We should learn from Michael Caroll about winning in a jackpot

[libert19]

Ok. It was fine at first (with spendings on mansion, cars, and gold) but it got disturbing as it went on (drugs, alcohol and orgies).

...I wouldn't buy a luxury villa, rather a large countryside with land to cultivate and animals.

True. I find nothing else as much as useful as land. If I were to win significant amounts, I would purchase plenty of land.

...The main problem is just one, winning that money. 

I wouldn't call it a problem. I mean, guy was able to fulfill his fantasies with the winning, even if he restarted as a binman down the road.

...I've heard horror stories of being ripped off by your accountant...

This reminds me of Al Pacino being ripped off by his accountant.

[TypoTonic]

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.

It's such a shame because if only he managed his wealth properly, he could've lived a far better life than the average person for much longer. Ultimately it was his choice, but I doubt that he doesn't fully regret it. Surely there's always going to be a small part of him that thinks otherwise.

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.

It's not surprising, since they view it as their only chance to escape poverty. These are the type of people who would rather spend their hard-earned money on vices instead of saving it, so it's definitely much easier for them to squander money that they acquired with almost no effort at all.

[xbetz.io]

This story shows that the problem isn’t winning money, it’s being unprepared for it. Sudden wealth without discipline or a plan often accelerates bad habits instead of fixing them. A jackpot doesn’t change who you are, it just removes limits. Anyone who plays should probably think more about “what if I win?” than “what if I lose?”

[qwertyup23]

<..snip..>
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?

There are multiple stories like this from the past where lottery winners became poor again due to mismanaged funds.

I think I remembered that one of the lottery winner shared his experience where he used to splurge everything. He bought new houses, tried drugs, traveled and visited tons of clubs that ultimately caused him to spend all of his winnings in three (3) years. He shared that the most important thing that a person must do is to hire an accountant. If you have an accountant, that person would be able to manage your funds and tell you what to avoid and maximize everything efficiently.

This story shows that the problem isn’t winning money, it’s being unprepared for it. Sudden wealth without discipline or a plan often accelerates bad habits instead of fixing them. A jackpot doesn’t change who you are, it just removes limits. Anyone who plays should probably think more about “what if I win?” than “what if I lose?”

You're definitely right- it's not about the money but the approach of persons when they are given an opportunity like this one.

Always remember that having tons of money is a double-edged sword. Your fate is decided the moment you make your financial decisions towards the wrong direction. If you lose your purpose and goal, then this would cause your downfall quickly and painfully.

[Darker45]

Even non-gamblers should learn a lesson or two from Mr. Caroll. Although we don't have millions, we're like him in more ways than one. Many of us prioritize unnecessary spending. Many of us aren't keeping a close track of our finances. Many of us are dipping into our savings every once in a while without a solid plan as to what happens next if it's gone and an emergency arises.

Or perhaps many might consider Mr. Caroll's approach as reasonable. Use the money from thin air to satisfy yourself to the fullest for tomorrow you'll go back as a binman.

[coin-investor]

He was just 19 years old and without a bank account to deposit his winnings and probably no guidance on how and where to spend his fortune, and was too greedy not to make it an installment method, a highly recommended method to save the fortune if you still don't know what to do with the fortune.

In interviews, he said he never regretted losing his fortune, but he would when he grew older and could no longer keep up living on his earnings as a garbage man.

Everybody is working or dreaming of winning the lottery, but Michael squandered that dream; he will have a lifetime to regret it.

[Kasabus]

Everybody is working or dreaming of winning the lottery, but Michael squandered that dream; he will have a lifetime to regret it.

It’s painful, but at least once in his life he was able to experience what it’s like to be truly rich, and that experience will stay with him forever. He might regret how things ended, but those regrets won’t last if he learns to be grateful for what happened.

Not everyone gets the chance to win the lottery, so it’s better to take it on a positive note.

Learn from his experience, he can be thankful for the moment, even if it didn’t end well.

[danherbias07]

Yeah, I do have a plan if I am going to win the lottery, and it's not changing up until now.

Investment in real estate. There are still a lot of houses and lots that are being sold here in our country, and most of them are seen as too far away by the city people, but they do not really know that it's easier to access those places. Just like the house and lot that I bought, which before is called a province but is now a city. That's only after 5 years.

My plan is to put my money there. It never expires, it never rots, and most of all, the price of land is growing, and my place is a good example of it. If calculated, the value of my place now is 3 times the initial price of it.