£10 million lottery winner blows fortune, in debt

Comment #39

naijaman — Mon, 17 Mar 2008 03:57:32 GMT

Sheesh...another moron blows it all. All he had to do was invest in a money market account @ 4.5%, which comes to 450k a year, which is 37.5k a month. Any bozo who can't live off almost 40k a month needs an ass whooping.

Comment #38

myturn — Tue, 19 Feb 2008 04:01:39 GMT

The mistake he made was going public with his win. The UK lottery allowed winners to remain anonymous, while they like winners to go public, it is good publicity for the lottery. I think winners are crazy to go public.

Comment #37

JackpotWanna — Mon, 18 Feb 2008 19:58:38 GMT

You never know until you win. Money changes people. I think it is best to get lots of professional advice before making a big buy. I like the idea of spending the interest only from a large jackpot.(mega cash 100,000,000 x .05 = 5 million. After taxes 3 millon. About 250,000 per month )

250,000

Get an allowance = $5000 per week - $20000 a month (me) and wife gets $7000 per week $28,000

$102,000 for household expenses.

Put the remaining 100,000 into another interest saving fund st... [ More ]

Comment #36

tntea — Mon, 18 Feb 2008 14:51:00 GMT

Sorry to burst your bubble.. but all women do not lie about what is spent at the stores. I don't and I am sure there are others too. I earn my own money, so it doesn't matter how many pairs of shoes I have. The shoes are only part of my outfits I wear to work. Women care about how they look when they leave the house. It wouldn't bother me if my husband had 20 pairs of shoes, as long as he looked nice.

My husband and I don't blow money. You wouldn't see us in the shape this couple is in after... [ More ]

Comment #35

savagegoose — Mon, 18 Feb 2008 13:20:49 GMT

i often tell people i wont buy a house, or car ill own a car hjire company and property company. limited loability of course. then when some jhackass thinks theres that multu mull;ion dollar lotto winner, ill bounce of his car and sue well go ahead it aint my car.

just some company with limited ibnsurance, same as a bozo clinbing ya fence and getting hurt falling on ya spiked garden ornaments.

too bad pal i dont own the place in just leasing.

but well i do tend to be a b... [ More ]

Comment #34

pumpi76 — Sun, 17 Feb 2008 00:36:34 GMT

what do you mean i don't get you..

i went to the bank and they told me that for 1 million dolllars i will get 41,000 dollars yearly at 4% interest rates...so if i have 20 million i will get 820,000 a year....plus the tax...I don't know where you get the 100,000 a year...

Comment #33

PrisonerSix — Sat, 16 Feb 2008 15:25:50 GMT

The thing that gets me about alot of these big winners is how much money they give away. I don't understand why people do this. If I win, I don't plan to do this. If anyone asks me for money, they aren't getting any, period. Alot of the people they give money to probably wouldn't give them $5 to buy a fast food lunch if they were broke.

The way I look at is if would these people want to be around me if I didn't have the money? That question needs to be asked by alot of people who have anyt... [ More ]

Comment #32

Omniscient — Thu, 14 Feb 2008 17:33:31 GMT

No problem ... I thought it was a good article as well... had to share it. Hope it helps others re-think how they might handle a lottery win should it fall in their hands.

Comment #31

OldSchoolPa — Thu, 14 Feb 2008 07:39:53 GMT

Oh and I forgot that the media actually has covered women who blew millions they came into. I think one of the daytime talk shows had a few of the women who had lost a close family member in the 9/11 attacks and how some of them went on wild spending sprees and blew ALL of the money they had gotten from that Victims Fund (some blew the entire 1.5 million in addition to the proceeds they got from private life insurance, group insurance and their deceased spouse's 401k). So no gender is infallable... [ More ]

Comment #30

colthmn — Thu, 14 Feb 2008 05:14:37 GMT

In the Lion Kingdom, females will often go out and hunt, bringing back the prey to the lone male. And of course he has his work cut out for him in terms of reproduction. Poor tired fella! Well, when we look at social conditions, economic conditions, trends, and of course alternative lifestyles etc. we may be gaining a view of reverse harems! It's not so hard to figure what to do! Well.!!!!!!!!!!!!! Will this change abruptly, if at all? In process of time like everything else. Be like water, go w... [ More ]

Comment #29

BaristaExpress — Thu, 14 Feb 2008 03:39:17 GMT

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

Comment #28

Tenaj — Thu, 14 Feb 2008 03:10:28 GMT

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.

Comment #27

BaristaExpress — Thu, 14 Feb 2008 02:45:46 GMT

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 tha... [ More ]

Comment #26

time*treat — Thu, 14 Feb 2008 02:39:44 GMT

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.

Comment #25

Todd — Thu, 14 Feb 2008 00:54:58 GMT

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

Comment #24

pumpi76 — Thu, 14 Feb 2008 00:48:45 GMT

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 a... [ More ]

Comment #23

gocart1 — Wed, 13 Feb 2008 20:48:33 GMT

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........

Comment #22

lottocalgal — Wed, 13 Feb 2008 16:59:55 GMT

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.

Comment #21

JackpotWanna — Wed, 13 Feb 2008 16:54:13 GMT

You got a point there.

Comment #20

OldSchoolPa — Wed, 13 Feb 2008 16:03:44 GMT

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... [ More ]

Comment #19

JackpotWanna — Wed, 13 Feb 2008 14:45:58 GMT

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.

Comment #18

Omniscient — Wed, 13 Feb 2008 14:11:53 GMT

...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 ho... [ More ]

Comment #17

benmas — Wed, 13 Feb 2008 08:04:58 GMT

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

Comment #16

rage — Wed, 13 Feb 2008 07:53:20 GMT

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 m... [ More ]

Comment #15

dejack03 — Wed, 13 Feb 2008 04:25:24 GMT

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.

Comment #14

chasingadream — Wed, 13 Feb 2008 03:49:03 GMT

Original Post by JackpotWanna

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

i would never make the mistakes that he made

Comment #13

s5thomps — Wed, 13 Feb 2008 01:37:37 GMT

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 fal... [ More ]

Comment #12

jeffrey — Tue, 12 Feb 2008 22:50:27 GMT

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.

Comment #11

OldSchoolPa — Tue, 12 Feb 2008 20:37:50 GMT

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.

Comment #10

Trained2beRich — Tue, 12 Feb 2008 18:51:31 GMT

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.

Comment #9

lmatlaw — Tue, 12 Feb 2008 17:42:47 GMT

The guy is an idiot, plain and simple. How could he not see what was happening to him

Comment #8

mken32 — Tue, 12 Feb 2008 17:38:50 GMT

I like that what you're talking about 20 million to 40 million in annuity, dude where do these people come from they have poor management of money I am not the best but I worry about the end result.... so when I hit tonight 150 million can you give me some pointers in financial advice...

MKEN32

Comment #7

JackpotWanna — Tue, 12 Feb 2008 17:02:57 GMT

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

$20 million within 10 years is pretty good. He was a good man from his spending habbits, he mostly used his money to help people. He should have took annuity payments instead taking the cash or used the cash to buy into anniuty. Turn $20 million cash into $40 million in annuity payments for 30 years and you set for life.

Comment #6

Todd — Tue, 12 Feb 2008 16:36:40 GMT

Personally, I love that shot of him wearing the Burger King crown.

Comment #5

OldSchoolPa — Tue, 12 Feb 2008 16:36:12 GMT

Now I see what the difference is between say wealthy businessperson and a lottery winner who becomes involved in business deals...if things turn sour for the businessperson like they did for Donald Trump, he has the ability to recreate that wealth by employing proven business systems. However, if a lottery winner makes ill-advised personal and business decisions, that person typically has no recourse to recreate that wealth has it was acquired largely as a matter of luck. And despite all the wel... [ More ]

Comment #4

hjones — Tue, 12 Feb 2008 16:21:20 GMT

It's amazing to learn that some people just don't live within the means , no matter how rich you get.

Some people never learn.

Comment #3

LuckyLilly — Tue, 12 Feb 2008 15:58:14 GMT

Sounds like she's been out of the field 10 years. Maybe it's changed too much?? I dunno much about it.

Kinda feel sorry for these two, but it sounds like he didn't look into the investment much before he sunk 4 million into it. It's like he thought the money would never run out no matter how much he spent. Tsk tsk.

Comment #2

ThatScaryChick — Tue, 12 Feb 2008 15:57:44 GMT

I know when I read that I thought why not go back to being a nurse. It pays more.

Comment #1

fwlawrence — Tue, 12 Feb 2008 15:35:22 GMT

If his wife is a former nurse, why take a hairdressing course? Go back to nursing-it probably pays better.

£10 million lottery winner blows fortune, in debt

Lottery Post — Tue, 12 Feb 2008 14:00:40 GMT

When hospital porter John McGuinness won a 10 million (US$19.5 million) British National Lottery jackpot, he thought his good fortune would never end.

Eleven years later, he is deep in debt, looking for a job and applying for public housing.

Some say it's all because he accepted an invitation to join the board of a football (British soccer) club.

Thanks largely to a disastrous 4 million investment in the lowly Scottish side Livingston FC, McGuinness, 44, owes more than 2 million and is... [ More ]