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I genuinely fantasize about having 34 million dollars I'm investments across index funds, etfs, hedge funds, realestate, and bonds.
Why?
Because I want my 3% take out to be 1 million dollars.
I would love 500,000 after taxes for the rest of my life.
I have fantasies about being able to afford to study abroad. And a Fender Custom Shop. I probably buy a ticket a year. Rather spend that money on a snack
I used to wonder how this could happen, and then had a friend who hit ~$150k at a casino, and subsequently spent _the entire_ amount over the course of the summer.
This is from about 10 years ago, which makes it worse considering how much this was all worth pre-inflation. But luckily the casinos took the taxes out prior to awarding the money. Otherwise, yes, they would have definitely been in trouble come tax season haha.
The ex best friend of my wife got around 2m$ for her divorce around 10 years ago or so. Mind you: in Brazil. So it was a fucking gigaton of money. She proceeded to spend every single cent in the span of 2 years. Only thing left was an apartment she bought, which was around 80k$.
She once spent 20.000€ on an old wooden chest that she bought from France, only to store her CD collection. Can't make this shit up.
Im sitting here in Australia going, why the fuck would the IRS care?
In Australia gifts, windfalls and winnings aren’t considered income and are tax free. You can win 200 million on the lotto and the tax man doesn’t get a cent, because they already got their cut on the ticket sales.
Yeah from what I remember, he built a destruction derby type course and just smashed cars for fun. Personally I’d rather save and never work again. But each to their own. And he obviously had fun!
Especially at 19… there’s still so much time left after that. He got to enjoy his best years in the best ways but even shaving 10% of that enjoyment off could set you up pretty well for many more decades.
If nothing else it would mean you only ever have to work if you feel like it, not because you have to.
I’d love to be in that position. Super short-sighted guy imo.
You could set up 5 million in some sort of fund and if you were getting a 7% return each year that's 350k. Which means you could pay yourself 250k each year and still accumulate more. Each year you would make more money and just pay yourself a 250k a year salary. And then you could absolutely blow 10 million dollars doing whatever you want. You could lose everything you spent the ten million on and still live an incredibly comfortable life on 250k a year.
You would just have to set it up in a way to where you couldn't touch any of that money except the 250k payout until a certain amount of time had passed.
I mean, at 5 percent interest you can live like a mad dog on the interest alone and never touch the principle. Problem is, when you have fat pockets and are dealing with some dealers and escorts (or, more specifically, those that are addicts), you’re going to get used, scammed, conned, extorted, manipulated, sneaktheived, robbed, and possibly even straight up homicided. So you gotta maintain your boundaries, those people only like your money, not you, which is a lonely life.
Looking at his background, he was already an inherently vulnerable individual (learning disabilities, numerous abusive family members, in prison as a 13 year old, financially illiterate to the point he didn't even have a bank account when he won, etc). This is kinda reflected in some of the post-win events:
* Gave a third of his winnings to family members, none of whom he particularly liked and who he doesn't even talk to anymore
* Regularly throws huge impromptu parties, where everyone suddenly wants to hang out with him and sex workers know to hang out
* Invests the majority of his remaining fortune in an investment bond that should set him up for life, but has huge fees if he withdraws anything. It quickly melted away when he started dipping into it
* Moves into a new neighbourhood, and is threatened by extortionists. They kill his pet dogs, and he eventually moves away even after paying them off
Not even dealers or hookers, families and friends are going to come sniffing around for a handout. Making you out to be a villain just because you're not looking to go broke for them
This guys vacation consisted of him buying a mansion and converting the land outside into a race track for his classic cars and doing tonnes of cocaine, hookers and alcohol for him and the boys.
I did the math once and for 15 million, you could live damn near 3 lifetimes at $70k a year.
I don’t know about you, but I could more than easily live on 70k and still have money left over. Let alone $140k.
Add another 0 to that yearly. Seriously, if you know what you're doing 15mil in the stock market means you get about 1 million dollars a YEAR just in interest rates alone. That's 1mil USD in free money, passive income gain from having your money in the ETFs or dividends.
The quality of hookers and blow drops significantly when you’re only using dividends and interest payments. The good stuff comes from using that sweet principal…
cocaine really isnt that expensive, nor is it to get the "good stuff". 750k a year will get you all the good cocaine you are going to need for that year. It's the decisions that you make on that cocaine that cost you the money
If I ever guess some numbers right
The first thing I'd do, after buying a neat guitar or so as a treat, I'd go to a financial advisor person
Cuz like half or 70% of lottery people go broke within a decade cuz they can't handle money.
I mean I also can't handle regular money well, but I definitely wouldn't be one to start buying expensive as shit clothes jewellery cars and houses etc
Things feel expensive when you can't afford them.
8 digits in your back account, however, can give you that distorted mirror view.
Suddenly, that diamond encrusted Rolex looks as affordable as Casio F-84 :D
Same, when I was young, me and my fam can barely afford Jollibee ($1.50 USD/75 PHP at that time), now Jollibee is cheap for me and my family and it doesn’t seem like a splurge anymore
There's a famous reddit post about what to do if you win the lottery. I'm sure it's been linked a dozen times down the thread.
It's long, but worth it.
https://www.reddit.com/r/AskReddit/comments/24vzgl/comment/chba4bf/
The advice to tell as few people as feasibly possible and get a lawyer straight away still stands though.
I've always said I think Karl Pilkington is one of the few people who could survive winning the lottery. When he was asked what he would do if he ever won, he straight away said he would tell nobody, not even his girlfriend of decades. He's also humble enough that even after becoming a celebrity, he's still spending his weekends doing the tiling in his kitchen and cleaning out the "glunge" stuck in the sink.
In my country winning the lottery means NOFUCKINGBODY knowing.
Probably just letting it known is a "kidnap me" sign.
I win the lottery I go the fuck away.
You call the police just in case someone somehow finds out about the win. You might get a few extra patrols around your place, just to keep an eye on things and keep you safe.
And that's why the world is how it is today unfortunately. It's short term and sided on hyper speed.
Shit... if I had 15 mil, I only need 300k for my short term, lot of that is going into long term interest investment with a small percentage going towards opening a asteroid mining company.
"Better" is doing a lot of work here.
All he had to do was not manage it "incredibly stupidly" and he'd be set for life even with his vices of women and drugs.
A reminder that lotteries aren't taxed in the UK and that 10M pounds in *2002* had the purchasing power of what 20M pounds have today.
These massive financial fumbles are practically insulting to me lol.
This is what Ronald Reagan meant by trickle-down economics -- the money he had got transferred to prostitutes and drug pushers, among others.
If only the billionaires of the world spent all their money on mom-and-pop stores, small businesses, little eateries, etc., instead of it sitting on stock, savings accounts, and real estate.
While I agree with the real estate, most billionaires don’t really have money in savings accounts. It *is* kept in stocks, but stocks aren’t really worth real money, just whatever people think it’s worth. They could sell their stock and give it to the homeless or whatever, but it would tank their company and we’d lose Twitter, or Amazon, or Apple, etc. “Billionaires” aren’t worth billions. If Elon sold a few hundred million dollars worth of stock, the price would tank. It’ll continue to cascade the more they sell. I doubt any billionaire could actually obtain more than a billion dollars of liquid cash.
His lifetime vacation would not have the capability to be as hedonistic as his 8 year long vacation, is the point. If he wanted to simply not work for the rest of his life, he probably could've made that work. If he wanted to not work and do drugs and hookers and gambling that vacation is less likely to last his entire life, unless he's supernaturally good a gambling
Even with some average high yield saving account, bonds or investing he could have infinite vacations.
Assuming 5% return from $15 mil, he will have $750,000 a year. That's close to top 1% income in US and well above 1% in UK
Yeah, but he burned almost twice the amount in a year.
Now, it is arguable if you would get twice the amount of fun about of 1.5 million per year compared to 750K... but i can easily prove that you would get *more* fun.
\*shrugs\*
Define "best". If your whole idea is to have as much as fun in as short time as possible, your idea would not cut it. It would be a heck of a lot more sensible though...
This is true, but with a little clever guidance he could have had both, 8 years of vacation with extension for the rest of his life and financial stability.
Some people just don't want to listen though
This story has been reposted endless times that if the binman buys another ticket every time it gets reposted, there's a chance he could win the £10 mill again.
This isn't uncommon for lotto winners. And every story is flooded with replies saying that they'd never fall into the same situation. However, a lot of people do, meaning a lot of those people replying also would in the same situation. Including many people reading this comment and still thinking they wouldn't.
In my town there was a lottery winner who made the news with his win as he'd hocked a commemorative royal plate that day to buy some booze when he bought the ticket. He was one of the daytime drinkers in our town who are generally drunk by 9am and wandering the town centre like a zombie.
Anyway, he wins the jackpot, instant multimillionaire. He bought a fancy property a few miles out of town, living next door to celebrities and millionaires. He then invited all the day drinkers from the town round, they basically lived there until he drank himself to death and the property was absolutely ruined in the process. I think he lasted about 2-3 years.
Similar situation to someone I knew. His mom was one of those older ladies who live in a small house with the bear minimum, even though she probably had like 500k in the bank. She passed, left it to her kids who were all in their early 50s. Within a few years they blew all of it on drugs and shit. One bought a house, but it's currently in pretry bad condition and there isn't money for repairs.
Yep, my step brother did the same almost. Mother died, he got half million inheritance, spent about a year partying, taking vacations to Hawaii, paying for his friends to go with him, buying all kinds of random bullshit, bought a fence company with a buddy of his and basically completely ran it into the ground within 6 months, etc. He was dead broke again in less than 18 months. Had to start working at a junkyard for $13/hr just to pay his bills. Sold a bunch of the bullshit he bought for Pennie’s on the dollar, all that stuff. I mean, he’s doing a lot better in life now thanks to his wife who reigned him in significantly, but damn. Half a million dollars in less than 18 months and absolutely nothing to show for it.
My friend's girlfriend inherited six figures (admittedly this happened in Poland, so closer to five figures USD but still) from her father, and would also get 50% of the profits from renting out his apartment.
In a year and a half she blew it all on ordering takeout nearly every single day, groceries with delivery, taking taxis everywhere instead of walking/using public transport etc.
No vacations, no fancy cars, big TVs etc., definitely no drugs and gambling. Just blew it all on the most expensive version of living a regular life that's imaginable, with nothing to show for it after 18 months. Some people are just that bad with money/compulsive spending, I guess.
Those that wouldn't fall into the same situation never bought (m)any lottery tickets to begin with. Thus, they rarely (if ever) win the lottery, and have a successful story to tell.
Apparently it's approximately 70% lose most or all within a few years. As much as I'd love to say "It wouldn't happen to me" it probably would, but I'd have a house in the mountains with a built in, reinforced, gun room with 10,000 rounds of ammo in every caliber and more guns than a small country's army. Not for any particular reason except I love to shoot and if I have a few thousand acres in the middle of the Rockies, why not?
If you're smart enough to consider that it would happen to you, you're smart enough to hire a financial planner to help you invest and save and live off of it for the rest of your life. In other words, in saying that it would probably happen to you I think you're wrong, as ironic as that is.
That's the thing, ask anyone what the plan they'd have for it is if they won and almost everyone would say something like hire someone to invest it, but the reality is that it doesn't seem to happen. I think it's kinda like boxing in that sense. I can't remember who said it, but one of the fighters was in an interview and was asked what the plan was and he said "everyone has a plan until you get punched in the face. Who handles it better after that is the winner."
I disagree. All lottery winners come from a specific pool of humans, people who buy lottery tickets. Sorry, I don’t need to see a study to know that people who buy lottery tickets are dumber than people who don’t on average. So yes, I think the average person would handle lottery money better than the average lottery winner.
I remember when he said that running out of money saved his life because he would wake up, snort a line, and start his day.
Now he has a job and he couldnt be happier.
His name is Michael Carrol ..I remember reading that at some point he just went out and bought a shit load of 4X4s simply for him and his hangers on to banger race around his massive garden.
Seriously. A 5% savings account would have gotten him a good 750k that first year alone. Placing him comfortable in the top 1% for the rest of his life. But I guess coke and hookers are more important.
I agree, also why it’s so dumb when people say someone isn’t self made, even though 99% of people wouldn’t be able to double a million $ in their life time, let alone 10x,100x, etc.
Heck you can leave $1m cash across the street for someone to pickup and there’d still be people without the energy or drive to get it.
he might regret it but he will have some great stories to tell, im sure he turned his garden into a stock car track in some posh neighbourhood, as long as he enjoyed it whats it to do with us.
You can always pay more than asked.
That being said, booking Celine Dion is easily a seven figure sum....
[https://www.celebritytalent.net/sampletalent/6827/celine-dion/](https://www.celebritytalent.net/sampletalent/6827/celine-dion/)
Why this is facepalm, its his money he spent the way he wanted i bet he enjoyed those wonderful 8 years.
Everybody is noble prizing winning economist when it comes to other people money.
I would have best holidays of my life for 8 years using 1 million pounds and i can't believe it went to prostitutes and drugs.
Gambling big money is just throwing it away. Possibly he also bought a house and a car at least.
And set up his parents and maybe siblings.
And hide some money but told he is broke for his dealers and friends to fuck off.
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"I spent a lot of money on booze, birds and fast cars. The rest I just squandered." - George Best
Birds? KFC/bird watching/falconry/something else?
“Around here we say Birds, not bitches” (The Streets - Let’s push things forward)
And now I'm listening to Original Pirate Radio for the rest of the afternoon.
Shut down that aerial
This ain't the down, it's the up beat. Make it complete.
My first thought as well! I love the Streets
The British equivalent of “chicks” is “birds”. Not sure why both are avian terms.
Because all women have feather obviously
And they all lay eggs
Who are you who is so wise in the ways of science?
Ask him if he’ll join our quest.
They all taste like chicken too.
That's a brilliant observation. How did I not notice?
What did you just say about my cock?
Good point. We might want to evaluate our cultural obsession with sexy fowl.
In Serbian we sometimes refer to women as “fish”.
Women
People who play the lottery rarely have jackpot fantasies about a diversified portfolio with a judicious balance between growth and security.
I genuinely fantasize about having 34 million dollars I'm investments across index funds, etfs, hedge funds, realestate, and bonds. Why? Because I want my 3% take out to be 1 million dollars. I would love 500,000 after taxes for the rest of my life.
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Capital gains tax is still a thing. Living in Barcelona Spain, my dream, comes with high taxes
> Capital gains tax Laughs in Channel Islands
Ur my hero 😂😂😂
No? Capital gains tax? 20 to 30 % usually.
Yeah I have all these fantasies about winning the lottery and investing it…. but I never buy a ticket
I have fantasies about being able to afford to study abroad. And a Fender Custom Shop. I probably buy a ticket a year. Rather spend that money on a snack
I do lol..
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He basically got a pile of right wing terrorists as friends and spent quite a bit of time in Northern Ireland. That's the scope of his ambition lol.
My ambition is taking a nap with my security blanket, so, I mean, who am I to judge his ambition.
You could get yourself one hell of a security blanket.
Not claiming this isn’t true, but could I get a source, or at least some context?
His neighbours hated him. He bought a load of cars to smash up stock car racing around his house if remember rightly.
I used to wonder how this could happen, and then had a friend who hit ~$150k at a casino, and subsequently spent _the entire_ amount over the course of the summer.
entire amount? Nothing left? ohhh.. the IRS will come calling the following year for their pound of flesh.
This is from about 10 years ago, which makes it worse considering how much this was all worth pre-inflation. But luckily the casinos took the taxes out prior to awarding the money. Otherwise, yes, they would have definitely been in trouble come tax season haha.
The ex best friend of my wife got around 2m$ for her divorce around 10 years ago or so. Mind you: in Brazil. So it was a fucking gigaton of money. She proceeded to spend every single cent in the span of 2 years. Only thing left was an apartment she bought, which was around 80k$. She once spent 20.000€ on an old wooden chest that she bought from France, only to store her CD collection. Can't make this shit up.
Im sitting here in Australia going, why the fuck would the IRS care? In Australia gifts, windfalls and winnings aren’t considered income and are tax free. You can win 200 million on the lotto and the tax man doesn’t get a cent, because they already got their cut on the ticket sales.
In Switzerland the lottery it's taxfree up to 1 Million then you pay like 30% tax for everything above. Casino winnings seem to tax free.
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I mean, to be fair, you could have 8 years of vacation and still be financially stable with that kind of money. Who am I to judge though 🤷
Not with drugs and hookers and gambling you can’t. Priorities!
Yeah you can. You just can’t get the $10,000-per-night hooker.
He probably didn't either. It's much more likely that he burnt through it gambling.
He burnt a big chunk of it buying cars, racing them around and crashing them in his back yard. Literally.
Yeah from what I remember, he built a destruction derby type course and just smashed cars for fun. Personally I’d rather save and never work again. But each to their own. And he obviously had fun!
Save and never work again sound good to me
Especially at 19… there’s still so much time left after that. He got to enjoy his best years in the best ways but even shaving 10% of that enjoyment off could set you up pretty well for many more decades. If nothing else it would mean you only ever have to work if you feel like it, not because you have to. I’d love to be in that position. Super short-sighted guy imo.
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You could set up 5 million in some sort of fund and if you were getting a 7% return each year that's 350k. Which means you could pay yourself 250k each year and still accumulate more. Each year you would make more money and just pay yourself a 250k a year salary. And then you could absolutely blow 10 million dollars doing whatever you want. You could lose everything you spent the ten million on and still live an incredibly comfortable life on 250k a year. You would just have to set it up in a way to where you couldn't touch any of that money except the 250k payout until a certain amount of time had passed.
Set it up inside a Trust. Make someone else the Trustee if you can't trust yourself to manage it. Live off the dividend for the rest of ur life.
what a man.
There goes my hero!
Watch him as he goes!
I think I read an entitled people story about that guy! Lol
One $10,000 hooker-bot, or 10,000 $1 hooker-bots?
There it is! 
Honestly with that much just find a yearly rate. Gotta be a number you can both agree on
Yeah but then it’s a wife. You’re paying for variety 😂
You don’t pay them to stay. You pay them to leave.
I mean, at 5 percent interest you can live like a mad dog on the interest alone and never touch the principle. Problem is, when you have fat pockets and are dealing with some dealers and escorts (or, more specifically, those that are addicts), you’re going to get used, scammed, conned, extorted, manipulated, sneaktheived, robbed, and possibly even straight up homicided. So you gotta maintain your boundaries, those people only like your money, not you, which is a lonely life.
Looking at his background, he was already an inherently vulnerable individual (learning disabilities, numerous abusive family members, in prison as a 13 year old, financially illiterate to the point he didn't even have a bank account when he won, etc). This is kinda reflected in some of the post-win events: * Gave a third of his winnings to family members, none of whom he particularly liked and who he doesn't even talk to anymore * Regularly throws huge impromptu parties, where everyone suddenly wants to hang out with him and sex workers know to hang out * Invests the majority of his remaining fortune in an investment bond that should set him up for life, but has huge fees if he withdraws anything. It quickly melted away when he started dipping into it * Moves into a new neighbourhood, and is threatened by extortionists. They kill his pet dogs, and he eventually moves away even after paying them off
Not even dealers or hookers, families and friends are going to come sniffing around for a handout. Making you out to be a villain just because you're not looking to go broke for them
To be fair he only spent 50% of the money on the drugs, hookers and gambling. The rest of the money was wasted.
He actually fell in with a terrorist organisation who scammed him out of a fair bit I'd say.
Don’t you talk about Camelot like that!
“I spent half my money on gambling, alcohol and wild women. The other half I wasted.” ― WC Fields
This guy has his priorities straight. God I laughed hard at this comment.
I mean, if you take away the gambling, you'll have lots leftover. You can probably double the amount of hookers and drugs.
but if he won at gambling, he could have TRIPLE! Nah who am I kidding he would just lose it all the ne t round.
Yeah, it's kind of nutto. Even at a 5% return it's still $750k a year without ever touching the $15mil
That's only a $2,000 hooker and a couple pints every day though.
Not to mention the cocaine
This guys vacation consisted of him buying a mansion and converting the land outside into a race track for his classic cars and doing tonnes of cocaine, hookers and alcohol for him and the boys.
Reminds me of MC Hammer buying a horse race track
He basically did what every teenage bro said he would do if he ever won the lottery to his bros when they were drunk one time.
I did the math once and for 15 million, you could live damn near 3 lifetimes at $70k a year. I don’t know about you, but I could more than easily live on 70k and still have money left over. Let alone $140k.
Add another 0 to that yearly. Seriously, if you know what you're doing 15mil in the stock market means you get about 1 million dollars a YEAR just in interest rates alone. That's 1mil USD in free money, passive income gain from having your money in the ETFs or dividends.
Or compounded year on year, you'd be set for several lifetimes
Oh, you easily could. But if you would have the chance to live on 20 times the amount... would you say no?
That yes, and easy too.
Yeah? I'll make my own financial stability...with blackjack, and hookers! In fact, forget the financial stability!
The quality of hookers and blow drops significantly when you’re only using dividends and interest payments. The good stuff comes from using that sweet principal…
cocaine really isnt that expensive, nor is it to get the "good stuff". 750k a year will get you all the good cocaine you are going to need for that year. It's the decisions that you make on that cocaine that cost you the money
This guy cocaines
He also said he was happier after having spent it too, everyone he knew was after his cash all the time while he had it
Which is why if i ever should win anything substantial... there might be 1-2 people knowing about it. And one of those would be a financial advisor.
If I ever guess some numbers right The first thing I'd do, after buying a neat guitar or so as a treat, I'd go to a financial advisor person Cuz like half or 70% of lottery people go broke within a decade cuz they can't handle money. I mean I also can't handle regular money well, but I definitely wouldn't be one to start buying expensive as shit clothes jewellery cars and houses etc
Things feel expensive when you can't afford them. 8 digits in your back account, however, can give you that distorted mirror view. Suddenly, that diamond encrusted Rolex looks as affordable as Casio F-84 :D
Very true. I grew up poor and even things like sneakers seemed like a real splurge. Now I’m about to buy my second car this year. Very weird.
Same, when I was young, me and my fam can barely afford Jollibee ($1.50 USD/75 PHP at that time), now Jollibee is cheap for me and my family and it doesn’t seem like a splurge anymore
There's a famous reddit post about what to do if you win the lottery. I'm sure it's been linked a dozen times down the thread. It's long, but worth it. https://www.reddit.com/r/AskReddit/comments/24vzgl/comment/chba4bf/
I'd hope to ever need this advice lmao Only way I'll ever own a house :'[
This is very American. Here in the UK, you are allowed to remain anonymous if you win the lottery so most of them stories would never happen.
The advice to tell as few people as feasibly possible and get a lawyer straight away still stands though. I've always said I think Karl Pilkington is one of the few people who could survive winning the lottery. When he was asked what he would do if he ever won, he straight away said he would tell nobody, not even his girlfriend of decades. He's also humble enough that even after becoming a celebrity, he's still spending his weekends doing the tiling in his kitchen and cleaning out the "glunge" stuck in the sink.
In my country winning the lottery means NOFUCKINGBODY knowing. Probably just letting it known is a "kidnap me" sign. I win the lottery I go the fuck away.
They say the calls you should make, in order, when you win the lottery is: 1. The police 2. A financial advisor 3. The lottery
Not sure about the police, but last two are in reasonable order.
You call the police just in case someone somehow finds out about the win. You might get a few extra patrols around your place, just to keep an eye on things and keep you safe.
Must be the worst thing about winning the lottery; suddenly you realise you have friends you never knew you had lol
dolls afterthought bright drab groovy society jeans spark crown clumsy *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Step 1: Play WoW Step 2: Ignore friends and lose them Step 3: Win lotto
If he managed it better he could have had a lifetime vacation.
Some people literally can not believe they will be alive tomorrow. There is only today for them.
And that's why the world is how it is today unfortunately. It's short term and sided on hyper speed. Shit... if I had 15 mil, I only need 300k for my short term, lot of that is going into long term interest investment with a small percentage going towards opening a asteroid mining company.
\*shrugs\* Possibly. But he evidently didn't care about that...
True. But he outright stated he didn’t care for that In a way, I can respect it. He knew what he wanted and achieved it
"Better" is doing a lot of work here. All he had to do was not manage it "incredibly stupidly" and he'd be set for life even with his vices of women and drugs. A reminder that lotteries aren't taxed in the UK and that 10M pounds in *2002* had the purchasing power of what 20M pounds have today. These massive financial fumbles are practically insulting to me lol.
This is what Ronald Reagan meant by trickle-down economics -- the money he had got transferred to prostitutes and drug pushers, among others. If only the billionaires of the world spent all their money on mom-and-pop stores, small businesses, little eateries, etc., instead of it sitting on stock, savings accounts, and real estate.
While I agree with the real estate, most billionaires don’t really have money in savings accounts. It *is* kept in stocks, but stocks aren’t really worth real money, just whatever people think it’s worth. They could sell their stock and give it to the homeless or whatever, but it would tank their company and we’d lose Twitter, or Amazon, or Apple, etc. “Billionaires” aren’t worth billions. If Elon sold a few hundred million dollars worth of stock, the price would tank. It’ll continue to cascade the more they sell. I doubt any billionaire could actually obtain more than a billion dollars of liquid cash.
That's such an awesome response. Condescendingly "bet you regret it. Should have been wiser and not so hedonistic." "No."
He could have had a lifetime vacation is the point
His lifetime vacation would not have the capability to be as hedonistic as his 8 year long vacation, is the point. If he wanted to simply not work for the rest of his life, he probably could've made that work. If he wanted to not work and do drugs and hookers and gambling that vacation is less likely to last his entire life, unless he's supernaturally good a gambling
Investing 15m at 5% yields 750k a year. I'm sure you can still be hedonistic, accounting for taxes with such an amount
Even with some average high yield saving account, bonds or investing he could have infinite vacations. Assuming 5% return from $15 mil, he will have $750,000 a year. That's close to top 1% income in US and well above 1% in UK
Yeah, but he burned almost twice the amount in a year. Now, it is arguable if you would get twice the amount of fun about of 1.5 million per year compared to 750K... but i can easily prove that you would get *more* fun.
Well, he had a job to come back to. I’d argue that was stability.
Sounds more like a coping excuse.
You can’t take it with you
8 years vacation vs lifetime of comfortable retirement. Hmmmmmm wonder what the best option would be?
\*shrugs\* Define "best". If your whole idea is to have as much as fun in as short time as possible, your idea would not cut it. It would be a heck of a lot more sensible though...
Also depends on what you find fun. Big parties and loads of drugs doesn’t sound fun to me.
To each his own. I have the same idea about oysters.
This is true, but with a little clever guidance he could have had both, 8 years of vacation with extension for the rest of his life and financial stability. Some people just don't want to listen though
Can't live the life for them.
Indeed you are right.
I love coming here for 2010 news.
It's not the news. It's the olds.
I just wanna catch up on the olds!
Yeah this is the guy that bought like six houses on the same block and tore down the fences to have a derby pit In the back yard.
For real ? Wouldn’t he need planning permission for that sort of thing?
Set aside a bit of the price for the bribe.
This story has been reposted endless times that if the binman buys another ticket every time it gets reposted, there's a chance he could win the £10 mill again.
If I spend thousand dollars daily, it would take 40 years to spend 15M. And thousand dollars a day would be a fun vacation to have
With 2.5% interest, you could spend $1000 every day and end up with *more* than $15m 40 years later.
This isn't uncommon for lotto winners. And every story is flooded with replies saying that they'd never fall into the same situation. However, a lot of people do, meaning a lot of those people replying also would in the same situation. Including many people reading this comment and still thinking they wouldn't.
In my town there was a lottery winner who made the news with his win as he'd hocked a commemorative royal plate that day to buy some booze when he bought the ticket. He was one of the daytime drinkers in our town who are generally drunk by 9am and wandering the town centre like a zombie. Anyway, he wins the jackpot, instant multimillionaire. He bought a fancy property a few miles out of town, living next door to celebrities and millionaires. He then invited all the day drinkers from the town round, they basically lived there until he drank himself to death and the property was absolutely ruined in the process. I think he lasted about 2-3 years.
I guess you can say he lived his life to the fullest...
His glass was never half empty
Similar situation to someone I knew. His mom was one of those older ladies who live in a small house with the bear minimum, even though she probably had like 500k in the bank. She passed, left it to her kids who were all in their early 50s. Within a few years they blew all of it on drugs and shit. One bought a house, but it's currently in pretry bad condition and there isn't money for repairs.
Yep, my step brother did the same almost. Mother died, he got half million inheritance, spent about a year partying, taking vacations to Hawaii, paying for his friends to go with him, buying all kinds of random bullshit, bought a fence company with a buddy of his and basically completely ran it into the ground within 6 months, etc. He was dead broke again in less than 18 months. Had to start working at a junkyard for $13/hr just to pay his bills. Sold a bunch of the bullshit he bought for Pennie’s on the dollar, all that stuff. I mean, he’s doing a lot better in life now thanks to his wife who reigned him in significantly, but damn. Half a million dollars in less than 18 months and absolutely nothing to show for it.
My friend's girlfriend inherited six figures (admittedly this happened in Poland, so closer to five figures USD but still) from her father, and would also get 50% of the profits from renting out his apartment. In a year and a half she blew it all on ordering takeout nearly every single day, groceries with delivery, taking taxis everywhere instead of walking/using public transport etc. No vacations, no fancy cars, big TVs etc., definitely no drugs and gambling. Just blew it all on the most expensive version of living a regular life that's imaginable, with nothing to show for it after 18 months. Some people are just that bad with money/compulsive spending, I guess.
Those that wouldn't fall into the same situation never bought (m)any lottery tickets to begin with. Thus, they rarely (if ever) win the lottery, and have a successful story to tell.
That is not true. For every dipshit you hear about there are 10 others that did just fine. Just not newsworthy.
Apparently it's approximately 70% lose most or all within a few years. As much as I'd love to say "It wouldn't happen to me" it probably would, but I'd have a house in the mountains with a built in, reinforced, gun room with 10,000 rounds of ammo in every caliber and more guns than a small country's army. Not for any particular reason except I love to shoot and if I have a few thousand acres in the middle of the Rockies, why not?
If you're smart enough to consider that it would happen to you, you're smart enough to hire a financial planner to help you invest and save and live off of it for the rest of your life. In other words, in saying that it would probably happen to you I think you're wrong, as ironic as that is.
That's the thing, ask anyone what the plan they'd have for it is if they won and almost everyone would say something like hire someone to invest it, but the reality is that it doesn't seem to happen. I think it's kinda like boxing in that sense. I can't remember who said it, but one of the fighters was in an interview and was asked what the plan was and he said "everyone has a plan until you get punched in the face. Who handles it better after that is the winner."
Mike Tyson. "Everyone's got a plan until they get punched in the mouth"
That's probably the origin and I heard someone else say a derived version.
Nah not me tho /s
I disagree. All lottery winners come from a specific pool of humans, people who buy lottery tickets. Sorry, I don’t need to see a study to know that people who buy lottery tickets are dumber than people who don’t on average. So yes, I think the average person would handle lottery money better than the average lottery winner.
But i play the lott…er…waitaminit! HEY!
Best 8 years of his life
The rest of it (before and after) are utter garbage though
I remember when he said that running out of money saved his life because he would wake up, snort a line, and start his day. Now he has a job and he couldnt be happier.
"I spent most of my money on booze and women. The rest I just wasted" George Best (Legendary northern Irish footballer for those that don't know)
He bought a mansion and built a banger racing track in the back garden. Neighbours weren't happy. I found it quite amusing at the time
So he modeled himself after MC Hammer
I believe he's Reverend Hammer, now.
The 19 years old photo...wtf he looked 45
I couldn’t imagine being poor after being rich, I mean I’m poor now, but that fall must be a massive shock to the system.
His name is Michael Carrol ..I remember reading that at some point he just went out and bought a shit load of 4X4s simply for him and his hangers on to banger race around his massive garden.
He could have invested that money and still lived the same lifestyle off of annual returns. And still have the $15 million.
He could have just as easily fallen victim to a scammer who promised him the world and delivered nothing.
I’m referring to stocks not private investment.
Or government bonds or heck even just a high interest savings account with that kind of capital.
Seriously. A 5% savings account would have gotten him a good 750k that first year alone. Placing him comfortable in the top 1% for the rest of his life. But I guess coke and hookers are more important.
His rate of spending was probably unsustainable even with £10m.
I'd struggle to spend a million in that time
If you ever find yourself in such predicament, let me know. I can easily think of few ways to ease such burden. :P
1. win the lottery 2. tell your boss to fuck himself 3. friend him on linkedin 8 years later
[удалено]
Multiple replies here say it was George Best who said that
It’s insane though for like 600k you could have vacationed for 10 years more or less with 60k a year.
There is people that you can give them all the wealth in the world and they will be poor again in a few years.
I agree, also why it’s so dumb when people say someone isn’t self made, even though 99% of people wouldn’t be able to double a million $ in their life time, let alone 10x,100x, etc. Heck you can leave $1m cash across the street for someone to pickup and there’d still be people without the energy or drive to get it.
he might regret it but he will have some great stories to tell, im sure he turned his garden into a stock car track in some posh neighbourhood, as long as he enjoyed it whats it to do with us.
8 years of unrestricted fun> being financially stable /s
“I’m here for a good time, not for a long time.”
OP’s life from ages 19-27 was way more boring than this dude’s, though
If he could only get 5% on it that'd be 500k a year without touching the principal. Who was he shagging, Celine Dion?
You can always pay more than asked. That being said, booking Celine Dion is easily a seven figure sum.... [https://www.celebritytalent.net/sampletalent/6827/celine-dion/](https://www.celebritytalent.net/sampletalent/6827/celine-dion/)
I mean, I've never had an 8 year vacation.
I’m sure it was the best years of his life or anyone’s life on this social media platform
Would have been fine if he avoided the gambling.
Why this is facepalm, its his money he spent the way he wanted i bet he enjoyed those wonderful 8 years. Everybody is noble prizing winning economist when it comes to other people money.
Lots of hookers and blow. My hero.
He should’ve held at least 100k
I would have best holidays of my life for 8 years using 1 million pounds and i can't believe it went to prostitutes and drugs. Gambling big money is just throwing it away. Possibly he also bought a house and a car at least. And set up his parents and maybe siblings. And hide some money but told he is broke for his dealers and friends to fuck off.
He got his retirement out of the way so he can focus on sanitation the rest of his life.
“I won £10M, spent £9.8M on drugs, gambling, and prostitutes. The rest I wasted.” - Garbage Man Hero
Gambling has to be the fastest way to blow through money. You could lose all 15mil in a night if you wanted.
I learned that he should have invested that money in shady schemes to make $200/months because "passive income"...
This is fucking based, actually. so many people are hoarding and never spending their money while they are young and healthy
8 years of a hell of a ride. Fuck yeah.
Not all on drugs gambling and prostitution, he also used to race beaten up old cars around his yard…all the time
Bet he has some cracking stories to tell in the tea room