Lotto winner Michael Carroll squanders his $15 million windfall

[Alex P Keaton]

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

 

[weg]

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

It sounds like the good man was hoping to single handedly stimulate the UK economy.

 

[ianvestor]

is now an alcoholic

He has a good excuse for being an alcoholic... he can't afford crack cocaine anymore.

 

[FormerLurker]

Google "lotto losers" theirs a whole heap of these sort of stories including a fellow in the US that managed to go through a sum that makes $15 million look small.

Interesting to read - the literary equivelent of watching a car crash I guess.

 

[jaycee]

I wouldn't know what to do if it happened to me if I were really honest.

But I hope that I would be as bad as Michael.

 

[cu@thetop]

I was a bit sad at this as the guy was vulnerable and had a lot of hangeroners.

Liked the idea of the crash up derbies and to be fair the money spent on hookers and drugs was a relatively small percent of overall winnings

 

[65fbk]

to be fair the money spent on hookers and drugs was a relatively small percent of overall winnings

But still more than he spent on a house!

 

[jaycee]

But still more than he spent on a house!

well they were both obviously intended only to be short term entertainment so, really makes no difference

 

[BayView]

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.

 

[ianvestor]

Pretty sad that these people end up losing it all.

The money's not lost though, it's just transferred.

Not sad for the dealers and hookers!

 

[jaycee]

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

 

[buzzlightyear]

It sounds like the good man was hoping to single handedly stimulate the UK economy.

100k on prostitutes and 230k on coke, I'd argue he was stimulating himself.

(BTW, only 100k on prostitutes! He isn't being honest!)

 

[joanmc]

which just goes to show if you can't manage your money when you only have a little you won't be able to manage it if you suddenly get a lot.

 

[BayView]

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

They should be able to simply budget how much to spend based on the interest they are receiving.

No spending of the invested capital (winnings) whatsoever.

But, this is where the real core problem (lack of money management skills) shows up.

I wonder how many could simply live off the interest, and not succumb to the temptation to start spending the capital?

 

[Dazz]

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.

 

[VYBerlinaV8]

I stick it in a mix of property, shares and cash, and would simply live as large as I could off the yield.

It would still be heaps.

 

[Corey Batt]

I'd have a field day on the market.

 

[skater]

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.

Pretty much the same way I'd do it. Although I'm betting Dazz would put his to a different asset class than I.

 

[Dazz]

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.

 

[Beef_Hooked]

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