Lottery Winners- How they spent or squandered their winnings
Ever wondered what happened to some of the biggest jackpot winners? Whilst some take the sensible route of investing their money wisely in property and helping out their friends, family and charitable causes, according to a World Lottery Club blog article, 70% of lottery winners lose their winnings within a few years.
It comes as no surprise that the first thing on a lottery winners list is a new home. In fact, 82% of lottery winners move house after they’ve scooped their millions. The average lottery winner in the UK spends just under £1 million on their new crib with popular amenities including, electric gates, a hot tub, games room and walk in wardrobe. And how do they manage their new palatial home? By employing staff of course! Just under a third of winners hire a cleaner and just under a quarter hire a gardener to ensure their home stays in ship shape.
Savvy lottery winners also invest their money in property or business ventures. In fact, 15% of lottery winners in the UK start their own business and 9% invest in helping friends or family set one up. For many winners, the money also helps to clear off existing debt. Whilst the majority of winners give up the day job, nearly a third turn themselves to voluntary work.
When it comes to splashing the cash on consumer goods, a new car is the most popular purchase, with 16% of winners opting for an Audi. And of course who doesn’t want to relax somewhere exotic after a big win? 27% of lottery winners jet off to the USA, with Dubai and the Caribbean also popular destinations.
But not everyone is good with handling large sums of cash, and many winners end up making poor choices leaving them broke. Former 19 year old bin man Michael Carroll won £9,736,131 in 2002 but just a decade later the self-proclaimed ‘King of Chavs’ had squandered everything on drugs, booze, lavish holidays to Spain, prostitutes and cars and had just 70p to his name.
Similarly, Callie Rogers won £1.9 million in 2003 when she was just 16 years old, but the cash soon dried up thanks to booze, drugs and plastic surgery. Today, Rogers has just £2,000 in the bank but is happier than ever.
Jack Whittaker won a staggering $315,000 in 2002 on the Powerball, and despite already being a multi millionaire in his own right, by 2013 the businessman was broke.