Can Our Newest Millionaire Handle the Job?
NEW YORK (TheStreet) -- "When I grow up, I want to be a millionaire." Everyone says this while they're young. In fact, applications to become a millionaire are being filled out every day. However, not everyone can handle the job.
Ask all of those broke athletes who are still playing a sport when they have long passed their retirement age -- risking long-term injury because their $5 million mansion is in foreclosure.
I suppose you can say Pedro Quezada was just "hired" after he, a 45-year-old bodega worker, cashed in a $338 million ticket, the fourth-largest Powerball payout in the lottery game's history.
According to New Jersey state officials, Quezada will take home roughly $152 million after taxes, which is still quite a bit of money. However, the money is only part of the job. It's a responsibility that very few are ever prepared to handle.Here's the problem: Quezada's new wealth has also brought him many new responsibilities. Holding the job of millionaire requires more skill sets than what your bank account says. He's going to have to become a politician, a philanthropist, home builder, scholarship funder, wedding planner and, of course, a bank. Essentially, even millionaires have to abide by the "other duties as assigned" restriction. These are just a few responsibilities that his family members will give him. Whether Quezada realizes this or not, his family is now the boss. They are the ones who will determine how long he holds his millionaire job. However, to preserve his wealth, he needs to become a corporation. If Quezada is lucky enough to escape the grips of his family, there are still federal and legal battles to deal with. I'm no expert on millionaires, but I've studied large corporations pretty well. Home economics and the internal operations of large corporations are not that different. No offense to Quezada, but while he seems like a nice guy I don't think he has an MBA. This is the same issue that has plagued broke athletes whose first real understanding of money came from an agent -- not exactly an upstanding industry.
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