Dad-of-two Roger Griffiths, 42, used to drive a Porsche and vacation with the super-rich in New York and Monaco.
He and wife Lara lived in a £670,000 home, sent their children to a £10,000-a-year private school and plotted to double their wealth through property and stock market investments.
Roger also splurged on a fleet of fancy cars and luxuries like tailor-made suits and Cartier diamond jewellery.
He even blew £25,000 making a record after getting his old student band back together. They sold just 600 CDs.
Roger said: "I loved being rich. There were times when I didn't look at price tags and that was ludicrous, stupid — but I loved it."
Roger and Lara flew to Dubai, Florida and Majorca in the months after his win.
They bought champagne by the case and partied with celebs like Take That as they enjoyed the millionaire lifestyle.
But their fortune was wiped out by a failed business venture — and the global financial crisis of 2007. Their 14-year marriage collapsed because of rows about money and the business was sold at a loss.
Roger, who once earned £340 a day in interest, now has just £7 in the bank.
He said: "I had it all, but now it's gone. I've been borrowing money from my parents — that's how bad it is.
"I feel ashamed to say this but I haven't been smart enough. I thought I was bright — degree-educated, pretty astute. I thought I could make it work for me and I failed.
"I'm trying desperately to keep the wolf from my door but I'm running out of ideas."
Roger had quit his IT manager's job after scooping £1,831,492 (US$2,784,104) in 2005. He and Lara spent £200,000 buying and renovating a beauty salon to provide a steady income.
But their Lotto dream turned into a nightmare after the crisis of 2007 halved the value of their investments.
The housing market also collapsed and the beauty salon began losing £4,000 a month.
Roger and Lara had borrowed against the value of their home to set up the salon, and felt they had no choice but to keep "pumping money into the business".
They withdrew £100,000 from their remaining investments to stay afloat, but saw it swallowed up by bills.
Roger said: "We had vowed never to drop below £1 million, but we were just living off the lottery money.
"There was no adding to it, no protecting it. We weren't getting £340 a day interest and the investments had vanished.
"We were hemorrhaging money. It was awful. There was nothing to plug the dam.
"And once you have tasted that life of a millionaire it's difficult to step back. The pressure on us was enormous."
In December 2010 the couple's home went up in flames, destroying possessions worth £120,000, and a few months later their marriage was over. Lara, 43, stayed in the marital home while Roger moved into a two-bedroom house in Harrogate, North Yorks, that he bought as an investment.
The house is almost empty after Roger sold off most of his possessions to make ends meet. He said: "I walk around the house sometimes wondering, 'How did it come to this?' To a certain extent I have only myself to blame, but I also feel cheated by the financial crisis. My luck stopped when I won the lottery.
"I loved every minute of it but it also put massive pressure on me. I thought I was clever enough to make something bigger happen from it."
Roger now works as a self-employed recruitment consultant, but admits: "The money I bring in goes on bills I racked up during the heyday and there's just not enough to cover them. If it wasn't for my family helping me financially I'd be in trouble. Looking back the lottery win was like a poisoned chalice."
less than 3 million. Not that much to be jetting around the world. Very poor decisions. very sad story.
Wow i don't know what to say about this story
After I read stories like this I think of that young lady on LCML that married her boyfriend that was in the Navy. After realizing she had won she called her parents and her dad advised her that she needed to speak to a financial adviser who was a family friend. If you win the jackpot please seek some kind of advice so you won't be another statistic.
Oh Yeah, big time lesson. l would hate to read of someone we " know" in this forum who had come into wealth and blew it all.
First lesson: Tell no one, second: get your head out your a*** and think CLEARLY before making any decisions that could have lasting financial ruin implications.
Perhaps he can go ask for his old job back?
Im sure there is at least one, and maybe two here.
Oh Ronnie, pointing a finger are we?
Easier said than done Original Post by noise-gate
£350 a day in interest! wow thats like $3k USD a week. work that out to a year. its not that great. $160k a year.
That's quite a bit more than most people make in a pay check.
yeah its not a lot for porches, cases of champaign and exotic holidays. dont forget taxes.
This guy and his wife only have themselves to blame for their stupidity, they were living like multi millionaires when in reality £1.8m doesn't get you far in the UK, you can't retire on £1.8m, looking at the present photo of the wife guess she spent most of the winnings on plastic surgery as she looks a right mess now.
I remembered seeing them on a tv show and the wife rejected every property that was shown to them, they were also featured on the national lottery website many years ago, and the wife once again acted suck up, like yes we are loaded, yes we can afford and do whatever we want, from that video I did think they may not have a penny to their names in a few years time, now that is true.
They were definitely NOT the "scummy" wallstreet type who understands HOW to manage their money.
Good idea or maybe apply for another IT job.
WOW she doesn't sound like a nice woman. Thanks for the info buttercake
seriously he should have divorced and split the cash 50/50. with an agreement that when one of them blows their csh they get back together, and then KEEP THEIR MOUTH SHUT when it comes to money. as the one who blew their half obviously doesn't know squat. I think blowing off my partner with half the money , might be cheaper overall, than going through it all then having them blow me off. umm is that term allowed around here?
He won $2.7 million or 1.78 million pound sterling and he bought 670,000 pound sterling home?
I am sorry but if I won a lottery, I wouldn't spend more than 5 to 10 percent of my winning for a home - take into account utilities and annual property taxes for the next 10 years. And I would reserve at least a million dollars into 5 banks that earn interest in a CD with at least 5 years maturity. That would force me to be discipline and frugal with my money. I would put most of the rest into low risk investment, a few charities and only put a little into high risk investment and business.
EDIT: how do you put a pound sterling sign on LP? I copied and pasted the pound sterling sign but it didn't show when I posted the message.
He won $2.7 million or ?1.78 million pound sterling and he bought 670,000 pound sterling home?
That was my first reaction too.
Clearly, this guy was in over his head.
alt+156 on the keypad, it has all the ascii characters assigned to a bunch of different numbers.
http://www.asciitable.com/ not sure how to get a euro tho theres a new alt+0 table also , 0128 for the euro €
this has both http://homepages.rootsweb.ancestry.com/~george/ansi_ascii_character_chart.html
thanks savagegoose. I will try it.
very bad decisions indeed, couple of morons really.
Exactly. They had an income that was very comfortable, but tried to live as if they were actually rich, and compounded the problem with some bad investments. If you net $10 million you can definitely indulge yourself a bit. If you want to be sure you can live comfortably for 30, 40, or 50 years on $2.7 million with the current economy you need to live somewhat modestly. You may have to limit yourself to a reasonable house, reasonable cars and reasonable vacations, but you can do it without having to work. If you want to indulge yourself more you'll need more income.
I got two porches. A front porch and a back porch.
Built 'em both myself.
*gasp* there may be an episode of LCML I haven't seen!!!!
Sometimes its a lesson taught to those that need it.The outcome is more important than the money.Not everyone keeps what they have, But have you noticed that those who know what to do with the money hardly ever win.
Hahahahaha
porsche's. yeah by time i noticed the spelling i couldn't edit my post, i was hoping it slipt past with no one noticing
They should not regret, it will just get them depressed. They had a great time living large. Most of us will never get that opportunity. Just go get jobs and live normal lives like everyone else.
It was an older one the young lady was in California & her father told her to call his friend who happens to be a Financial Adviser she made the right choice.
Probably not, Ronnie316, since for the past 6 years his country has also had high unemployment rates. It is difficult for people who have been COMPLETELY OUT of the job market to obtain part-time and full-time jobs (in any field, at any pay rate). That is why he was forced to create his own business (hire himself), yet it doesn't pay much more than cost of living low (he said it isn't enough to pay off his family's current debt load after paying utilities, mobile phone, and Internet).
It would have been very interesting if the article had indicated if he or his wife, or both, requested their government to officially mark them bankrupt; thereby dismissing any credit card, and etc. debts. The article also didn't indicate if he 100% purchased all real estate, or if he obtained partial mortgages. If several mortgages, it would be interesting to hear how many properties have already completed the multi-months foreclosure process. Of course, when one's credit is low, potential employers notice when they run background and credit checks and instead offer position to one of the other three equally skilled job applicants. Low credit scores, bankruptcies, and foreclosures on background checks can swiftly bury a job applicant and prevent them from promotions too (when the background checks and credit score reports are re-ordered). Usually a bummer, that self-employment is the ONLY remaining source of income!
I certainly feel sorry for this family of four! The money should have been looked at as being apx. $400L in EACH of their four retirement accounts. Then it would have been obvious that there wasn't excess money available to any of them to purchase expensive: home, home furnishings, cars, vacations, jewelry, shopping sprees, real estate investments, education, and parties. Both of the children would have remained in public school, and both of their parents would have remained in full-time employment to keep everyone fully distracted during their weekdays.
Lastly, if his business income remains small, it may make sense for him to move in with his parents for several years (share paying their utilities and internet bills with them; since he isn't able to pay them back loans from these past six years).
not me. i want my chance for money freedom. at least he is pull daisys rather than pushing them, get a job.
Another fine example that just because you're "educated" doesn't mean you're smart but at least now, way too late, he admits it.
I don't feel sorry for them it's one thing if they were taken advantage off by a shady lawyer or financial adviser but their downfall is of their own doing "Roger also splurged on a fleet of fancy cars and luxuries like tailor-made suits and Cartier diamond jewellery"
"Roger and Lara flew to Dubai, Florida and Majorca in the months after his win."
"They bought champagne by the case and partied with celebs like Take That as they enjoyed the millionaire lifestyle."
Now it is sad that they divorced especially how it affects the children.
We all knew whatcha meant buddy, but you know me, sometimes I just can't resist.
hehehehe
He did not lose his money spending that amount on a house. He lost his money buying a bunch of cars, booze, crazy expensive vacations (you can take a vacation or more then 1 with out spending CRAZY amount of money. Jewelry, and expensive suits or w.e else.
If I won you won't see me buying 10 cars, expensive clothes, jewelry, ect.........It is not the houses that get people in trouble it's the other crap, and the stuff NOT needed.
I'd rather go broke buying houses because they hold their value, buying 4-5 vacations is what will make you broke and cars and clothes.
The guy did a youtube video explaining what became of the money, quite interesting.
could you post a link?
Here ya go: http://www.youtube.com/channel/UCCBcTHkamK2JyqgMoeK3wog
I hope that is what he was referring to.
Thanks.
thanks, its good to see real people. we can call him all sorts of names but bottom line is, we learn from his mistake. good luck Roger, next time you win , you'll know better.
EXACTLY!!! That is what I said. lol
This is just so sad. It's just like what happened to Jack Whittaker (but on a smaller scale). You think all this money will bring happiness, and it doesn't. You spend like crazy, lose your money, and your wife leaves you. Jack Whittaker had much more tragedy too, but their stories are similiar. Both these guys regretted and wished they had never won. Lottery Curse??? or Bad Decision Making??? or Maybe Both???
Thanks for posting ridge. I do wonder what he means by "Now I want answers" is he talking about Phil Spencer giving him bad advice
or the market
I think this guy was hungry for fame, him spending money on his band and going on that TV show Location Location Location. He should of went to a proper reputable financial advisor and got his finances in order and find out how much disposable income he will have each month. A fool and his money soon parted.
These videos are a fascinating and frightening unwinding of information, dognabit, thank you. As the five videos progressed, Roger Griffiths looked increasingly exhausted and overwhelmed -- authentic example of failed marriage/immediate family stress, high anxieties, and sleep deprivations mix.
Hopefully, Roger Griffiths will be able to amass £1,000,000 for selling his FULL STORY (about personal luxury home and luxury furnishings fire, failed real estate flipping and renting business, failed off-shore investments firm, AND failed high-end beauty salon business; yet still paying mortgages and leases on all four, and collapsing business consulting business) to the press AND television talk show circuit this month!
I hope that each of the interviewers ask about exact dollar amounts beginning investment and final investment amounts. It would be good for interviewers to ask for time-line from after lottery jackpot win years 2005 to 2007 to 2010 to 2013.
Thanks, rdgrnr.
I wasn't 100% sure what the rules were in regards to posting links.
well i invited the guy over to the forum to see if he liked it. and maybe chat. maybe if we're polite he may stay and we'll have a real live winner to learn from.
Nothing to feel sorry about. You reap what you sow. At least he had a chance.
This is such a sad story. I hope lottery winners out there will learn something from this. We need to be wise enough in spending our money.
Uhh yeah...$2.7 million US dollars doesn't make you rich, just upper middle class.
"You reap what you sow."
My wife says I always rip what she sews.
LOL, Thats funny
He had an opportunity to sustain a better lifestyle but his intelligence got the better part of him.