£10 million lottery winner blows fortune, in debtPrevious TopicNext Topic

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.

Don't be fooled...women blow their winnings as well.  It is just that many of them happen to not blow it ALL.  Some of the men profiled as blowing their money had a lot of help from their spouse in blowing it (David Edwards, ect.).  Plus, I think the media thinks it makes for a much better story to hear about the guys who blew their money than women who do so.  The key to not blowing it is to establish a plan...an investment plan, a spending plan (i.e. budget...yes even millionaires and billionaires utilize budgets), and a safety net plan (meaning at what level will one stop all spending). 

I disagree with those who say to just live off the interest...I would have a significant portion invested in a mix of stock and bond mutual funds, so I would actually live off some of the capital gains and dividends (BTW you happen to pay less in taxes on long-term capital gains than you would on dividends and interest).  And by having it invested in that sort of mix, the likelihood of one turning several million into billions is far greater than say someone who puts the majority in CDs and such.

You got a point there.

ugh oh Jackpot

You made it too easy for me. LOL.

We all know that women handle finances much better than men. It's a given fact, proven for centuries.  Okay I know the guys will respond with some killer posts, but its a fact.  Its an unwritten rule in my house, the lottery budget will be handled by me. Tell you wife  Kudos from Lottocalgal.

Your right omniscient..the last thing in the world is to walk down mainstreet with a big check in my hands and wearing a Burger King hat.

thanks for that cnn webpage .i've been looking for that for a few weeks now........

i went to the bank yesterday and ask them how much was the interest on 1 million dollars and the lady told me that you can only place the money for a period of 5 years maximum...I asked her if you could place the money for 20 years and she told me they could not...My question is, are all banks like this?can you place the money for 30 years let's say at a fixed earned interest....20 million dollars earned interest at .5% is like 1 million dollars annually....I don't know how much she might have after the tax...But i wouldn't mind making 600,000 a year for the rest of my life....But what goes on in the mind of this Britains...Why not move to the U.S or Canada where the money will go a long way....I don't get it...Living in Canada, U.S or England, i surely don't see a difference, is the same to me...

What, so you don't think the jackpot should be spent on 5 sports cars and construction of a full-sized home theater with 10,000 DVDs?  Who said men aren't as good as women at handling finances? 

The 5 year maximum applies to bank CDs. After 5 years, you could roll them over into new 5 year CDs at whatever the rate was at that point. 0.5% = 0.005, which on $20 million yields $100,000 per year.

If you want fixed interest rates for periods longer than 5 years, then you're looking at corporate bonds or gov't notes & bonds. 

You've got to be kidding, right? If not, I have a real problem for you to solve then! Why in Gods name do each and everyone of you females have 20, 30 and some of you have 40 to 50 pairs of shoes for? I'll be damed if you could ever give a logical explanation for such an over indulgence! NO Man will ever except you even trying to explain such a thing. Because their could never be a satisfactory, (better yet) an rational explanation for such irrational behavior! NONE, ZILCH, NADA!

So, with that said, there could "never" be a woman better at handling any financial matters in a household better than a man! Take note guys! All women lie about how much they spend at the stores! What ever they tell you, you better add another 15 - 20% more to the total they tell you and then you're closer to the real ball park figure they really spent! And guys, that's just on the average! 

AND THAT'S A FACT!!!!!!!!!!!!!!!

You are right BaristaExpress about some women and spending.  There are more women addicted to shopping than men.   But men tend to spend more money on bigger items like wide screen TVs, cars, boats, riding lawn mowers etc. computers and tech toys.

No Tenaj, it's not about that at all........ It's about women lying about what they spent (it doesn't matter if they spent it on themselves or on the whole family) PERIOD! And That's A Fact!!!!!!!!!!