WSOP Windfall... What is a boy to do?!?!

[Matt Flynn]

Jurollo,

Buy a relatively cheap home you'd like to live in for the next five years. Put at least 10% down. Others may tell you less, f them, stay overwater and buy peace of mind and resistance against spewing cash. Google "home equity line of credit." Put a bunch in that - it's ready cash. Then get a 30-year or interest-only loan on the rest. Keep your living expenses low. Do not buy an expensive house. They're only good if you get a ton of utility out of living there or if you suck at saving money. Home > townhome or condo for appreciation. Watch out for HOA dues and condo association dues.

Consider buying a duplex, but don't buy one in a slum and try not to buy an old one unless it's quite underpriced due to paint-and-carpet issues.

You may be able to put 40K+ aside per year into an IRA as a professional gambler. Very much worth finding out.

And never assume your hired advice - lawyer, accountant, real estate agent, financial planner, etc - knows what he is talking about.

Matt