Busted mi££ionaire

Robisere

I have just heard the incredible news that a guy who was a good friend, then won over £3M on the Lottery and moved away from his roots, has gone bust. Lost his home, money, and wife left him. Has to get a job after about 8 years of high living.

Apparently the bookies had most of it. It's a real shame, he was a good guy who has sponsored local good causes including disabled organisations, but moving into the company of those born with money, did for him.

If I was that lucky, no one would know about it but close family and I would never move from my lovely village - just get a nice new home, nothing too ostentatious, treat friends and family and live quietly but well.

Still shaking my head over this, can't believe someone I knew could throw away all that money.

Grumpy_Shunter

A fool and his money are soon parted.

Robisere

Grumpy_Shunter wrote: »

A fool and his money are soon parted.

I would not say he was a fool, just a rather simple, easygoing guy who went off the rails when presented with more money than he could handle. He also had lots of new "friends" who will all have left him now, can't come back to his old mates for shame although we would certainly welcome him back.

Sad thing is that his mum has practically disowned him. He had been divorced even before all this happened, had children who are teenagers or older now.

I recall the day he won, walked out of the PO with the ticket, hands shaking. If he had never won that money, he would have reamained the decent, smiling guy we all knew.

rossireps

Grumpy_Shunter wrote: »

A fool and his money are soon parted.

as are most bankrupts then? except of course some like me never had the money they spent

Grumpy_Shunter

rossireps wrote: »

as are most bankrupts then? except of course some like me never had the money they spent

No-one is associating BR's and fools are they? It was a sweeping generalization of what happens to some people when they suddenly have lot's of money they never had before.

DevCoder

It actually goes to show that if you sit down and work it out that £3M is not a lot of money to play with in reality.

It sounds a big number but once you've worked out what you'd buy (a house, a car, maybe a boat) then £3M might not even cover that.

You could easily spend £3M on a house where I live (Jersey) that's all youd have for your winnings.

Even putting it in the bank would earn you probably about £1,200 per month in interest, not really the monthly outgoing expenditure of a millionaire.

MikeJO

krisdorey wrote: »

Even putting it in the bank would earn you probably about £1,200 per month in interest, not really the monthly outgoing expenditure of a millionaire.

That's less than 1% (unless my maths fails me)....you'd have to be pretty badly advised to go for that with £3m burning a hole in your pocket!

droiderm

krisdorey wrote: »

It actually goes to show that if you sit down and work it out that £3M is not a lot of money to play with in reality.

It sounds a big number but once you've worked out what you'd buy (a house, a car, maybe a boat) then £3M might not even cover that.

You could easily spend £3M on a house where I live (Jersey) that's all youd have for your winnings.

Even putting it in the bank would earn you probably about £1,200 per month in interest, not really the monthly outgoing expenditure of a millionaire.

I earn a good salary and it would take me 92 years to earn 3 million net
It's a massive amount of money.

rossireps

Grumpy_Shunter wrote: »

No-one is associating BR's and fools are they? It was a sweeping generalization of what happens to some people when they suddenly have lot's of money they never had before.

you said the word fool not me!

alastairq

That's less than 1% (unless my maths fails me)....you'd have to be pretty badly advised to go for that with £3m burning a hole in your pocket!

or..have it in a Co-op savings account?

:rotfl:

SPELLKASTER

I can't even win a measly tenner on the Lottery these days let alone £3M!! What a waste of money though; I would have saved some of it!!