$10M lottery winner squanders fortune

Comment #29

DC81 — Wed, 23 Apr 2008 08:18:33 GMT

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 .

Comment #28

GamerMom — Wed, 23 Apr 2008 01:45:28 GMT

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

Comment #27

time*treat — Sun, 20 Apr 2008 09:09:23 GMT

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

Comment #26

myturn — Fri, 18 Apr 2008 02:46:25 GMT

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.

Comment #25

MeFirstYouLast — Thu, 17 Apr 2008 23:32:57 GMT

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.

Comment #24

ToadSchmode — Wed, 16 Apr 2008 21:42:22 GMT

Oh, but what a wild 3 years it was...

Comment #23

fwlawrence — Wed, 16 Apr 2008 18:57:40 GMT

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

Comment #22

FiLUK — Wed, 16 Apr 2008 17:32:40 GMT

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

Comment #21

jackpotismine — Wed, 16 Apr 2008 16:10:01 GMT

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

Comment #20

savagegoose — Wed, 16 Apr 2008 16:09:30 GMT

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 poun... [ More ]

Comment #19

TheGameGrl — Wed, 16 Apr 2008 00:11:47 GMT

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 h... [ More ]

Comment #18

Badger — Tue, 15 Apr 2008 20:59:34 GMT

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... [ More ]

Comment #17

justxploring — Tue, 15 Apr 2008 18:18:30 GMT

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... [ More ]

Comment #16

JackpotWanna — Tue, 15 Apr 2008 14:54:07 GMT

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.

Comment #15

lottocalgal — Tue, 15 Apr 2008 13:12:40 GMT

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.

Comment #14

justxploring — Tue, 15 Apr 2008 07:07:26 GMT

JAP, sometimes people lose because of greed but often it's believing that someone who tries to make a living by investing other people's money knows more than you do.

Comment #13

dejack03 — Tue, 15 Apr 2008 06:02:35 GMT

If what is said about him is true, then I reserve my sympathies for his family who is going to have to watch him go under.

Really, with all of the lottery failures it is hard to imagine any excuse a person would have for this type of conduct. Professional financial advisors would not condone this type of wasteful, exorbitant, ignorant spending of money. This man must have known, like many of us, that a win of millions of dollars will very likely be the only time a large windfall will fall upo... [ More ]

Comment #12

DC81 — Tue, 15 Apr 2008 04:28:44 GMT

Sounds like he didn't know how to either say no or research these investments or didn't seek good advice from others and with only (yeah, only) $10 million he spent over1.2M/12% of it right away as well, it's no real wonder he went broke so quickly. Maybe he didn't need a home worth over a million dollars, yeah property and well everything else is more expensive there but still he was pretty much setting himself up from the start, I wonder how much the taxes alone were for the property. Then he... [ More ]

Comment #11

KY Floyd — Tue, 15 Apr 2008 04:27:45 GMT

He started off pretty good ?

The first thing he did was spend more than 10% on a house that undoubtedly required substantial annual upkeep, and another 2% on cars. Giving money to his kids may or may not have been a smart thing, depending on how much, and whether or not he set up trusts, but that further reduced his principal, and therefore his future income. That doesn't sound good to me.

The $8 million or so he might have had left is a lot of money, but in a safe investment it may mean a... [ More ]

Comment #10

JAP69 — Tue, 15 Apr 2008 02:23:47 GMT

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.

Comment #9

Feadogger — Tue, 15 Apr 2008 01:48:17 GMT

There is something called hindsight bias that I think is an important consideration in these stories.

We have a tendency to make judgements first, then look for evidence afterwards that supports our position. It's very easy to look backwards and selectively remember.

Comment #8

dphillips — Tue, 15 Apr 2008 00:58:02 GMT

What fools these mortals be! (Cited from one of our greatest writers/thinkers).

Lottery LP posters and unknowns, take heed: let the young man's alleged arrogance and his alleged pomposity be your guide. Since I didn't know him personally, I used the word...alleged -- because I didn't have proof.

Comment #7

dingo — Mon, 14 Apr 2008 20:06:56 GMT

Money can change people, some good, some bad. The more you learn about unfortunated winners, the less chance we hit the jackpot because God teach us valuable lessons through this people. It's just like we have small chunk of jackpots in our pockets already.

I learned that: 1) if you want to stay humble, play anytime when you get a chance, no matter how small jackpots are. 2) if you are big spenders wait until it get $50 Millions or above $100 Millions to play. When you've won, Even if yo... [ More ]

Comment #6

ThatScaryChick — Mon, 14 Apr 2008 19:03:08 GMT

It sounds like he wasn't a well-liked man. He probably should of put a good amount of it in savings and laid of building so much and buying so many cars. He could have had a good life with that money. Oh well, live and learn.

Comment #5

JackpotWanna — Mon, 14 Apr 2008 18:11:00 GMT

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

Comment #4

hearsetrax — Mon, 14 Apr 2008 17:57:13 GMT

I think its safe enough to say

the xtra spending money made things worse then it was b4 the win

Comment #3

justxploring — Mon, 14 Apr 2008 17:42:19 GMT

He looks so happy in the photo. The article indicates he's divorced, but doesn't mention what happened to his wife children, except that he gave some money to his 2 sons. I wonder if he got get divorced before or after he won the money?

Well, it was his money to blow I guess. Sad story, although he does sound like a miserable human being, according to his neighbors.

Comment #2

hearsetrax — Mon, 14 Apr 2008 17:14:08 GMT

with a smallish side of

Comment #1

Raven62 — Mon, 14 Apr 2008 15:59:59 GMT

Sad, but everyone has to make their own choices in life: Right, Wrong, or Indifferent!

His is Indefensible

$10M lottery winner squanders fortune

Lottery Post — Mon, 14 Apr 2008 15:24:01 GMT

He does odd jobs to make ends meet, claims welfare benefits, and lives in a 15 (US $30) a night guest house.

It's hard to believe that just three years ago, ex-British soldier Peter Kyle hit the lottery jackpot of 5.1 million (US$10.1 million).

Today, the 55-year-old divorc e has squandered all his winnings and is virtually destitute, reported The Daily Mail. It is claimed he also owes money.

A source told The Daily Mail that Kyle lost his money after making a string of ill-advised in... [ More ]