We should learn from Michael Caroll about winning in a jackpot

[Nwada001]

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.

Caroll might have been offered many of these things, but he ignored them. He might lack financial literacy, but when such money comes to someone's hand, you will attract both bad and good friends. The few good ones might have given him advice on how to spend wisely, but he will neglect it and consider them as people who don't want him to enjoy his wealth. A man with money sometimes never listens to advice from people around them.

[Achalugo BTC]

Caroll might have been offered many of these things, but he ignored them. He might lack financial literacy, but when such money comes to someone's hand, you will attract both bad and good friends. The few good ones might have given him advice on how to spend wisely, but he will neglect it and consider them as people who don't want him to enjoy his wealth. A man with money sometimes never listens to advice from people around them.

You are totally right, that is why people should know what self- discipline is all about and also have the spirit of discernment, as it will help them to know the right thing to do and also at the right time.
And this will also help them to make an informed decision that will not make them to later regret it in life, because a man with a big amount of money can make alot of mistakes, if they are not being careful and most especially, if they lack any attributes that will help them in times like this.

[hyudien]

This is a sad story that also gives us the fact that no matter how much money we have, it doesn't mean we won't be ruined, and from this we realize that financial education is indeed important and the foundation to maintain and or increase the wealth we have already obtained, is not easy because after all, a glamorous life is everyone's dream, especially when someone used to be unable to experience such a life and then luck came to lift his financial status.

And I'm sure there are many other Carroll out there with the same story.

[promise444c5]

I get it…He spent extravagantly, and it’s quite common with people who get a lot of fortune for free, although not really free in his case. He was purchasing the ticket from time to time to get lucky.. But maybe he could have gotten something lesser because I think the money was too much for him to think outside of the box on what to use it for at the right time.

Drug addiction is another thing, though.. i mean the money from the M3s and the mansion could have fixed something.

[FirmWars]

Michael Caroll thought that the gold and mansion he bought was the best financial decision he made and he must have also followed the guide of his friends who were not financial experts, they told him that his decision is good and it would have been good but he destroyed himself when he started doing drugs. The move he took was nice in my opinion and would have helped him keep his wealth if he had not started doing drugs. If not for the drugs, he would not lost his house and the gold worth millions of dollars. I assume that he would still have lost everything even though he hired a financial expert, unless he didn't get addicted to drugs.

[acroman08]

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

To not be stupid like him? I mean, any sane person would at least try to prolong their money or invest and grow the money they won.

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

Every lottery bettor should at least have some sort of a plan just in case they win the jackpot. I know it is unlikely to happen, but having an idea of what to do when you suddenly have a life-changing amount of money is better than not having any.

[nimogsm]

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?

Oh, this is probably the most famous character who lost everything. I think that everyone who plans to get rich from gambling should familiarize themselves with this story and learn what happens when you thoughtlessly spend money on questionable things. As for me, I would be 99% certain not to repeat his scenario. I really want a calm and quiet life for my own pleasure, and buying fast cars and girls for the night is no longer interesting.

[Lucius]

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
~snip~

I read about it a long time ago and then, as I do now, I thought that things weren't as bad for him as they seemed. It's true that he spent all his money, but it's also true that he lived for years the way he wanted, and I don't think he regrets that he eventually had to go back to his old job.

He is probably one of those people who would rather live like a king for one year than live his whole life like an average person.

[Doan9269]

Anyone who ever had a wining opportunity before or expecting for any in the future, then this thread is definitely for them, because it helps them to learn from others experience and this is not about just a story tale, but the fact on reality check which we must all know about what is expected of us, if peradventure we also win something similar and huge enough to settle us for life, we should invest and not to go for worldly pleasures and fun, because the investment made is what can keep us always motivated to gamble the more and have reasons to continuous source.

[Alpha Marine]

I read about it a long time ago and then, as I do now, I thought that things weren't as bad for him as they seemed. It's true that he spent all his money, but it's also true that he lived for years the way he wanted, and I don't think he regrets that he eventually had to go back to his old job.

He is probably one of those people who would rather live like a king for one year than live his whole life like an average person.

I believe it's as bad as it seems. He could live like a king for the rest of life with proper management of such money. It's not mutually exclusive between living like that for a year or his whole life. He will look back at it sometimes and regret it, despite how he might pretend not to care. That is a once in a life time opportunity. It was the opportunity where he could have turned his life around forever. It doesn't mean that he wouldn't do the same thing he did if he had the opportunity again. He's not a financially literate person, so he will continue to make the same mistake.

I guess I can say that he's better than people who gambled away almost all the money he won. At least, he spent the money on himself and enjoyed himself. It would have been worst if he lost all the money back to gambling.

[Fiatless]

Drug addiction is another thing, though.. i mean the money from the M3s and the mansion could have fixed something.

I know some gambling addicts in my area who are still trying their best to control the way they bet. However, the worst set of people with gambling disorder are those who are suffering from other forms of addiction. I am sorry to generalise, but anyone who is suffering from gambling and drug addiction is in deep shit. They usually gamble carelessly because they want to raise money to buy drugs. These two forms of addiction can make a millionaire become penniless within a short time.

[junder]

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?

In any type of game, if I can make a big win, then I have some plans that I want to do, such as allocating some of it for investment, improving my situation such as renovating my house and starting a business. When there is a big win obtained then it must be utilized properly, do not just think of a temporary style.
The lesson I learned from the Michael Caroll case is that there must be good money management so as not to return to a low point like before. But I don't mean to demean his work.

[yahoo62278]

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?

I don't really think that if you hit a large sum of money that you need a financial advisor or an accountant. I've heard horror stories of being ripped off by your accountant and being advised to get into some shady dealings.

Basically, just don't go full retard and you'll be fine. Impulse buys are gonna kill your bankroll, drugs are gonna kill your bankroll, women are gonna kill your bankroll lol. Use your brains, make some safe investments and live off the interest for life.

[Gozie51]

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.

His story is giving credence to the saying that the true personality of a man comes out when he has money. How can a garbage man lavish his lucky money like that when he knows he had nothing in the past? So, it is nothing but the way of his aspired life style that he had not been opportuned to live all his years. He got the opportunity to taste what he wanted and now he is back to the reason he is in the garbage. What a story, a regretful life style.

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?

Most gamblers who win big have not actually made a good life out of it, some increased their bet and everything goes to back while some begin a lavish lifestyle like Michael Caroll. The lesson is that after winning big, you have to plan with the money and invest it properly so that you don't go back to the level you were before the winning.

[Samlucky O]

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?

he's a reckless and a poor minded person who doesn't plan ahead of time, in fact he is very stupid and doesn't have a financial adviser. and for this reason he can never be rich again in his life due to his carelessness. i wish him well going back to the garbage. there is an adage that says that being rich is not the property you have, or the amount of income that comes your way, but being able to manage it. being rich is mindset. a person that does not plan or invest will never be rich. and i find the case of this man to be one of those..

the lesson i know we can learn from this story is to always plan ahead of time, or have the mindset of investing so that when the money comes we can be able to execute our plans accordingly. because if this said man Caroll planed very well, he wouldn't have gone back to garbage again after touching $10m.

[Julien_Olynpic]

Reading stories about people who went broke over time and won the jackpot, I will express such a seditious thought that it's not just about financial literacy, although, of course, it is crucial. It's also about your global worldview. Your worldview should answer the question of why you need money. In my opinion, this question has one universal answer: money should help you develop. At the same time, it is important to understand that development gives us long-term satisfaction from life, although in the short term and even in the middle term it can create additional problems and pain. The pursuit of pleasure at any cost gradually devalues any pleasure and gradually leads to disaster. By avoiding any pain, we eventually come to disaster and maximum pain...

[Dave1]

I think this is a classic example of a individual who doesn't know what to do when you came from a poor background and suddenly became rich. So he doesn't know the value of money or obviously lacks financial literally that we have been discussing of which it is very important to have.

And that is one life lesson we learn from his case, that once we won the lottery or big money, so should think on how to handle it with care because this is just a once in a lifetime chance that God has given us so we should take care of it. So if you got that kind of money, then invest, that will give you a passive income in the future so that you won't go back into being poor and you can belt generational wealth for you and your family.

[Orpichukwu]

Michael Caroll thought that the gold and mansion he bought was the best financial decision he made and he must have also followed the guide of his friends who were not financial experts, they told him that his decision is good and it would have been good but he destroyed himself when he started doing drugs. The move he took was nice in my opinion and would have helped him keep his wealth if he had not started doing drugs. If not for the drugs, he would not lost his house and the gold worth millions of dollars. I assume that he would still have lost everything even though he hired a financial expert, unless he didn't get addicted to drugs.

Both the gold and the house were good decisions which he made, and assuming he added a business or any form of investment that will constantly be generating wealth for him, that could have really been nice, but the main problem here was not just the asset but that he was the real weapon formed against himself. Since he started spending people's annual income just in a night without something that's bringing back the same amount of money to the account, it was really clear that he will get broke over time.

[viljy]

But why is it that if a person suddenly becomes rich, he must necessarily become a drug addict, alcoholic and libertine? No, not necessarily. The reason is that he is such a person. I've already written in a thread about why jackpots are mostly won by jerks. Therefore, it seems to us that winning will not bring happiness, but will necessarily end in ruin (using the examples of these fools). The reason is that the majority of lottery ticket buyers are financially illiterate people, as well as people who don't have a lot of income and are just not too smart. Therefore, statistically, the majority of the lucky ones come from such people. And they naturally waste their winnings stupidly, due to the nature of their personality.

[fullfitlarry]

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
~snip~

I read about it a long time ago and then, as I do now, I thought that things weren't as bad for him as they seemed. It's true that he spent all his money, but it's also true that he lived for years the way he wanted, and I don't think he regrets that he eventually had to go back to his old job.

He is probably one of those people who would rather live like a king for one year than live his whole life like an average person.

We have a local saying here, "one day millionaire" and that could aptly apply to Carol.

Maybe he was really overwhelmed with that kind of money as he never touches it before. So he just bought a huge mansion and party all he wants as he doesn't care of all the spending and live like a king.

It could be that was his plan or he his back up plan is to go back to the streets after spending all that money.