a new car.
Some said they will pay off their mortgage.
Some said they will buy them a yacht.
Some said they will go on a vacation.
Some said they may retire.
Does anybody have any idea how difficult it would be to deal with that kind of money?
First the Government will take half, that leaves $320 million cold cash.
Suppose the recipient stashes the rest of the winnings into Government treasury notes, (pretty secure), at just three percent return per year.
3% of $320 million is $9.6 million income per year.
Pay your taxes on that interest income, (30%), and you have left $6,720,000 clear spending money, each year, and never touch the $320 million in the bank.
You divide that clear spending money by 52 weeks, and you now have the task of figuring out what to do with all of $129,231 per week. Week after week, after week. For the rest of your life.
You will have more friends than you ever want to have. And, they will drive you crazy.
People will try to steal, cheat, connive, deceive, swindle, snooker, defraud, trick, bamboozle you out of your money.
You will then hire money managers that will relieve you of all that clamor in your life. And before you know it, they also have their hand in your pocket.
No wonder the Bible says," The LOVE of money is the root of all evil."
If somebody hasn't killed you for your money yet, and you still have a brain left, you still have an extra stash of $320,000,000.00 in the bank.
I have never bought a lottery ticket in my life. Of course, none of the young whipper-snappers nowadays would ever listen to an old fogy like me. I'd say,"Put your five bucks a week you spend on the lottery into a retirement account for the next fifty years, add a little to it, and you'll retire as a millionaire."
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