- A young man who won over N2 billion in a lottery jackpot says his family is no longer on good terms with him
- At first, he said the family members were happy for him until he told them he has invested all the money into bonds, securities and real estate
- The family members who had hope that his win will make a huge difference in their lives are all surprised at his decision to invest all long-term
A 24-year-old man won $5.6m (£4m) or N2.32bn on the lottery, and refused to share any of the funds with his family said he is no longer on good terms.
A lottery winner has recounted how his family 'cut him off' after he informed them he didn't want to share his wins.
The unidentified 24-year-old man said on Reddit that he and his wife buy a lottery ticket every month. Eventually, they hit the jackpot one month.
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"My wife and I won big, after the lump sum fee and taxes, we won around $5.6 million.
"I used part of the money to pay off debt, like their student loans, mortgage, and car finance, they were left with around $5 million.
"Worried that 70 per cent of lottery winners go broke after a few years I decided to invest the remaining"
He indicated that he and his wife opted to invest $3 million in a mix of mutual funds, REITs, and preferred stock funds for a hands-off, highly low-risk, good return strategy.
"With the $2 million, we purchased a $5 million apartment complex that is cashflowing and provides a high return with no risk."
He expected his family to be delighted and joyful for him and his wife when he initially gave them the news. That, however, was not the reply he received.
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"They started talking about a huge family trip, how I was paying for all their debt, and more."
So he told them he wouldn't be giving them any of his money.
He went on:
"I explained 5 million is a lot but not enough where I will be giving it away to family. They said I wasn’t welcomed in this family and that I shouldn’t ever talk to them again."
He concluded his post by asking users whether he was doing the right thing, and they were quick to share their opinions, the mirror of UK reports.
Reactions to his experience
Users of the social media platforms sympathised with the man and expressed their opinion.
One person said:
"You’re no longer welcome in the family because you didn’t give them your money? The entitlement is nauseating."
"I’d just be happy for one of my family members to be able to enjoy life outside of the rat race. Most of us just work till we die."
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A third commented:
"Your family has shown you that blood is not thicker than money." "I guess it depends on how much you like your family."
"Personally, I would have thrown my family at least 100k each as a one-time payment. You don’t want to become and aren’t the family ATM so having your money tied up is probably smarter than not."
I was halfway to becoming a billionaire
Meanwhile, a trader has shared how he reached halfway to becoming a billionaire investing in cryptocurrency - but only for five minutes.
He said he lost everything when the coin crashed and his account was left with $0 before he could do anything.
The man also stated that he cannot reveal himself for fear of being mocked because he was cautioned against investing in squid currency.