"It's like running a big ship. You would soon run out of money," he said.
The smart thing instead would be to buy apartment units, lifestyle blocks or commercial buildings, which would grow in value and offer a good income stream.
The odds of winning Lotto were 1 in 3.8 million, Lotto said, and the odds of winning Powerball were 1 in 38 million.
Number one was the most frequently drawn Lotto number, followed by number seven.
The most frequently drawn Powerball number was two, which had been selected 159 times.
Among big winners from earlier draws this year was a young Taranaki woman who has since spent a month holidaying in Europe with family after winning $22.3m.
Next, she's heading to Japan for the Rugby World Cup semis and final - hopefully, played and won by the All Blacks.
"It's been a bit of a whirlwind year — a complete rollercoaster of emotions. Even now, I still can't quite believe it happened," the woman said after her big win.
"I've got my whole life ahead of me, so I want to make sure that whatever I do next is something that love and enjoy."