You are right on most things, however this put up a red flag for me:
"Then I'd spend the rest on awesome stuff."
Keep this in mind: Poor people spend their money on consumables. Middle income people spend their money on liabilities they think are assets. Rich people spend their money on assets that make them money.
Most "Awesome things", like cars, boats, electronics, etc, lose value pretty fast (Sorry if I'm putting words in your mouth, those were the first things that came to mind when I read "awesome stuff"). Eventually, you'll lose all your money. If I won 200 Million, I'd probably spend a tiny portion of it on buying nice houses for myself and my family, and use the rest to buy things like boring stock in boring companies. Boring, but secure companies that have been around for a hundred years and have offered dividends for decades.