@LuFins-Dad said in Lottery Winner!:
@George-K said in Lottery Winner!:
, that should mean the winner takes home about $433.7 million. That’s huge, but it’s a far cry from being a billionaire.
That’s very much like being a billionaire. Most billionaires value is not liquid, but in assets. When they sell those assets, they too will be paying that 37%. Beyond that, let’s say you blow $33.7 million on a couple of houses, cars, donations, cars, and a bunch of fun… Put the rest into frigging CDs, and live off half the interest ($10M at 5% in year 1) and reinvest the rest, you will be a billionaire in 12-15 years, while being exceedingly wealthy and living in luxury.
Well, first thing you do is give 10% to the church...