Local lottery winner gives Powerball winner advice
Jason Fry could have gone crazy and burned through all his money after winning the Florida Lottery several years ago.
While he did enjoy it and continues to do so, he played it smart. So, instead of becoming one of many instant millionaire casualties, he has continued the thrive, his money working for him instead of the other way around.
His advice to the people who recently won the $1.6 billion Powerball jackpot: Get a lawyer and an accountant.
In 2007, Fry was working three jobs – bartending, pouring concrete and digging wells – and still faced bankruptcy. Worse, the housing bubble put a sure-thing investment property underwater. He was expecting his second child, his marriage was on the skids and Christmas was just three days away.
“I never really played, but my buddy went to the store to get some tickets while we were working and I told him to get me some,” Fry said. “I got the ticket and I won. It was pretty simple.”
Fry won $47 million, which he split with the man who got the tickets. He also gave his now ex-wife a sizable amount.
For the next six months, Fry did what you’d expect a millionaire in his 30s to do – he bought a boat, an Escalade, a Shelby Mustang, a motorcycle and a house in Fort Myers. He played golf every chance he got and invested in a driving range with a golf pro.
“I lived the life of a millionaire. I bought boats and cars and after a while I had enough and wanted to settle down and get back to work,” Fry said.
Fry decided to take on entrepreneurship as a new career path, opening a Batteries Plus store in Fort Myers. Today, Fry owns four stores in Bonita Springs, Cape Coral, Fort Myers and Naples.
He also opened a Mona Lisa restaurant in Fort Myers and plans to open two more in Cape Coral and another one near the airport.
“I had money to invest, so I put it into things I enjoy and made good investments,” Fry said. “Batteries Plus was an existing store and opened three more and they’ve been good for me. I enjoy Mona Lisa. It’s where I spend much of my time now.”
Fry avoided many of the pitfalls that befall instant millionaires, but he hasn’t been perfect. He said some friends borrowed money and never paid it back and some promised to make investments that were never made.
“A lot of people asked to borrow money, especially when I won during the recession. People I knew lost their houses and their jobs. They would tell me their sob stories and asked to help out,” Fry said. “The money can go quickly if you don’t invest wisely and don’t know what you’re doing.”
Fry’s advice to anyone who falls into a large sum of money is to get an attorney and accountant you can trust.
“It’s one of the best things I’ve done. Anytime I need something, I call or he’ll come to the restaurant and talk to me,” Fry said. “With that kind of money you have to be careful because family will do the same thing. It’s weird how money changes people.”