1.4 Billion Dollars
Dear Substack Readers and potential BILLIONAIRE,
We've all dreamt about hitting the jackpot, fantasizing about what we would do with an obscene amount of money. Currently, the Powerball jackpot stands at a staggering $1.4 billion, and it's hard not to get swept up in the excitement. However, today, I want to shed light on why winning such an enormous sum can be perilous, especially if you live in a state where anonymity isn't an option.
The Perils of Sudden Wealth:
Lack of Anonymity: In some states, winners' identities are made public. This can be a double-edged sword, as it opens the door to unwanted attention from acquaintances, long-lost relatives, and even strangers with dubious intentions. The sudden influx of wealth can change relationships and expose you to potential security risks. Everyone who ask for money are people you don’t want in your life. The people in your life who know you value them, know you will help them without asking.
Financial Mismanagement: Sudden wealth can lead to poor financial decisions. Without proper guidance, winners might indulge in extravagant spending, leading to financial ruin in the long run. The allure of luxury cars, mansions, and lavish vacations can be tempting but detrimental.
Tax Implications: Winning the Powerball means facing substantial tax obligations. Depending on your jurisdiction, you could lose a significant portion of your winnings to federal and state taxes. It's crucial to understand the tax implications and plan accordingly to protect your newfound wealth.
Unsolicited Investment Advice: With your newfound fortune, you may find yourself inundated with unsolicited investment advice. While some may be well-intentioned, others might have ulterior motives.
If I Were to Win:
While it's fun to speculate, it's equally important to be prepared. If I were to win this astronomical sum, here's how I'd handle it:
Tax Implications: No matter what you are going to owe an extra 20% instead of giving it to Uncle Sam, donate the money to NYU get a school named after you. Charities are tax donations, animal shelters, the Entertainment Fund for striking SAG/WGA and other entertainment industry professionals.
Gifts to Friends: Be mindful of the gift tax limits, which are currently quite generous. In 2023, individuals can gift up to $16,000 per person without incurring gift tax. Get those certified checks ready. (You can’t venmo/cash app this amount of money)
Dream Properties: I've always dreamt of owning a stunning penthouse in Hudson Yards, offering breathtaking views of the city. Additionally, I have a Hamptons house in my Zillow all cash and for ask I will buy,"South of The Highway," of course, I am a snob
Remember, while the allure of winning the Powerball can be irresistible, managing vast wealth requires careful planning and a clear understanding of the potential pitfalls. It's crucial to prioritize your financial well-being and safeguard your newfound fortune.