How to Lose a $15.2 Million Dollars Lottery Jackpot in 8 Years and 5 Easy Lessons

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Lotto winner Michael Carroll is relying on Jobseeker's allowance after spending his £9.7million in eight years

Thanks again to Philadelphia News columnist Howard Gensler for bringing this story to my attention, and now yours.

It’s the lamentable story of Lotto winner Michael Carroll, back on the “dole” in the U.K., after spending his  £9.7 million ($15.2 million, in U.S. dollars) in eight years.

How he did it is the stuff of which lotto lore is made.

He won the millions and now…he’s back where he started. On the street.

The 26-year-old former garbage man last week revealed to British newspapers that he has squandered his multi-million fortune on drugs, gambling and thousands of prostitutes.

Prostitutes? Well, I guess he (and they) thought it was worth it.

Now, he says, he is just as happy getting £42 a week in jobseeker’s allowance.

He told newspaper reporters: ‘The party has ended and it’s back to reality. I haven’t got two pennies to rub together and that’s the way I like it. I find it easier to live off £42 dole than a million.

I think the man is a bit daft, but that’s me.

‘I’ve lived the high life but I want my job back and to earn a normal wage. I’ll do anything to earn a pound or two now.’

Carroll’s jackpot win in 2002 disappeared with astonishing speed.

By the end of 2003, he said, he was smoking £2,000 of crack cocaine every day and hosting drug and drink fuelled parties at his £325,000 home.

Angry at his life of excess, his wife Sandra left him and took their baby daughter Brooke with her.

Rather than see the decision as a wake-up call, Carroll continued on his life of excess, turning to prostitutes.

He boasted about sleeping with four a day – a total of 2,000 at a cost of £100,000 over eight years – in order to sate his sexual appetite.

Carroll picked up his Lotto cheque wearing an electronic offender's tag

Describing how he descended into a world of drugs and paying for sex, he told the News of the World newspaper: ‘I only started to think about three things – drugs, sex and gold.’

He said he had no regrets about his lost fortune, but admitted that others had benefited from the win more than he had.

“‘I’m just glad it’s over,” he said.

OK, look. We don’t preach here at this site.

You win, you spend your money any way you wish and God bless you.

But my advice (of course, you must READ MY FREAKING BOOK, to the right to learn what experts say you should do) is to get good financial advice.

And then party your ass off.

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