Lotto winner Michael Carroll squanders his $15 million windfall

[jaycee]

Sounds like he was a follower of the famous soccer player George Best who summed up his own sad life and loss of a fortune with

"I spent a lot of money on booze, birds and fast cars ........ the rest I just squandered.".

Cheers,
Beef

First thing that came to my mind too.

Bayview, That's what I mean - lots of things are options... What Dazz said, what you said.. and there's probably other ways too....

But imagine if the best you've done is paid off a $15k car loan, saved for a couple of holidays and what not whilst balancing your bills all your life with just nogh lying around to "enjoy life" (not sayng this is good, but that many people are like this). Then, you get a chance to change all that and live differently - how differntly ? Do you still live in your same little PPOR or do you buy /get a mtge for a you beauty PPOR ? Do you live of $750k pa -tax pa and borrow for the PPOR and other things you'd like now from that money, or do you buy with capital and build it back up ?

I'd hate to contine uliving in my 55 sqm dogbox.

Do I buy a $5m place or $3m or $1.25m or a $750k place ? With cash or a mtge ?

Bunch off questions like that which I could see people not working out 100% propery and I fear that one way or another I'd be one of them.. But I hope that haing become more concsious (if only slightly!) on montary matters (i.e sort of realising, all I got is all I got and if I need / want more I'd better do something about it like others have done & do), that I might not blow it all on partying and shortlived joys.

 

[skater]

Dunno skater, I was thinking for 15m I could maybe stretch myself and purchase a nice 3x1 fibro / tile ex housing commission house on it's own block out in Campbelltown. Import some local CUB's and charge them $ 250 per week in rent. Heaven on a stick.

Haha! You mock me Dazz!

No, with that kind of $$ I'd entertain myself somewhat and venture into a nice large building (even by your standards). Something that could house a nice large, modern skating rink. Actually, it would probably have to be custom built to my exacting standards.

 

[Dazz]

Something that could house a nice large, modern skating rink.

Like this ??

http://www.guptillsarena.com/

 

[skater]

While I dispute their claim to be the largest, yes, something along those lines although I'd go for a more modern feel. That one looked a little '80's style to me.

 

[Belu]

Invest $10m, spend $5m on self and family.

Done.

And by the way, where are his family and friends now who he gave 5 million to?

 

[kathryn d]

Where I worked we had a lottery pool. On occassion when the jackpot got exceptionally high, the conversation would be how they would spend it. Everyone of them admitted they would buy things till the money was gone.None of them even considered how to turn it into a perpetual income.
I was always different to them, in that regard.
I paid up my lottery pool dues for 2 years when I left...

 

[jaycee]

While I dispute their claim to be the largest, yes, something along those lines although I'd go for a more modern feel. That one looked a little '80's style to me.

If I went rollerskaitng now, I'd want to go to an 80's styled joint. With a disco ball and 80's music, just like in the good old days

 

[Witzl]

i read an article about this Michael Carrol bloke a few years ago in Ralph or FHM mag... and at the time he was still living it large.

This guy brought it all upon himself, and is a self-confessed Chav (english equivalent of bogan).

 

[buzzlightyear]

i read an article about this Michael Carrol bloke a few years ago in Ralph or FHM mag... and at the time he was still living it large.

This guy brought it all upon himself, and is a self-confessed Chav (english equivalent of bogan).

Who says, people don't buy FHM for the articles! RIP Ralph

 

[imonmyway]

To be able to blow 15m takes real dedication.

 

[BuildingBlocks]

I would love to just live off the interest on a term deposit or similar, but couldn't do it. My money would go back into property, however probably at around 50% LVR to get a very decent cash flow.

Then off we go travelling for a few years.

I still buy a lotto ticket every week to keep the quick win dream alive, however it sure isn't my retirement plan!

 

[Witzl]

you know... if i won $15million.... i probably would spend stupid amounts of money on drugs, parties, cars, and other dumb frivolous crap...... i mean common! you just won $15million!!! Who wouldnt party?!?!????


.... but i would make sure that at least HALF was nicely invested in a diverse property portfolio, with at least 50% of annual income re-invested.

 

[Aaron Sice]

i'd have a great time - and only spent a tenth of it. i'd buy a house outright and sit and wait.

you could easily just bang that in a term deposit and live of the interest paid yearly. you wouldn't have to think again - no investing risk, no developing, no share markets.....

take an average 6% term deposit on 10mil is $600k per annum. most are around 6.2 - 6.6% - some as high as 7.25% for five years. if i had a few mil in the bank, i reckon i could live with 10mil locked up for 5 years - for the amount you're depositing i reckon you could get your dividend paid annually.

if you owned everything outright, you could live off $150k very nicely indeed and then buy a house every year and re-compound $100k into the term deposit.*

that woud be very nice. no risk with bank guarantee, but all the reward.

*actually bugger the re-compounding - i'd take that cash and set up schools and micro business loans in India / South America / SE Asia.

 

[FormerLurker]

http://articles.moneycentral.msn.co...oney/8lotteryWinnersWhoLostTheirMillions.aspx

some interesting tales - gotta love the guy who's brother tried to hire a hitman

 

[woohoo]

how about his friends and relatives who got the $5 million give him some back?

 

[wish-ga]

Sadly, some people just can't get out of their own way.