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$10M lottery winner squanders fortune

Topic closed. 29 replies. Last post 9 years ago by DC81.

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lottocalgal's avatar - Lottery-043.jpg
CA
United States
Member #57222
December 23, 2007
587 Posts
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Posted: April 15, 2008, 9:12 am - IP Logged

The source said, "He had a golden opportunity to turn his life around — and then blew it. He took some bad advice from bad people and handed his money over too readily to them.

 

I would be out there knockin on those leeches doors for payback of money lent. If not paid back I would be knockin on their face.

Seems like everyone comes around asking money winners for investment money. About every lottery winner who went broke has the same tale of investment deals gone sour.

I agree,

I know that he bought cars and did a lot of building.  But I figure you can't blow THAT much money doing it.  He had to be a "victum" of the investment slugs that seem to crawl from under ever rock after someone's lotto win.  Now THAT's a quick way to lose a fortune.  "Hey I got this wonderful idea that will double your $1,000,000 investment in just a few weeks!"  The right Salesperson can talk people into or out of anything.

    JackpotWanna's avatar - squiz

    United States
    Member #4121
    March 23, 2004
    817 Posts
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    Posted: April 15, 2008, 10:54 am - IP Logged

    No investing is the policy.  Just enjoy the winnings.  Say to the salespersons to first talk to my 3 lawyers. If they say yes then we chat.   That will scary them off.

      justxploring's avatar - villiarna
      Wandering Aimlessly
      United States
      Member #25360
      November 5, 2005
      4461 Posts
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      Posted: April 15, 2008, 2:18 pm - IP Logged

      Regarding my last comment and the ones that followed, keep in mind that there are a lot of honest people in sales, even car sales!  Calling all salespeople crooked is like saying school teachers or priests are pedophiles.  There are bad people in every profession.  Finding a good financial planner isn't much different than finding a good mechanic, except that fixing a car is something tangible.  If something is broken, you fix it.  But just the like lottery, guessing what might or might not happen in the future isn't a guarantee, even with a great system.  Remember 3 years ago when people were rushing to Florida to buy property? 

      People need to take responsibility for their actions and learn the risks of investing when they have a lot of money.  I hate to judge this person, because the news isn't always accurate, and I wonder if his neighbors were jealous.  However, one thing this proves is why you need to (a) move and (b) remain anonymous.  I always think it's funny when a reporter on the TV news goes around to the neighbors and interviews them after an incident.  I mean, how much do you really know about your neighbors? 

        Badger's avatar - adu50016 NorthAmericanBadger.jpg
        Wisconsin
        United States
        Member #1303
        March 27, 2003
        1508 Posts
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        Posted: April 15, 2008, 4:59 pm - IP Logged

        Well, on a postive note, he started off pretty good.

         

        "Kyle won his fortune in February 2005 and splurged on a £550,000 house, a £40,000 Mercedes, a £40,000 Range Rover and another vehicle. 

        He also gave money to his two children, aged 23 and 14.

        Kyle has refused to talk to the British media."

         

         

        hmmm Looks like a smart cookie to me.  Could this be a trick to draw unwanted attention off him. I  bet he gave the bulk of winnings to his sons in a trust.  WTG!

        I don't know about that.  Did he need a house that large (assuming he lived alone and was divorced) and you can only drive one vehicle at a time.

        Just because you can afford something doesn't mean you should buy it.

        Seems to me that a "smart cookie" would first and foremost see that his/her winnings were put into as secure and low-risk investments as possible. Then start thinking about what he/she wants to purchase.  And while purchasing, keep good records of what and how much you are spending....and what the motivation is for spending it.

        ============

        How can you tell if a politician is lying?

        Answer: His lips are moving.

          TheGameGrl's avatar - character catafly.jpg
          A long and winding road
          United States
          Member #17084
          June 10, 2005
          4523 Posts
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          Posted: April 15, 2008, 8:11 pm - IP Logged

          squander is such an unrealistic terminolgy. Taxes in England are ridiculous! Own property there and pay the queen her 40%. Own a car, pay the queen a luxury tax of 22%. (okay so it might not be those EXACT figures but they are pretty close to what a millionaire would shell out ).

          So as a fair minded person, its doubtful that he wasnt taxed out the ying yang to pay for his small pleasures which anyone of us would have also delighted in.  The only thing that befuddles my mind is the remarks of his neighbors.....

          ~~Is it true, Is it kind,Is it necessary. ~~~

           Thanks be to the giving numbers: 1621,912,119 02014

            savagegoose's avatar - ProfilePho
            adelaide sa
            Australia
            Member #37136
            April 11, 2006
            3300 Posts
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            Posted: April 16, 2008, 12:09 pm - IP Logged

            man u could rent a normal hous ein a normal suberb, get it furnished and just sit and watch the interest roll in. 1 year living modest and you earn't enuff to buy the house u been renting!

             

             spose its a matter of finding some where to place the money safely generating interest, natiional saving in UK pays like 4.5% interest tax free, thats pretty safe and backed by the crown so basically country has to go bankrupt b4 you lose your money.

            450k a year tax free!

            well half that for pounds but u get the idea, some people notkeen on 4% the want %10, can u imagine earning 1 mill a year in interest?  thats a pretty intoxicating thought. or go safe with 450k a year? i can see the temptation, what if theres convincing slaesmen saying we can get %20 using our stock  , auto trade programs? thers 2 mill ayear!

            once the greed kicks in then you are on a slippery slope.

             

            gotta keep ya eye on the prize, and the prize is, making sure the capital to run your life in comfort tiill oyu are dead, isnt blown and you gotta go back to being a joe schmoe.

            personally id sit out a year, just smiling a lot, and maybe eating at resturants a lot to.

            2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

            keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

              jackpotismine's avatar - kanji for_peace.jpg
              Kunming
              China
              Member #57910
              January 23, 2008
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              Posted: April 16, 2008, 12:10 pm - IP Logged

              I don't feel sorry for the man. He had his chance. A big chance. Next!

              Play to win!

                Avatar

                United Kingdom
                Member #57145
                December 19, 2007
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                Posted: April 16, 2008, 1:32 pm - IP Logged

                Some people are too stupid and no matter how many oppertunitys they get they'll always end up with nothing.

                  fwlawrence's avatar - Yavill
                  Austin
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                  December 6, 2004
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                  Posted: April 16, 2008, 2:57 pm - IP Logged

                  What's even more surprising than wasting all that money is actually OWING people money!

                    ToadSchmode's avatar - aquas1

                    United States
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                    Posted: April 16, 2008, 5:42 pm - IP Logged

                    PartyOh, but what a wild 3 years it was...Party

                    Only know you've been high when your feeling low...Passenger Guitar


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                      Posted: April 17, 2008, 7:32 pm - IP Logged

                      I would be out there knockin on those leeches doors for payback of money lent. If not paid back I would be knockin on their face.

                      Do the words: lawsuit, assualt and battery, felony mean anything to you?  If you want to win the lottery, I would suggest you start to get a serious grip on your temper.  You walk around beating on people, and your money will provide special meals inside the cell you will be living in.  The more you have, the less you can afford to be lead around by a macho attitude.  Just pushing your face into some one else's face can result in immediate bankruptcy. Your brain started out larger then your biceps for a reason!

                        Bondi Junction
                        Australia
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                        December 24, 2007
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                        Posted: April 17, 2008, 10:46 pm - IP Logged

                        I bet he wishes he remained anonymous. One of the problem of shouting your mouth off is, people come out of the woodwork worth "investment proposals". Discretion is the better part of valor.

                          time*treat's avatar - radar

                          United States
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                          March 30, 2005
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                          Posted: April 20, 2008, 5:09 am - IP Logged

                          There is a popular saying about the waste of going to the grave with a goodlooking corpse, how you should go skidding in sideways saying it was a great ride. I think there was even a book written a few years ago titled, "Die Broke" or some such thing. Seemed to be about enjoying your money rather than passing half to your heirs and half to the tax man. I'm going to guess this guy enjoyed his $10M

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

                            GamerMom's avatar - tails

                            United States
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                            April 21, 2008
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                            Posted: April 22, 2008, 9:45 pm - IP Logged

                            I bet he wishes he remained anonymous. One of the problem of shouting your mouth off is, people come out of the woodwork worth "investment proposals". Discretion is the better part of valor.

                            which I don't understand why people fall for that crap. I would invest my $$ in US Savings bonds or a bank CD.  Not much of a return, I know, but why would i need to make more money when I already had 10 million?  Greediness breeds disaster!

                              DC81's avatar - batman39
                              MI
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                              Posted: April 23, 2008, 4:18 am - IP Logged

                              I'd move the money away from the US Dollar as much as I could and then if someone ask for a hand out I could just say "sorry, all my money is tied up in investments".

                              You can't predict random.