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Expert Says Managing Fortune Is Full-Time Job
Thursday, October 05, 2006 posted 10:08 AM EDT
DES MOINES, Iowa -- A Fort Dodge couple who won the largest Powerball jackpot in Iowa said they plan to keep their day jobs.
But is it possible to keep living a normal life after striking it so rich?
NewsChannel 8 talked with some money experts to find out.
Tim and Kellie Guderian may now be the richest couple in Iowa.
"Their lives are going to change and change in a big way," said Jason Egge of Bankers Trust.
Egge is a financial planner used to working with wealthy clients. He said the Guderians simply don't yet understand how much
work it is to manage a multimillion-dollar fortune.
"That's almost going to be a full-time job, for them to keep track of their assets, to make sure people they hire to mange
it are doing a good job," he said.
For example, a conservative 10 percent return on their $67 million winnings after taxes will earn the winners nearly $7 million
a year. It's like winning the jackpot all over gain, every year, for as long as they live.
"We just want to keep our lives as normal as possible," Tim Guderian said.
They plan to take a vacation to Australia, buy a new car and donate some of their winnings to the Humane Society of North
Central Iowa.
Many Lottery winners end up in trouble and spend too much. Egge said he understands why.
"It's easy to think that if I have $90 million, 'I'm set for life,' but if you don't manage it, get the right advice for
taxes, financial planning and estate planning, you can go through it quickly," he warned.
The financial expert said the best advice he can give is for any jackpot winner is to find someone they can trust.
There will be hundreds people from all over the country asking the Guderians to let them help mange and spend the $67 million
jackpot.
It may be a full-time job answering the phone.
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