Recently, the news was abuzz with a story about a man who had moved to New Jersey from the Dominican Republic that had won $338 million in the Powerball Lottery!
But how will this ultimately turn out for Pedro Quezada? This man didn’t even own his own car, and now he’s going to get a chuck, after taxes, for about $150 million! This sounds amazing. And certainly, it would be something I’d love to help somebody manage! But will the smile on his face fade in the coming months?
The history of lottery winners is not good. Like many sports stars or musicians who come from poverty and suddenly find great wealth, Pedro may fall victim to scammers, greedy family, charity and buying too many things he won’t need.
Cautionary tales are everywhere for lottery winners. I’d love to win one day. I don’t play often. But do dream of all the good I could do with such substantial sums of money.
Here’s my list of wishes, were I to win –
- Pay off the mortgages of my brothers and parents.
- Pay off my mortgage and also that of my kid’s home.
- Establish a foundation to give to charities like Rotary. I’d also find ways to give to charities that strive to increase literacy around the globe.
- Buy a little farm house in Provence.
- Buy a tiny little beach bungalow in Maui.
- And one little ski chalet in Tahoe.
- I’d probably get Sarah and I a new car. Nothing fancy. Maybe a Subaru and a BMW nice sedan.
- I might just contemplate retiring young, too!
What would you do?