A MAN who won £9.7million ($15.5m) on Lotto has squandered it and is now an alcoholic, earning £75 ($120)-per-day as a painter and decorator
Lotto Winner Michael squanders his $15 million windfall
You could simply invest the whole lot in an ING type account, pay yer tax and live off the interest from the interest quite easily.
Pretty sad that these people end up losing it all.
If I came across that sort of money, that's what I'd probably do.
But when what ?
That's where I fear it could go wrong
I wonder how many could simply live off the interest, and not succumb to the temptation to start spending the capital?
I certainly wouldn't / couldn't give it all to a Bank and simply live off the interest.
The capital would be spent in about 6 months if it were in my hands. One nice big property for cash, grab the title deed and swan straight into a Bank asking for a loan, with that as collateral.
Add them both to the stable and then carry on as per normal as if nothing had ever happened.