13 Lottery Winners Who Lost It All

By Scorbing
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Grand Master

redvamp128

Posted
Posted

I remember there was a study done of lottery winners by a lottery winner... he found that out of the 10 winners other than him only 2 still had money. He also came up with a method to make sure to have a lot of money in the future.

This was his plan if you made 1 million...(Remember this is His math not mine and is done from memory)

For the first Five years -- Spend no more than 60,000$ Per Year..(That is 700,000$ collecting interest in that five year period which makes back your 300,00$ you spend during that time and then some)

Through that plan with interest you will have at the end of that Five years 1.3 million.

For the next Five years Spend no more than 80,0000$

Which every five years increase your spending by 20,000$ over what you spent the prior five years but only spend that each subsequent year.

This is how he still has money and money for the future... This winner won in 1994 and the report was done in 2002... I just wish I could remember the guys name. This guy has almost doubled his money by spending this way.

What this boils down to is not spending too much over what a successful person makes in a year... after about 15 years of this living start living like a retired person...

Mentor

Gaffney

Posted
Posted

I don't feel sorry for these people except for Bazil Thorne. For the people who win ?1m-?5m that's not a lot of cash, roughly ?20,000-?100,000 per year for 50 years. If you buy a big house your just going to burn through that cash.

Just live your life as normal, not need for flashy cars etc a good computer setup, nice house in a good location and get a lifestyle you can live with. You shouldn't be spending anything near anything over ?2-3m in your lifetime. After settling with your new lifestyle do some good with the cash, don't just donate to charity why not go out there and do some volunteering keep your mind busy.

I think the biggest problem for me would be friends.

Grand Master

timster

Posted
Posted

imo, one of the big problems that runs in every lottery, is that the big winners are identified on the tv news and in the newspapers. not to mention that they find out that their family and friends want handouts, then when they inevitably go broke, those friends and family usually vanish.

last thing i'd want if i won a truckload of money is my name and face being plastered all over the place letting everyone know that i'm a millionaire.

Grand Master

M_Lyons10

Posted
Posted

imo, one of the big problems that runs in every lottery, is that the big winners are identified on the tv news and in the newspapers. not to mention that they find out that their family and friends want handouts, then when they inevitably go broke, those friends and family usually vanish.

last thing i'd want if i won a truckload of money is my name and face being plastered all over the place letting everyone know that i'm a millionaire.

I agree 100%. I would definitely do my best to be one of those winners no one ever heard about. LOL

  • 2 weeks later...
Grand Master

Ci7

Posted
Posted

man if could win 3M dollar

would never need to work again in my life , but would do nonetheless :D

would spend around 800k dollar for nice house+car

100K for a fancy marriage rest is acc

the rest 2million would be collecting interests easily could net me around 200K dollar yearly if not more

The end! ;)

Grand Master

x-scratch

Posted
Posted

If you win the lottery, the best thing to do is:

1. Stay out of the spotlight - Refuse to be on the news, radio or anything that exposes you to a threat and the public.

2. Keep your mouth shut, don't tell anyone, not even your dog.

3. Collect ALL the money and avoid the "yearly" pay B.S.

4. Put ALL the money in the bank. Every single cent. Live off the interest.

5. Do not quit your job just because you have money now. That is dumb and stupid.

6. Don't be too nice and avoid giving everyone you see money. That will leave you bankrupt in the long run.

yeah i would do the same & move out of the country maybe to ireland or england somewhere i know i have no family living

Grand Master

Dan~

Posted
Posted

I don't understand how all these people lose it all.

The majority of things you buy, you can then sell on again, like if you bought a house for ?1m you can easily sell that again (I use the word 'easily' loosely), cars you can sell again etc.

The only thing you can't obviously sell when you get hard up again are holidays etc.

So I still fail to see how people lose it all and then become poor again :/

  • 1 year later...
Grand Master

leesmithg

Posted
Posted

I don't understand why it was written that 'Carroll' a.k.a. King of the Chavs' won the London lottery?

 

There is no such thing as a London lottery.

 

He was a northern bin man living in Norfolk and was very skinny.

 

All he then did do when became rich was eat burgers, so ended up like Elvis.

 

Read here

 

I always thought he purchased a lucky dip.

 

He suddenly got new friends and he would give his new friends ?500 each per day to waste in the arcades.

 

Purchased a farm house purchased and raced cars on it before smashing them up and burning them.

 

If I won the lottery, it would be invested in buying houses where I live and we and my children, partner and I would live off the interest.

 

I would give Salvation Army and Poppy appeal some money and maybe Bernardo's and some education charity some also.

 

If it was a ?1,000,000 half on a house and stuff for house and a holiday and other half put in interest account for going towards living costs.

Grand Master

x-scratch

Posted
Posted

well if i won the lotto i would still post on here.

nobody would know i won on here :) lol

 

but then again if you won the lotto would you even have time to browse the net???

 

not me i would be busy staying away from people 

  • 2 weeks later...
Grand Master

leesmithg

Posted
Posted

It's sad that people who know how to live on paltry amounts of money end up screwing up and losing all their winnings so quickly. Article should be called "13 absolute morons".

True.

 

We don't have much to live on here, I pay ?8 per week for two (Tuesday and Friday) Euro Millions and two (Wednesday and Saturday) for lotto, (British Lottery).

 

I played it from 15 November 1995, had 3 numbers four times and four numbers twice.

 

Biggest win was ?98 for the four and Friday on Euro Millions got two numbers an one star which gave me ?5.80, which I used to buy this weeks tickets.

 

I would like to win ?44.444.444.44 as I would know how to wisely invest it.

 

I don't like cars or motor cycles and I have lost interest over the years in National Hunt racing.

 

All I want is a big house, lots of rooms, foster children and make sure my two are made for life.

 

Donate to charities also.

  • 1 year later...
Grand Master

BinaryData

Posted
Posted

If you win the lottery, the best thing to do is:

1. Stay out of the spotlight - Refuse to be on the news, radio or anything that exposes you to a threat and the public.

2. Keep your mouth shut, don't tell anyone, not even your dog.

3. Collect ALL the money and avoid the "yearly" pay B.S.

4. Put ALL the money in the bank. Every single cent. Live off the interest.

5. Do not quit your job just because you have money now. That is dumb and stupid.

6. Don't be too nice and avoid giving everyone you see money. That will leave you bankrupt in the long run.

A lot of these companies now have contracts that you sign if you want your money, stating you have to do a public interview. 

If I won the lottery, I'd pay off my families debts, setup a college fund for my future kids, my niece, and buy a nice little piece of property for my mother to retire on. I wouldn't quit my job, it'd be my base income to live on. The rest of the money would be put into long term accounts, giving myself a monthly stipend of say $5,000 / month + my current wage. That's about $10,000 a month. I think $10k per month is plenty to live on. Afford a nice place to live, a decent car, and able to do what I want. But I don't gamble, so the chances of me coming into a large set of money, is virtually zilch.

Grand Master

macoman

Posted
Posted

A lot of these companies now have contracts that you sign if you want your money, stating you have to do a public interview. 

If I won the lottery, I'd pay off my families debts, setup a college fund for my future kids, my niece, and buy a nice little piece of property for my mother to retire on. I wouldn't quit my job, it'd be my base income to live on. The rest of the money would be put into long term accounts, giving myself a monthly stipend of say $5,000 / month + my current wage. That's about $10,000 a month. I think $10k per month is plenty to live on. Afford a nice place to live, a decent car, and able to do what I want. But I don't gamble, so the chances of me coming into a large set of money, is virtually zilch.

That's a smart move and I will do the same thing. It's crazy how a guy who won 15.5 millions, wasted in prostitutes and drugs...  :wacko:

Grand Master

DConnell Member

Posted
  • Member
Posted

If I won a large chunk of money I'd:

 

Set up a portion of the winnings to go to my mom. She's helped me all my life, this would make sure she'd have more to get by on than her meager pension/Social Security.

Buy a nice, but not extravagant house.

Set up some good stable investments so I have some extra income from now on. The house, of course, would count as one of them.

Set up college funds for my 2 godkids.

Once I had all that taken care of and had a feel for my new budget, then I'd have a little fun. A Mustang, maybe a trip to Ireland. I'd certainly enjoy my winnings, but with some restraint.

I probably wouldn't quit my job, since I like where I work.

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