£10 million lottery winner blows fortune, in debt

From what i understand Donald Trump has never had a personal bankruptcy but has had a business bankruptcy.  Thats a big difference.  It the difference between a lanlord who owns real estate as an LLC and one that owns it personally.  In an LLC the liablitity is limited to the business.

And that goes exactly to proving my point...a business person utilizes all available business systems (including having the proper legal structure) to build wealth.  Perhaps this lottery winner should have established appropriate legal structures before shelling out money on ventures he apparently did not know enough about.

God, why spend anything but interest. Jesus, when will they learn. I wouldn't even think about anything but interest. You don't have to have everything. I did enjoy that pool that idiot imported from Spain, complete with marble peasant women with fountains flowing from waterpots on their shoulders. I could die in a pool like that.

Easy come easy go!, It's always sad to see someone blow through a fortune like that! I hope that the next person to win a huge jackpot, learn from the people before them that blow through that type of money. Who needs six cars anyway? You can only drive one at a time. People need to remember that everything in life is temporary and  that you can't take it with you. So why not make it last a lifetime. I can only hope that if I was to experience a jackpot win that I would be smart enough not to fall for any Bull****!  So that being said I hope that it happens in my LIFETIME! 

Original Post by JackpotWanna

One word could have saved his millions. That word is "NO" 

 i would never make the mistakes that he made

I'll echo the other words of wisdom.

Hit up the wealth management professionals, hire an attorney, invest a majority of it, and watch the interest pour in.

Good god.  With a majority of it invested he would've been winning a lottery jackpot every damn year.  ARGH.  Why do people with no background in business invest in high-risk ventures?  It just blows my mind.

another sad story of a lottery millionaire flat broke in a short period of time. this story is far more common than people think

it is. saw a show on history channel,or discovery,or msnbc about former lottery winners falling on hard times.the stories ranged

from being broke within 5 to ten years and some commiting murder to collect insurance money on a spouse,because they was

on the verge of financial ruin. the common theme of all of the stories was they just kept on spending more and more money. they

all had quit there jobs so they had no income comming in,and they all had made some bad investments.i can see buying a house

and a couple of cars and traveling.what i dont understand is why do people win say like 15 million after taxes and then go out and

pay about 5 million for a house.they should know that they still have to pay taxes,light bill,and heating bill if nothing else.those

3 bills alone are a killer on a house that expensive.

!!!!GREED AND SHOWING OFF!!! are the reasons

  ...and dont forget STUPIDITY, ARROGANCE and IRRISPONSIBILITY to that mix. The picture below says it all !! You can just see his downfall ahead of him.

The Picture above is kind of funny though ... just look at him holding that big check and wearing the Burger King crown .. and that silly grin on his face... priceless. He might as well be carrying a sign that had read 'Homeless ...Please Help!' .. sigh...  Best of luck to him and hope he can put his life together again.

He should have hooked up with this guy who won and learned how to invest his winnings... http://money.cnn.com/2007/02/20/magazines/fortune/lottery_winnings.fortune/index.htm

I noticed something.  Most lottery winners who blow through their jackpot winnings are usually are males. Why is that?

Just yesterday my wife said if we ever win the lottery that she was going to control the money.  After much debate.  We decided to just spend the interest from the jackpot but she will be incontrol of the Jackpot and the interest is fair game. She is a banker.