Neal Wanless, the winner of a recent $232 million Powerball jackpot should now be set for life, even if he doesn't make a penny of interest or other gains on his winnings. This young South Dakota cowboy, who previously had trouble paying his taxes, will never have trouble paying for anything else nor will he ever have to work again. That is, assuming he plays his cards right and doesn't go insane with his new-found fortune.
Wanless is still in his twenties but received more than $80 million in a lump-sum payout – after taxes! He would still have money left, even after spending a million dollars a year beginning right now. All he has to worry about is keeping the rest his money safe while spending his $1 million annually.
He doesn't have to take any risks or be concerned about the "performance" of his investments. Therefore, he should steer clear of anyone purporting to be letting him in on a "great ground-floor investment opportunity." For him, financial planning at this point should be no-brainer. If it were me, I would put the money into government money funds that pay little interest but are completely backed by the full faith and credit of the United States government.
Now I'm not suggesting that he spend the whole million each year on himself and his family and friends. I'm sure he would – as well he should – donate a large portion of it to the needy and other worthy causes. He could give away three-quarters of his annual outlay and still live like a king, or least better than 99.9% of the world's population.
Terry Mitchell is a software engineer, freelance writer, amateur political analyst, and blogger from Virginia, USA. He posts a least one article a day to his blog - http://commenterry.blogs.com - on subjects such as current events, politics, technology, society and culture, religion, health and well-being, self improvement, personal finance, trivia, and sports.
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