Financial Experts: The 2-Billion-Dollar Powerball Winner Is Making Bad Money Moves
September 20, 2023 12:00PM CDT
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Edwin Castro won a record-breaking $2 billion Powerball, but financial planners are wincing at his purchases.
Since he won, in November, Castro has purchased a $25.5 million dollar home in the same neighborhood as Leonardo DiCaprio and Ariana Grande.
Instead of purchasing an expensive home, advisors suggest waiting until the “high” of the win has worn off before spending large amounts of money. This could be six months to a year.
Castro’s $25.5 million-dollar Hollywood Hills home could cost him over $255,000 annually to maintain. He’s also bought a $4 million-dollar home in Altadena and a vintage Porsche.
“People don’t understand there is a potential for loss. They only focus on the potential for gain,” financial planner Nicholas Bunio said.
(Learn more, here: Fortune)
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