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£10 million lottery winner blows fortune, in debt

Topic closed. 39 replies. Last post 9 years ago by naijaman.

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United States
Member #53163
June 27, 2007
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Posted: February 12, 2008, 11:25 pm - IP Logged

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.

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    New Member
    warrenville,illinois
    United States
    Member #55739
    October 17, 2007
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    Posted: February 13, 2008, 2:53 am - IP Logged

    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.

      benmas's avatar - waveform
      Rhode Island
      United States
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      October 28, 2007
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      Posted: February 13, 2008, 3:04 am - IP Logged

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

        Omniscient's avatar - Lottery-017.jpg
        Florida
        United States
        Member #46570
        September 14, 2006
        558 Posts
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        Posted: February 13, 2008, 9:11 am - IP Logged

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

        I Agree!  ...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.

        Hospital porter John McGuinness won a £10 million lottery jackpot.

        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

         See full size image                                               

         Don't Play more, Play Smarter!

          JackpotWanna's avatar - squiz

          United States
          Member #4121
          March 23, 2004
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          Posted: February 13, 2008, 9:45 am - IP Logged

          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.

            OldSchoolPa's avatar - Lottery-057.jpg
            Gurnee, Illinois
            United States
            Member #49731
            February 12, 2007
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            Posted: February 13, 2008, 11:03 am - IP Logged

            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.

            Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

            The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

              JackpotWanna's avatar - squiz

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              Posted: February 13, 2008, 11:54 am - IP Logged

              You got a point there.

                lottocalgal's avatar - Lottery-043.jpg
                CA
                United States
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                December 23, 2007
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                Posted: February 13, 2008, 11:59 am - IP Logged

                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.

                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.

                  gocart1's avatar - lighthouse
                  ONEONTA,NEW YORK
                  United States
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                  January 17, 2006
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                  Posted: February 13, 2008, 3:48 pm - IP Logged

                  I Agree!  ...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.

                  Hospital porter John McGuinness won a £10 million lottery jackpot.

                  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

                  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........

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                    Honduras
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                    August 29, 2005
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                    Posted: February 13, 2008, 7:48 pm - IP Logged

                    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...

                      Todd's avatar - Cylon 2.gif
                      Chief Bottle Washer
                      New Jersey
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                      Posted: February 13, 2008, 7:54 pm - IP Logged

                      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.

                      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? Big Grin

                       

                      Check the State Lottery Report Card
                      What grade did your lottery earn?

                       

                      Sign the Petition for True Lottery Drawings
                      Help eliminate computerized drawings!

                        time*treat's avatar - radar

                        United States
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                        Posted: February 13, 2008, 9:39 pm - IP Logged

                        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...

                        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. 

                        In neo-conned Amerika, bank robs you.
                        Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

                          BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
                          Magnolia, Delaware
                          United States
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                          July 20, 2005
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                          Posted: February 13, 2008, 9:45 pm - IP Logged

                          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.

                          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!!!!!!!!!!!!!!!

                          Keep dreaming the impossible dream, it just may come true! Thumbs Up

                            Tenaj's avatar - michellea
                            Charlotte NC
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                            June 18, 2005
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                            Posted: February 13, 2008, 10:10 pm - IP Logged

                            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.

                            takeemtothebank

                              BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
                              Magnolia, Delaware
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                              July 20, 2005
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                              Posted: February 13, 2008, 10:39 pm - IP Logged

                              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!!!!!!!!!!

                              Keep dreaming the impossible dream, it just may come true! Thumbs Up