Any time I feel bad about wasting money, I think of this guy

  1. Nah, I saw this guy on a show about lottery winners absolutely destroying their life. He immediately bought a huge mansion and a bunch of cars, was driving 4-wheelers around his back yard drove his neighbors crazy with loud parties all the time, he was a real dick.

  2. tbh it sounds like this guy was well on his way to ruining his life anyway, I'm not too sure the lottery was responsible for that

  3. He was a dick, but now holds down a full time job that he's had for quite a few years now. And says he's happier than he's ever been. I don't know the dude, but he seems to be less of a dick now than before.

  4. I’ll never understand that. $10m lottery isn’t really life changing in the long term if you don’t manage it. Pay your taxes, put $1m aside for play money, and then strategically invest the rest. Then you can retire and live a modest life off dividends. You can’t live like a playboy millionaire because you won $10m in the lottery.

  5. Works on a oil rig now in Scotland I think. He was used by the gangsters he wanted to be like and his mates all disappeared when his money ran out.

  6. There’s a story about an American that blew his lottery winnings in a year on hookers and blow and sports cars and ended up returning to his old job after losing everything. Said it was a great year.

  7. No lie. My mother was making $30K/yr, inherited $300K in 1991 at age 39, another $80K in '94, and she was back to working by '95. No house, no car, no investments. She died penniless in 2018.

  8. by their own incompetence though. These idiots have no idea how to take care of their finances and the sudden acquisition of millions of dollars goes immediately to the most stupid and braindead purchases

  9. It isn't just this guy. Winning the lottery has a good chance of ruining your life, getting you killed or getting you or family members/friends addicted and dead of drug overdoses as you go bankrupt.

  10. People who do the lottery are generally bad with money- if they weren't they'd realise what a con it is. You don't suddenly become good with money because you've got a lot more of it. This has happened a lot.

  11. Depends on the person, their education and their environment tbh. I know of someone, an acquiantance of my father, never close or anything, that won the lottery for 1.4 or 1.5 million I don't remember. He didn't throw it all away like this guy. He didn't have any family nor anyone related to him. And he wasn't getting the money all once. It was monthly payments and everything was going to be paid in like 10 or 11 years. What he did was build himself a home first, and then build others to rent/sell. Last time I heard of him he was living in a mansion in the woods and had multiple sports cars. He played it smart and spent it wisely, now he's set for life. Only downside I guess, depending on your point of view, is that he still doesn't have a family therefore when he's going to die, all that money is probably going to the government. Dunno what his plans are, if he's considering charities or anything. I don't know that much about the guy, only that he worked with my father some 30 years ago.

  12. Winning the lottery does not ruin your life, it does give you the money to ruin your life on your own if you choose to spend it all on drugs, booze and other bad things.

  13. This is why I think like, winning a few thousand grand, like say 50K. Would probably have a nicer effect on working class people.

  14. It's also not just lottery winners. Tons of people who inherit huge sums of money blow all of it and/or ruin their lives as well.

  15. Winning the lottery just makes you more public when you ruin your life. I don’t believe that lottery winners as a whole are more likely to destroy themselves it’s just a better story, a modern morality play. How many people who are middle class destroy their lives in a similar fashion? But they didn’t win the lottery so there is no cautionary tale to tell.

  16. You can't expect someone to be able to manage millions of dollars if they've never had to manage millions of dollars.

  17. Glad I’m not alone, and I know he loves American football so the baseball cap sort of made sense before I read the caption

  18. My dad knew a guy like this. Wasted his winnings on partying and drinking with his friends. When he spent all his money, his party friends stopped talking to him, he burned bridges with many others during his party days and had to resort to asking others for money and jobs because so many people considered him a "rich asshole"

  19. Ah. My small town’s claim to fame. I once saw him at the height of his wealth being driven around town, throwing Big Macs he had bought out the window at random people. An awful man.

  20. When I was in mental health inpatient treatment there was this rich guy who was addicted to coke and hookers. It wasn’t ruining his life he just knew it was bad so he was getting help, but god damn did he have the coolest stories!

  21. "Ahhhhck *belch* so one time I was really high and I gave $1,000 to a homeless guy to punch himself in the face. Hahahaha *belch* that shit was sooooo funny.

  22. He was called the Lotto Lout in the papers at the time. He was always cropping up in the news because of his shitty behaviour.

  23. Can someone that’s better with money than me tell me how someone could use 9.7 million pounds to make them live comfortably for the rest of their life?

  24. "conventional wisdom" says you can withdraw about 3-6% of your properly invested money without ever dipping into principal. After taxes in the us, you'll likely have about 200k every year to spend. Since this isn't realistic math, let's round that up to 240k. This means you'll have 20k every month for the rest of your life you can spend.

  25. The average return of the stock market is 7% after inflation. Obviously that varies. The idea is you invest the money, and then live on three or four percent per year, or 3-400k. On average, your money will grow 3% per year. Timing affects this, retiring right before a recession would be the worst.

  26. There is a documentary where they gave a homeless man 100,000$ and let him spend it without intervention.They found that the guy had absolutely 0 sense of reasonable spending and thought that it's so much money that he'd never run out no matter how much he spent. He mostly bought escorts/hookers and slept in Hotels until he ran out and was homeless again.The same happened to German YouTuber Drachenlord. The guy was a mentally challenged guy from Frankonia that inherited a house and about 50,000 Euros. He managed to completely wreck the house and spend the money within ten years. When he sold the house for 75k the unreasonable spending continued until he was broke and homeless. Some (many?) people are simply not intelligent enough to deal with money and would be better off with a Job, because Jobs essentially ration your total income so that you cant live above your means.

  27. I don't get it, if I'm winning through lotto I'm buying a truck and moving deep into the mountains of Colorado with my kids and wife never to be heard from again, and I ain't telling a fuckin SOUL where I go

  28. I’d probably just put most of it into my savings and then keep working my job until my pension kicks in and then retire

  29. They’ll find you, if you’re living legally you’re paying taxes, if you’re paying taxes they will find you, also if the hermit life is what you’re after you don’t need to win the lotto first, just go

  30. Very similar thing happened to a relative of mine here in the states. He still swears the government stole it from him and it has nothing to do with his 7 cars.

  31. The whole scene is obscene- time will strip it away, a year and a day. There’s fewer more distressing sights than an Englishman in a baseball cap.

  32. A dude I used to share office spare with sold his idea to Ashton Kutcher and some other big investors for millions. He then proceeded to move to LA, buy expensive office space, several cars, a house, chartered private planes, etc etc.

  33. I have a close friend who was a mortgage broker during the housing bubble. He was making low six figures a month and spending six figures a month. I pleaded with him to set money aside and he claimed he was.

  34. Is it just me ? but my first thought would be to invest and make sure I don’t run out of money from that point forward..

  35. I used to work with this guy in a factory in Elgin (Scotland), well after he had lost everything. Maybe like 8 or 9 years ago. He was actually a sound guy and I asked him if he would do it again he said "Nah it was a good time at the time". Maybe he'd mellowed a bit with age by then idk. Last I saw him he was working for the local council.

  36. I met him when I was working in a bar. Maybe if you got to know him he was alright but as a passing customer he was an absolute douche.

  37. They have done several studies on regular people being given huge sums of money and in nearly all cases, it ends poorly for them. Huge abrupt life changes like that (whether good or bad) can have devastating psychological effects and send people into extremely self destructive spirals. All I'm saying is it may not be entirely his own fault that he ended up worse off than before. There is certainly some amount of personal responsibility involved, just because someone is schizophrenic doesn't mean they aren't responsible for what they do but it IS a mitigating factor.

  38. Guy was by no means a good guy but he did also receive threats from people trying to get some of his winnings. Someone even broke into his house and slit his dogs throats. Money is a horrible motivator sometimes.

  39. Dude the story is actually even worse ....already after 18 months he had spent most of the fortune only having some 500 000 GBP left

  40. It takes real self control to not plow through a new-found fortune, apparently. I like to think I’d be level headed and make a winning like that last a lifetime, but I’ve never had the chance to see how I’d actually do.

  41. Can't blame him, no one is taught how to manage lots of money. Everyone will be stunned when they get that amount of sum at once. On top of that this dude was just 19 and a garbage collector, don't wanna make assumptions but he probably wasn't educated on how to manage finances and stuff. He did what any teenager with a lot of money would do. It's sad but totally understandable why it happened and will always happen when you give a large sum of money to the poor.

  42. If I’d win 10million, id just ask my parents to hold half of it and give them a share. Then work like 2-3 days a week or start something myself to pay for my monthly costs

  43. Ik you think you can trust your parents but that is not the way, rather go to a large law/accounting firm and have them look after it, they can handle the same stuff your parents would.

  44. 0 sympathy for people like this. I've heard worse but that ain't no chump change son. Especially during that era.

  45. I can fully acknowledge that people easily fall into this trap, while still being very confident that I would not.

  46. Fuck. If I won the lottery. Wouldn’t know it. Still be working my middle management job. Still be living with my parents. Still driving an old Chevy. Just have millions in my bank and not having to stress about money ever

  47. Next door neighbor had a Granddaughter. Few days after turning legal she went to a casino and won close to a million dollars. Of course, taxes sure took their cut.

  48. Spending 9.7m is rather easy. Buy yourself a luxury house, buy yourself a new car. Spend 5m on that, find out about taxes, realise you're already in red, panic, try to sell those things, lose even more money by selling low, find out even more taxes.

  49. He actually did pretty good avoiding bankruptcy for 12 years. Most lottery winners go bankrupt along with most professional sports guys.

  50. My cousin was living on benefits for his entire life… he inherited about $300k last year, and it was gone in 4 months. Getting a lot of money suddenly when you have no money, is terrible.

  51. As a Sox fan, fuck you guys. But, you’ve kicked our ass this year and it’s hard not to respect what Judge is doing. Props to you guys and I wish you yet another early October exit

  52. The Yankees thing was more of a fashion choice I'm the UK at this point in time. Very chav chic. I'd imagine he hadn''t a fucking clue who the Yankees were.

  53. Alot of people in the uk buy that NY merchandise thinking its like those I heart NY shirts that the hat is to do with the city not a team

  54. God if I ever won, pay all my shit off, once my lease is up, buy a house for around 400-500k, pay my sisters’ shit off, pay my parent’s parent plus loans, give some extra to the family and that’s it, lock the rest of that shit away for retirement.

  55. Then those family members want more and more and more. You intially give it to them, then cut them off. They inturn turn on you, calling you "greedy" . You are now isolated and were only good for the money.

  56. yea but what about the cousins? what about sisters new boyfriend? oh no i crashed my car you need to buy me a new one, how much guilt tripping do i need to get you to crack open your wallet?

  57. You know...you can't take it with you. I used to subscribe to conservative money management in the face of a windfall but you could get hit by a bus or get cancer.

  58. It's bec when people win the lottery they go nuts! You need a smart plan on how to spend and save your winnings. Going and buying more cars than you need and a house you'd never been able to afford without it, isn't the way to do it. Man if only I could win the lottery.

  59. Well at least those where a hell of 12 years... I just need 6m€ and I'm set for life I wouldn't go crazy like this dude. But I don't play lottery so I will never gg.

  60. This is exactly what the lottery is for spend that money baby. Saving doesn’t help the economy! This man is a hero. His only flaw is not spending it faster /s

  61. One thing I like about myself is that my reaction to "what would you do if you won the lottery" is always to fix the things wrong with my current house.

  62. Check out Eddie the Eagle! I met the bike once in Basingstoke. He's a real POS... And he lost everything to alcohol.

  63. I’m here thinking to myself that with all that money I’d just restore my house cause it’s payed off just not livable, pay off and fix my truck and just continue working like normal just probably a little less while picking up a hobby or something

  64. Most lottery winners tend to end up this way. Live large until it's all gone, then they're back to where they started and likely worse off overall.

  65. With the amount of tax he paid on all the shit he bought he is basically repaying himself through the government

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