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Karen Nathan

Miami Florida
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Oct 6, 2020, 11:37 am

Callie Rogers, the World's Youngest Lottery Winner at only 16 won about 2 million in The British Lottery. She claimed that she wasn't going to be one of those idiots who win big money in The Lottery and blows it friviously and ends up broke within a year or so. She claimed she was going to be responsible with her winnings... Well, she blew her winnings friviously, vuying lavish and expensive gifts for friends and family., doing lavish parties, drugs, expensive trips, plastic surgery, jewelry, houses, fancy food, alcohol, etc and ended up broke within a year or so. As an Adult, she and a Married Mother, she claimed at only 16 she was still legally a CHILD she shouldn't have had direct access to those 2 million and that money should have been forced into a Trust Fund until she was an Adult, at least in her 20's and would be more financially mature and responsible than a CHILD. Do you agree with Callie?
HoLeeKau

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Oct 6, 2020, 3:29 pm

I agree with Callie.

I'm pretty sure I saw where the British lottery has advisors who talk to every winner about managing their money. I guess Callie didn't listen. But I put most of the blame on her parents, not the lottery. Knowing that she wanted to make the choice not to blow her winnings, it seems like it would have been quite easy for the lottery advisors and her parents to convince her that the best way to not blow it was to put it into a trust before they even cut the check. Maybe have the trust pay her 50 or 100 bucks a week till she was 19 or 20 so she could get used to managing a little bit of money before she got her hands on the jackpot.

Most US states require you to be 18 to play the lottery, and some set 21 as the minimum age. I assume part of the reason for that is to limit their liability if they hand over a whole bunch of money to a minor who has to then make decisions they're not mature enough to make. I'd say Callie is lucky the only really bad thing that happened to her was that her money is gone with nothing to show for it. She could have made even worse decisions.
GiveFive

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Oct 6, 2020, 4:24 pm

Quote: Originally posted by Karen Nathan on Oct 6, 2020
Callie Rogers, the World's Youngest Lottery Winner at only 16 won about 2 million in The British Lottery. She claimed that she wasn't going to be one of those idiots who win big money in The Lottery and blows it friviously and ends up broke within a year or so. She claimed she was going to be responsible with her winnings... Well, she blew her winnings friviously, vuying lavish and expensive gifts for friends and family., doing lavish parties, drugs, expensive trips, plastic surgery, jewelry, houses, fancy food, alcohol, etc and ended up broke within a year or so. As an Adult, she and a Married Mother, she claimed at only 16 she was still legally a CHILD she shouldn't have had direct access to those 2 million and that money should have been forced into a Trust Fund until she was an Adult, at least in her 20's and would be more financially mature and responsible than a CHILD. Do you agree with Callie?

I neither agree or disagree with Callie... It's all water over the dam now. It sounds like she had the very best of intentions but squandered her fortune anyway. It's easily done, and in fact, Callie isn't all by herself in blowing all of her money. It's happened to many lottery winners, and also to people who inherited a fortune.

I've read many posts here by people who've written the first thing they'll do if they hit big is to hire a lawyer. That's a good start, but then what? There's a lot to know about protecting and preserving your new found wealth. You may hear someone say to "Hire a fiduciary"... That sounds good on the surface, but did you know there are four different types of fiduciary's? Do you know the difference between those four types? Which type is right for you? And, most people aren't aware of this fact; anybody can call themselves a "fiduciary". Fiduciary's are required to put your financial interest ahead of theirs. They are not paid commission's for investment products they sell to you. They are typically paid a fee. (1% of "AUM" or Assets Under Management is the going rate)

Most likely, you'll want to hire a Registered Investment Adviser (a RIA) which can be a person/individual, but is more typically an investment firm. RIA's are fiduciaries, and are regulated by The Securities and Exchange Commission. People who work for an employer that is a RIA are Investment Adviser Representatives. (IAR's) There are also Certified Financial Planners, and they can be and probably are fiduciaries. Just be aware that they're overseen by a nationwide professional organization that does not and can not enforce laws put in place by governments. (State or Federal)

The big thing you'll have to remember is this; you will have to research it and get yourself educated because nobody is going to take the time to explain to you all of the concepts you'll need to understand before you allow someone other than yourself to manage your millions of dollars. They'll all be screaming at you "Hire ME!!!" If you dont know and understand what their professional credentials mean, and what questions you need to ask them before you let them start managing your money, you can be seriously harmed.

For whatever this is worth, you might be thinking that I have a background of working in the financial industry, and that's why I know all about the things I wrote above. Nothing could be further from the truth. Fortunately for people like me, there's Google. It's all out on The Internet. And let me tell you, I got my eyes opened very wide after I did a little digging. Now all I gotta do is win big. That's the hard part. G5

Play Smart! That's IF there is such a thing as playing smartly!!
grwurston

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Oct 6, 2020, 5:52 pm

Quote: Originally posted by Karen Nathan on Oct 6, 2020
Callie Rogers, the World's Youngest Lottery Winner at only 16 won about 2 million in The British Lottery. She claimed that she wasn't going to be one of those idiots who win big money in The Lottery and blows it friviously and ends up broke within a year or so. She claimed she was going to be responsible with her winnings... Well, she blew her winnings friviously, vuying lavish and expensive gifts for friends and family., doing lavish parties, drugs, expensive trips, plastic surgery, jewelry, houses, fancy food, alcohol, etc and ended up broke within a year or so. As an Adult, she and a Married Mother, she claimed at only 16 she was still legally a CHILD she shouldn't have had direct access to those 2 million and that money should have been forced into a Trust Fund until she was an Adult, at least in her 20's and would be more financially mature and responsible than a CHILD. Do you agree with Callie?

Easy come. Easy go. And a good time was had by all.

Before you play there are 2 choices to make. Low sum or high sum and consecutive pair or no consecutive pair. Choose correctly and you go from 120 combos down to 30. Not a bad starting point.
Stat$talker

Stat$talker

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Oct 6, 2020, 5:58 pm

Quote: Originally posted by Karen Nathan on Oct 6, 2020
Callie Rogers, the World's Youngest Lottery Winner at only 16 won about 2 million in The British Lottery. She claimed that she wasn't going to be one of those idiots who win big money in The Lottery and blows it friviously and ends up broke within a year or so. She claimed she was going to be responsible with her winnings... Well, she blew her winnings friviously, vuying lavish and expensive gifts for friends and family., doing lavish parties, drugs, expensive trips, plastic surgery, jewelry, houses, fancy food, alcohol, etc and ended up broke within a year or so. As an Adult, she and a Married Mother, she claimed at only 16 she was still legally a CHILD she shouldn't have had direct access to those 2 million and that money should have been forced into a Trust Fund until she was an Adult, at least in her 20's and would be more financially mature and responsible than a CHILD. Do you agree with Callie?

At 16, Callie shouldn't have been gambling anyway.,!! , but, if she actually said that she wasn't going to end up bRoKe,.. then it seems to suggest that she was mature enough to have avoided the very pitfalls that caused her to seemingly end up back at square 1..!!

I don't know, sounds like maybe the age limit laws are quite different there than here in the U.S.

"A fool and their money, shall soon part"..!

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BobP

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Oct 7, 2020, 1:53 am

At 16, Callie was old enough to be a cashier selling lottery tickets, so I really don't see the harm in buying a few, cept that she won!

She won about two million back in 2003 so it did take her some time to burn it. First thing was buying a house, not the worst investment if she'd have stopped there.

She was in foster care, parents weren't there for better or worse.

A Camelot spokesman said “Following her win, Callie received extensive support from us which lasted many years. Callie, unfortunately, didn’t take up the independent financial and legal advice offered by us”

She said a lot of new friends appeared to help her spend her winnings, they blew away when the last of the blow was gone.

Just one of those things we shouldn't apply to everyone, each case has it's own collection of facts. It really isn't a matter of age, more education and maturity.

Like to think I would have done it better, or not. BobP
Karen Nathan

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Oct 7, 2020, 2:14 am

Quote: Originally posted by BobP on Oct 7, 2020
At 16, Callie was old enough to be a cashier selling lottery tickets, so I really don't see the harm in buying a few, cept that she won!

She won about two million back in 2003 so it did take her some time to burn it. First thing was buying a house, not the worst investment if she'd have stopped there.

She was in foster care, parents weren't there for better or worse.

A Camelot spokesman said “Following her win, Callie received extensive support from us which lasted many years. Callie, unfortunately, didn’t take up the independent financial and legal advice offered by us”

She said a lot of new friends appeared to help her spend her winnings, they blew away when the last of the blow was gone.

Just one of those things we shouldn't apply to everyone, each case has it's own collection of facts. It really isn't a matter of age, more education and maturity.

Like to think I would have done it better, or not. BobP

I remember on YouTube on a "Lottery Winners Who Won Big and went Broke," video, Callie was one of them and a Youtube Poster asked something like,"Why didn't Callie's Parents take away her money when she blew through the first million? Callie was still technically a Child and her Parents could and should have taken away the second million until she was an Adult." I JUST found out Callie was in the Foster Care System from your post. I always assumed she was with her Biological Parents until reading your post.
GiveFive

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Oct 7, 2020, 7:57 am

Quote: Originally posted by BobP on Oct 7, 2020
At 16, Callie was old enough to be a cashier selling lottery tickets, so I really don't see the harm in buying a few, cept that she won!

She won about two million back in 2003 so it did take her some time to burn it. First thing was buying a house, not the worst investment if she'd have stopped there.

She was in foster care, parents weren't there for better or worse.

A Camelot spokesman said “Following her win, Callie received extensive support from us which lasted many years. Callie, unfortunately, didn’t take up the independent financial and legal advice offered by us”

She said a lot of new friends appeared to help her spend her winnings, they blew away when the last of the blow was gone.

Just one of those things we shouldn't apply to everyone, each case has it's own collection of facts. It really isn't a matter of age, more education and maturity.

Like to think I would have done it better, or not. BobP

"It really isn't a matter of age, more education and maturity."

The above sentence sums up the problem very succinctly. Who among us that has never had millions of dollars at their disposal knows how to handle it intelligently? I sure don't know how to manage millions of dollars. I have absolutely no experience with doing it, therefore I dont have much choice with regard to hiring a money management pro. If I really want to keep it then I better hire somebody that knows what they're doing with it.

People think they're up to the challenge, but in reality they have no clue about how to manage big money. It's not as easy as everybody thinks it is. If it truly was that easy, the overabundance of stories of lottery winners blowing it all wouldn't exist.

One of the reasons why I started Googling about what private wealth managers are and do is because I know myself. Although I have little expectation of winning a multi-million dollar lottery jackpot, if I was ever so lucky to win one, I wouldn't be able to control my emotions. I'd be one giddy polecat grinning from ear to ear for months. I figured it was better for me to know today while I'm not wealthy what to look for when hiring a professional money manger, not after winning a jackpot. I wouldn't do a very good job of researching how to hire a money pro if I didn't have a care in the world about where my next dollar is coming from.

BobP couldn't be more correct if he had to be... it's more a matter of education than anything else. G5

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DELotteryPlyr

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Oct 8, 2020, 7:50 am

I think what might be really interesting is if she were to win again, but years or decades later. Would she have learned anything from the first time? Do any of the people that do this (burn through it) learn? Or is it just how they are and will NEVER learn?

I tend to believe that many people are just the way they are and almost never learn/change.
HoLeeKau

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Oct 8, 2020, 9:55 am

Quote: Originally posted by BobP on Oct 7, 2020
At 16, Callie was old enough to be a cashier selling lottery tickets, so I really don't see the harm in buying a few, cept that she won!

She won about two million back in 2003 so it did take her some time to burn it. First thing was buying a house, not the worst investment if she'd have stopped there.

She was in foster care, parents weren't there for better or worse.

A Camelot spokesman said “Following her win, Callie received extensive support from us which lasted many years. Callie, unfortunately, didn’t take up the independent financial and legal advice offered by us”

She said a lot of new friends appeared to help her spend her winnings, they blew away when the last of the blow was gone.

Just one of those things we shouldn't apply to everyone, each case has it's own collection of facts. It really isn't a matter of age, more education and maturity.

Like to think I would have done it better, or not. BobP

Thanks for the further info. I had never heard of the case.

So the lottery did give her advice. I didn't realise they stuck around for years. I thought they'd spend maybe a week or two helping get things in order.

It sounds like Callie thinks the lottery should have forced her to put it into a trust, which I don't agree with. Could her foster parents legally do it in Britain? I'd agree that her foster parents should have done more to protect her assets even though they were government appointed guardians. They also shouldn't have allowed her to go public. I believe Britain allows anonymity IIRC, and it seems like a huge factor in most lottery winner's downfall are the hangers-on who show up out of nowhere to help the winner spend their money.

Let's say the lottery allows anyone of any age to win where you live. If your 16 year old child won a large jackpot and didn't want to take any financial or legal advice, what would you do? Would you go against their wishes and take it out of their control? I would, no matter how much they hated me for it.
Stack47

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Oct 8, 2020, 5:05 pm

Quote: Originally posted by BobP on Oct 7, 2020
At 16, Callie was old enough to be a cashier selling lottery tickets, so I really don't see the harm in buying a few, cept that she won!

She won about two million back in 2003 so it did take her some time to burn it. First thing was buying a house, not the worst investment if she'd have stopped there.

She was in foster care, parents weren't there for better or worse.

A Camelot spokesman said “Following her win, Callie received extensive support from us which lasted many years. Callie, unfortunately, didn’t take up the independent financial and legal advice offered by us”

She said a lot of new friends appeared to help her spend her winnings, they blew away when the last of the blow was gone.

Just one of those things we shouldn't apply to everyone, each case has it's own collection of facts. It really isn't a matter of age, more education and maturity.

Like to think I would have done it better, or not. BobP

"Like to think I would have done it better, or not."

Or at least have the chance to find out. But at the end of the day, whether we're living like kings or broke, we're are only out the ticket price. And Callie probably had a blast while it lasted.

"Some people have something to say while other people feel the need to say something"
HoLeeKau

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Oct 9, 2020, 9:46 am

Quote: Originally posted by Stack47 on Oct 8, 2020
"Like to think I would have done it better, or not."

Or at least have the chance to find out. But at the end of the day, whether we're living like kings or broke, we're are only out the ticket price. And Callie probably had a blast while it lasted.

Does that count if you now regret it so much that you're talking publicly about how someone should have stepped in?

I remember an interview with one American guy who won several million. It was a very long time ago so I don't remember all the details, but IIRC it was between 5 and 10 million. He said he rode in limos and drank champagne and partied in the company of beautiful women and it was gone in several years. Now he was retirement age and had no place to live (or maybe a rundown trailer?) but he didn't regret a thing. He was laughing and smiling the whole time he talked about his years of being wealthy, and said if he won again he'd do everything the same way. The interviewer asked him if he regretted not keeping enough to have a place to live, and he said no because in order to have enough now he'd have had to give up some of his fun back then and he couldn't choose one thing to give up.

That guy had a blast. Callie? It sounds like she falls into things, just goes along with the group. She may have been one of those who feel guilty about having so much, or the type who thinks she needed to buy friends. Whatever happened back then, it wasn't fun enough that it was worth 2 million pounds apparently.
jjtheprince14

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Oct 9, 2020, 12:50 pm

If she went broke then why didn't she just go and win another one?

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Oct 9, 2020, 3:38 pm

No l do not agree with Callie. It's no different than someone backing into a wall or hitting a tree & totaling their vehicle and saying " If only that wall or tree was 6 feet further back, this would never have happened." Or " l only had sex once, l can't believe l am pregnant."

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hearsetrax

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Oct 9, 2020, 3:54 pm

👨🏻‍🏫money like rope. given enough of either, one will eventually hang one's self

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