We should learn from Michael Caroll about winning in a jackpot

[fortunecrypto]

If you don't know who Michael Caroll is

He was a former garbage man who won £10 million on the lottery but after 8 years he is back to his old job as a garbage man

This is how he spent and lost his fortune all those years

Making some big-money purchases including a £325,000 mansion (house prices have really increased in the past 23 years) and £150,000 worth of gold, he also bought a new Range Rover, two BMW M3s, a BMW Z4 and three Mitsubishi Evos.

Carroll also said that he was spending a couple of thousand quid a day on cocaine, admitting he 'started sniffing the world away' and he also became a 'full-blown alcoholic' who would start his day with 'three lines of Charlie and half a bottle of vodka'.

Even more money would be spent on 'Roman-style orgies' where naked women would walk around with trays of cocaine.

his hedonistic lifestyle that was costing him up to £50,000 a night

By 2010 the lottery money was pretty much all gone and he reapplied for his old job as a binman.

Man who won £10 million on lottery was back to old job in eight years after blowing entire fortune

Michael Caroll never acquired financial literacy, nor did he have financial advisers to guide him on how to invest his fortune; all he cared about was living in lavish vices.

What lesson can we learn from Michael Caroll's fate? If you are a lottery bettor, do you have a plan in case you hit a jackpot?

[rdluffy]

What lesson can we learn from Michael Caroll's fate?

You know that it's not so rare to find similar situations
Even among athletes and actors, you can find several who were once millionaires and now have nothing left

And there's no big secret behind it: it's a lack of financial education, with opportunists surrounding these people to take advantage of the situation
Opportunists offer dubious deals, make people spend a lot of money, and no matter how big the prize or fortune is, it eventually ends
It may last a few months or even a few years, but it ends

I believe that for such a person to maintain or even increase their wealth, they need financial education or someone they trust implicitly to help them

[joeperry]

Michael Caroll never acquired financial literacy, nor did he have financial advisers to guide him on how to invest his fortune; all he cared about was living in lavish vices.

What lesson can we learn from Michael Caroll's fate? If you are a lottery bettor, do you have a plan in case you hit a jackpot?

Even without financial advisor if you're a person with who considers looking at the future, you will not end up getting back on where you from. The mansions, golds, and cars wasn't a bad idea since it can be sold and it's also a good investment but the orgies, cocaines and alcohols are the mistakes he did. He thinks that he has an unlimited money, the lesson you can learn here is, you should consider things in the future, it's not bad to have lavish lifestyle, or do whatever he wants but consider that your resources is not unlimited and he should do something about it.

If I hit a jackpot what I will do is have some investment, save some money for retirement, have some money for business and lastly have a quite amount for personal pleasure such as buying things, traveling, etc. and what I wouldn't do is to increase my lifestyle, I am comfortable with my living condition and I won't try to increase it since it would only cost me (I might move to a better house but not something too expensive). I think personally this is the best thing I can do if I hit a jackpot.

[fortunecrypto]

What lesson can we learn from Michael Caroll's fate?

You know that it's not so rare to find similar situations
Even among athletes and actors, you can find several who were once millionaires and now have nothing left

Michael's tragic fate and the negligence of all the other athletes and actors who fall to tragic ends is not rare; it is open, yet some people ignore these stories even when they come across them because of a mindset of having so much and being superior.

Many of these people know what to do to keep their fortune but fail to act, with a mindset of "will act later" and "will first enjoy my fortune." This is tragic.

[Reatim]

Michael Caroll never acquired financial literacy, nor did he have financial advisers to guide him on how to invest his fortune; all he cared about was living in lavish vices.

What lesson can we learn from Michael Caroll's fate? If you are a lottery bettor, do you have a plan in case you hit a jackpot?

when we acquire big money real quick it’s easy to lose ourselves in the joys of spending too much but what takes me back is the fear of ending up poor again he should have remembered that money is not forever and actually it can be easily exhausted

[DubemIfedigbo001]

He had no financial literacy and also had no plans to better his life even before he won the jackpot. It's another case of "money miss road". Someone who won that much is not expected to return to the dust but there's he is.

You can see how he was busy wasting money on liabilities and no assets, I'm not surprised he went broke again. Many people are like that, they don't plan before they spend and waste money unnecessarily.

I don't pity him, he had his chance to be free from poverty forever but he blew it, he would surely be regretting his actions now but it's too late.

[robelneo]

We really know the heart of a person if he is given the power, we have a saying power corrupts and absolute power corrupt absolutely, so he, Michael Caroll, has the power to buy everything and not only buy it but more of anything so his mind becomes corrupted that he actually believes that his fortune is unlimited.
We should have a plan and be surrounded by people we love who can guide us on what to do with our vast fortune; it seems Michael Caroll lacks this support.

[julerz12]

Michael Caroll never acquired financial literacy, nor did he have financial advisers to guide him on how to invest his fortune; all he cared about was living in lavish vices.

What lesson can we learn from Michael Caroll's fate?

I've read about this guy before and it's such a sad case that he end up where he once was before hitting that jackpot. All this could have been avoided if only he had even just a little knowledge in handling his finances.  And unfortunately, we have too many cases like this too. I guess that's what happen when you suddenly became a millionaire, you get blinded by money and lose all sense of rationality.

If you are a lottery bettor, do you have a plan in case you hit a jackpot?

If by any chance I hit a jackpot, I'd probably get in touch with a lawyer first, someone who has knowledge about taxes ('cause we all know the government loves to take a big chunk of those jackpots). Then I'll find a way first to buy a good amount of BTC and put those in cold storage. Setup a trust fund to buy other assets. Use a small percentage of those winnings to endulge in a very small luxuries (like upgrading my PC, lol) but nothing so lavish like a sports car. All while doing eveything in secret. The less people know, the better.

[Cointxz]

What lesson can we learn from Michael Caroll's fate? If you are a lottery bettor, do you have a plan in case you hit a jackpot?

I learned that not all people can handle wealth sometimes and destroyed their life compared to their previous self even they are poor.

Money can’t buy happiness since there’s a lot of temptation such as drugs that will destroy someone that already have access on it through overflowing money.

Can’t imagine how a poor people wasted his wealth on useless things. A 50K per night is insane for a previous binman.

[Slow death]

What lesson can we learn from Michael Caroll's fate? If you are a lottery bettor, do you have a plan in case you hit a jackpot?

The great life lesson we have to learn from stories like these is that money runs out when it's not being used correctly, and also that when we distance ourselves from family and focus on people on the street who only care about money, the price we pay is very high. If he had valued his family more, I believe he would have received good advice. But he preferred to have fun with strangers, and I highly doubt that when he lost everything, anyone who was with him in times of wealth will be by his side in times of poverty.

[aioc]

This is the problem if you go from nothing to having everything with no education on how to handle your finances, your thinking becomes clouded with all the money that you have, you become a filthy guy who wants the best of everything.

Michael is still single; he lacks the responsibility to handle challenging duties like this because he only has himself, no son to get inspiration, no wife to guide him. He has an unfortunate life, and this could happen to anyone.
The lesson here is to learn responsibility and have a plan for the future, and be surrounded by good people who can guide you.

[Kelward]

This is a big lesson for all of us to carry into the new year, it is especially for gamblers who don't understand financial management, many people don't know that becoming rich is easier than maintaining the riches. Michael Carroll, experience shows that many people dream of hitting the jackpot in casino bets and lotteries but very few knows how to manage money, when it unexpectedly entered their hands they will lavish everything on liabilities instead of investing a large chunk of their win. The guy was very unwise, if he had bought estates with his money he would have been living off the returns for the rest of his life and his family will inherit the properties.

[Byebyebtc]

According to what I heard, he did run some investments, but I don't know how it turned out tho.
As you can clearly see not Evey one deserves such huge amount of money, he needed something before that money and that is proper education, money management, good amount of literary,
Even when the money finished he said he has no regrets of his past decision that is to tell you that if that same amount of money comes he will likely do the same mistake again.

Nevertheless there is nothing much to say, it is his life and he chooses how he wants to live it,  we can only watch and learn
After all he doesn't realise that he made mistake.

[suzanne5223]

He didn't even buy a single Bitcoin in those 8 years, but he chose to go for Gold.
This is proof that making money or hitting the jackpot is not always the major problem. The major problem for most gamblers is using the money to create generational wealth that will secure their kids and grandchildren's future.
This is indeed a lesson every gambler must learn

[Hewlet]

What lesson can we learn from Michael Caroll's fate? If you are a lottery bettor, do you have a plan in case you hit a jackpot?

What lesson can you learn from Michael carol? It's simple, avoid everything Michael carol will so if he has access to money. It's that simple.

Spending in an irresponsible manner as this is not just because Michael won a jackpot, it's a simple lack of financial management skill that results in his act of recklessness. Financial management skill is a neccesary is a neccesary asset that everyone should learn and ensure that they live by it because at the time money comes in, it will certainly dawn on them that having money is not enough, knowing how to effectively manage it is what matters most.