Speaking of pizzing it all away . . . .
My law partner [people used to know what 'partner' meant, but now its all screwed up] is a high end estate planner - and his network includes lots of accountants. The bread and butter is estate and exit planning. But he occasionally gets the lottery winner.
We've had numerous 1-5mil winners and most of them stay pretty normal - they pay off their debts and invest whats left for retirement and live fairly comfortable - at least most of them.
It's the $15mil and up ones who are the most trouble. We have reached the point after 15 years in the practice area where we bring in old and broke lottery winners for counseling session with the new ones. Because the track record is not good - one guy stands out - won $85 million the late 90's - and was bankrupt by 2003. Took a $46mil lump sum option and literally did not invest in anything that ever paid him a dime. It is truly sad when that happens But he is the poster child and his stories are legend.
We use him as the LAST lottery winner - we bring in the smart ones first - and they explain how they got debt free, took care of family set up trusts for kids and grand kids and close friends that want to care for if needed. Then Charlie comes out and explains the dark side.
The rule we give people is take 10% of the gross winnings - not to exceed $10million - so if you win $85mil, and get $50mil lump sum, its $5million. And that is yours- play money. Buy what you want, trips, cars whatever - the balance - which ends up being about $30million, goes directly into a trust. Essentially all of it after tax - out of your hands. We set it up so the income gets paid out in most cases, which ends up being more than most can spend reasonably, so that there is a significant charitable contribution every single year. We encourage that at least 25% of the income thrown off go to charity. You'd be amazed at what charities are willing to do for big donors - the bling is embarrassing at times.
The goal is to prevent ever 2 bit con artist and conniving family member from sucking the person dry. You also establish at 3 person voting scheme for non-publicly traded investments so that the inventor with sure thing has to actually prove it.
We had one family set up half of their winnings into a trust which invests venture capital in Christian invenmtors with good ideas - also a micro loan operation for small business to expand - these all generated significant returns if not a lot of work.
Overall - the smaller winners tended to be the most successful with their winnings - and the folks who won HUGE were in the most trouble emotionally in the ensuing years. . .
The only thing better than pushing up the power levers in a jet, is knowing it's your jet! 
Yes, it is an ego trip, but if you can afford it why not?
when I thought I could afford it, I had one. 
Turbo props are great are very useful, but as a guy at the airport told me on time when he was looking at trading his King Air for a Citation, "It sounds better at a cocktail party to tell people you fly a jet." 
