I’d invest the money in some mutual funds and allow myself to live $10,000 better than I currently was.
So, after 30 years, he’s broken even??
Instead of gambling, if he had invested three bucks a week (3 Powerball drawings per week @ $1 a pop) starting in 1996, then doubling it in 2012 when the ticket price went to $2, and using 8% average annual market growth, he would have about $23,000 today. Total investment would have been about $6,864
Invest?
This guy is no spring chicken. He doesn’t have a money problem anymore, he’s got to stretch that out as long as he can.
Pay off house? Hopefully that loan rate is higher than 7%, other wise, leave that mortgage alone, because that’s also covering escrow like taxes and insurance.
Zero out high interest stuff, and get into low tax liquid stuff like muni’ bonds to offset inflation.
The better way to go, if you can handle it, buy something that brings in cash, and will appreciate with or above inflation, and gives you write offs like depreciation, insurance, etc.
“I’d invest the money in some mutual funds and allow myself to live $10,000 better than I currently was.”
money market, CDs or high-yielding oil ETFs ...
prudence would dictate such a strategy ... what percentage of adults in the USA are prudent?