He has a shy smile, but this Powerball jackpot winner who took home a lump-sum of $85 million after winning the $220 million Powerball jackpot is anything but shy when it comes to his lottery windfall. Taking the bull by the horns, Brad Duke has a plan to turn his jackpot winnings into a billion-dollar fortune that will set him up for life, and then some.
Fortune Magazine covered the incredible story of the 34 year old who spent the first month after winning the massive cash prize arranging a winning team of financial advisors – as opposed to flitting off to an island holiday destination which so often is the case with newly-minted lottery winners. But he has a worthwhile goal which requires a lot of work!
So far, there’s been a lot of activity to achieve Duke’s goal. He’s spent $45 million on safe, low risk investment such as municipal bonds. Another $35 million has been allocated to more high risk investments in gas, oil and real estate. A family foundation of $1.3 million was established, and his student loans of $18,000 have been paid off, as well as his mortgage of $125,000. Duke took a bit of time off, visiting Tahiti with 17 of his friends, a trip that cost $63,000, and he’s bought himself a used, not new, VW Jetta for $14,500. Finally, Duke bought gifts for each and every family member, totalling $12,000.
In the first year and a half, it’s evident Duke knows exactly what he’s doing, having already grown his net worth from $128 to $130 million. His aggressive target of reaching a billion-dollar net worth within 10 years may be a bit of an overshoot, but according to his financial advisors, the target is certainly achievable within twelve years. He’s only bought himself a second-hand car and not bothered with a mansion, stating, “I will have a new home and a great car at some point, but just not now.” Wise words for the young businessman, who has chosen to focus on his consulting company and splashed out on some top-of-the-line bicycles as opposed to splurging on unnecessarily large house and car purchases.
Duke is much happier since he won the massive jackpot, and is making the lives of people around him so much better too! He gave his old car to one of his nephews, paid off his family member’s debts, set up college funds for his nieces and nephews and took his family on a cruise holiday! We wonder what’s in store for Mr Brad Duke’s future, but it will no doubt be bright!
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