P38M Lotto Winner found himself broke 2 years after winning. . . .

Philippines
January 26, 2009 1:26am CST
Featured in one of our local shows last night was a man who won P38 Million in a lottery. Would you believe it, he lost all his winnings to gambling, women, drinking, trips abroad, and a lot of unnecessary expenses. Adding to his misfortune was that the last money he deposited in the bank was gone after the bank closed. It was a true story as the winner himself was featured. In other words, he did not invested his money wisely. If you were to win the lottery, would you allow yourself to be broke again? What will you do with your winnings?
7 people like this
35 responses
@Infernal (135)
• Canada
26 Jan 09
Wow, I can't believe someone would be so careless with their winnings. Sure, have a little bit of fun, but indulging in those pointless "luxuries" just because the money is there doesn't mean you SHOULD. If I won the lottery, I would maybe take one vacation because I have only been on vacation once in my life. I'd then save/invest the money, and if I spend it, I'll spend it on worthwhile things (charity, building something, supporting, making a difference). I wouldn't go on shopping sprees or buy a $200,000 car like some people would do. Money can go as quickly as it comes, and some people don't realize that. They feel "secure" by the idea that they may have X amount of money, so they feel like it's no harm if they spend it. I think that's a dangerous way of thinking, because you never know what could happen in the future, or where that money could come in handy. I feel a bit bad that he lost the money he put into the bank, but I don't feel sorry for him at all if he spent his money on drinking, gambling, and WOMEN (you mentioned he was married with kids). That's totally inappropriate, and I hope he learns his lessons from this experience. People would kill to have a small sum of money to get them on their feet, to stabilize their lives, and this man just took that for granted. Someone said it's a one in a million chance to win the lottery; actually, the odds are far less. You are more likely to be struck by lightning twice in the same spot than to win the lottery. At least this man is left with memories, and lessons that I hope he learns from. I can understand if he (or others) would be very depressed after this, but giving up doesn't get anyone anywhere. I hope this event has made him realize what's really important in life, and I hope his family can recover and move on well. I wish them good luck.
2 people like this
• Philippines
26 Jan 09
Oh. That was so sad. But maybe he deserves it. He didn't handle the money that he won from Lotto. Even if he got the money from Lotto and he didn't work for it, still he has to spend it wisely. But I think he learned his lessons from that incident. Well if I won in Lotto, I will surely help many people. I will build a foundation. I will also invest my money into a business which I think will profit. I will save my moeny. And of course, I will spend a portion of it in enjoying myself, my family and friends.. Happy posting everyone...
1 person likes this
• Philippines
26 Jan 09
He learned his lessons the hardest way and he also learned it too late. Poor man. The only trace of richness in him are his memories of the days when he was filthy rich.
@silverglint (2001)
• Philippines
26 Jan 09
That is so sad because not everyone gets the chance to start a new beginning with a lot of money. I guess, money that is not hard-earned doesn't really stay for long because the person doesn't know how to value it. Just a thought though, isn't the money in the bank insured by the PDIC? he is still suppose to get something even if the bank closes.
1 person likes this
• Philippines
26 Jan 09
Money in the bank is insured but up to certain amount only. If I am not mistaken, it's up to P300K only. His bank deposit was more than a Million and he got only the insured amount which was much more lower than his deposit.
• Malaysia
26 Jan 09
Poor man! It would be a regret for his whole life because all of the money was not spent wisely when it was there with him. Now he only had the memories with him and nothing else. The chances for him to win another big lottery is, I think like one in a million. If I were him, I would not spend the money unneccesarily. I would put the money into my local investment which is very safe and would give me a sure return of more than 6% yearly which is comprising of dividend and bonus. I am sure I would live very comfortably without having to work anymore if I still maintain my lifestyle and do not touch the money in the investment, and only use its dividends and bonuses.
1 person likes this
• Philippines
26 Jan 09
it was too late for him to realize that he overspent his money. I also wonder why did the wife or the children did not advice their father to invest the money wisely. . . Just like you, I would be very comfortable with my life now had I won that amount. LOL
@inkyuboz (1288)
• Mandaluyong City, Philippines
26 Jan 09
That's why you should learn how to properly invest your money. Some people can be so lucky yet so naive at the same time. I don't think he intended for that to happen, but it DID happen and it's a bit sad, really. Had I won that amount of money, I would've deposited it in a bank for future use, and I will only spend the interest it gains. :D
• Philippines
28 Jan 09
That man never thought first before he spent his money plus the fact that there were no people surrounding him who did a great financial advise for him.
@mgmagana (3621)
• United States
26 Jan 09
there are sooo many people who just don't know what to do with that much money so they just blow it! if i won the lotto i would first run to a financial adviser and tell him to help me live off this money for the rest of my life, even if i had to buy a little house i wouldn't care as long as i was living comfortable for the rest of my life.
• United States
26 Jan 09
I agree. AMEN; see a lot of us can't handle jack, much less jill and you need help. seek the help of someone who can help you and have your best interests at heart.
• Philippines
28 Jan 09
it right. Someone must be there for you to give some financial advise on how to spend and invest your money. The 38M would have made him live comfortably for the rest of his life had he spent it wisely.
• Australia
27 Jan 09
That's terrible. 38 million should usually stay for someone's whole LIFE time. He probably had the time of his life, but regrets it now. That's his fault. He shouldn't have gambled, spent it on drinking, and it sounds like he's the kind of person that would cheat on women. It just shows what can happen when a normal person wins alot of money on the lottery. Luckily, not all humans are dumb and spend it on unnecessary things. I agree with a post I already read on this discussion. 80% would go into my bank and 20% would be for entertainment, not getting drunk and gambling.
• Philippines
18 Feb 09
Really very terrible. It's a bad karma for him. he had many women on th sides who all took advantage of him. Not a wise person. it's best to invest your winnings wisely.
@mimico (3619)
• Philippines
27 Jan 09
Oh my. Some people really take on a high life when they earn some extra money. I think Manny Pacquiao doesn't invest his money wisely too. I don't know. i just have a feeling that in a few years, he'll start losing matches and then he'll be in financial crisis. Hopefully the government officials using him right now will be there for him when that time comes. Anyway, if I had that much money, I'd buy land to invest in and then take my family on a family trip. :)
• Philippines
18 Feb 09
Manny Pacquiao is such a great boxer. The money he earned is through his effort and not by pure luck. I agree with you that if he will not invest his money wisely, then he will also be like this lotto winner who gone broke. Gambling, womanizing and drinking are some of the bad habits that will surely make a person broke.
@jcj_111776 (3220)
• Philippines
27 Jan 09
I was hoping to watch that segment in Korina's show but I was unable to. Now, that man's story is a very sad one. From rags to riches to rags again. I don't understand how can some people lose so much money in just a short time. And to lose P38M?!!! You would think that when the man won that so much money, he will never ever have to go back to his old life again. And he will do something wisely about that large amount in his hands. Money can make a blind man to everything. If I were in his shoes, I have the chance to help so much people with the P38M. At least, if I were to lose that money, I would rather lose them helping other people's lives get better. But to tell you honestly, I don't think I would be comfortable having that so much money. If I have that P38M in my hands, first thing I'll do is to make sure that my family will never have to worry about their future. Then, I'll invest some to a 100% sure family business. And most of all, do what I always wanted to do. Help other people, especially the children. Who goes hungry everyday. But I'll make it sure that the money I will give to them will go a long, long way for them. If that man can undo what he's done, I sure hope he'll make use of his money in a way that will benefit a lot of people, not only his wants.
• Philippines
18 Feb 09
That's a typical example how an easy money gets easily lost. When a person have lots of money, his friends and relatives get many too and that's what happened to this man. He gave so much to many people including to many women that he got a bad karma.
@gotetet (197)
• Philippines
27 Jan 09
if i were to win the lottery, in the first place i have deposit my winnings and set priorities on what to do with such a huge amount, of course all of us wants to have a house and lot of our dreams, cars, travel around, give some to charities, but we also do remember, luck knock once in a lifetime, so i have to invest in business, one which i can handle it myself to protect and allow it to grow, i should be very busy for the business, the more efforts we exert i'm sure God will shower us more and more blessings, it might have another lottery winnings right? lol. by now i hope i will win some. hope for us all. Happy mylotting.
• Philippines
18 Feb 09
Investing the money is the best way to give yourself a definitely bright future. Tehre is nothing wrong with buying your dream car, house, etc. for as long as you know how to manage your manage. Good luck and God bless.
@rymebristol (1788)
• Philippines
26 Jan 09
[b]he had given the get out of poverty and yet he went being broke again. that man was irresponsible. he used the winnings to nothing, waste it to perks, and leisure. that's not the way to spend a winning like that amount of money. if i were the one who won the large sun of winning, i would put up my very own business and distribute some of it to my relatives for them to have their own business ventures. somehow i want to see them now as an employee but an individual who are responsible to make the business grow even at very small capital. maybe some of the winnings will go to leisure like out of town trips, automobiles, house for my parents and educational plans for my cousin who are still studying and for those who stop attending college. 1/8 of it goes to a charity foundation. that's how i would like to spend the P38 Million.[/b]
• Philippines
28 Jan 09
That's what you call rags to riches to rags! It was a real stupidity on that his part and his family. They did not appreciate the blessings that they received. It was really crazy.
@iamsolucky (1243)
• Philippines
26 Jan 09
If i won, i actually go and play the lotto, i will invest my money. I want to buy franchise of Jollibee or Mcdonalds, and time deposit some of the money. I will renovate our house since it is also very old now. i will also study other courses and buy learning materials for it. Since i am also active in charity events, i will build foundation for helping the poor especially the kids in the streets. This time, money is so hard to earn, someone must be really smart spending the money.
• Philippines
28 Jan 09
That would be a very good and wise investment. You will make your money grow if you invest your money for business. I don't understand why this man never thought about going to business.
@gracie04 (4555)
• Philippines
26 Jan 09
I've seen his story yesterday.. and it was terrible! i mean, he should have invested the money he won in the lottery.. if i were to win the jackpot, i'd invest my money, run my own business(bar/restaurant, gadget shop, real estate), share my blessings with hubby and family, i'd buy a nice ride for myself and for my siblings, i'd buy a one bedroom condo unit, i'd go to the hospital and have myself treated, donate to church and charity, etc..
• Philippines
28 Jan 09
That would be a good investment. He should have done that but it's too late for him. He realized that he did wrong when he got broke.
@jazel_juan (15767)
• Philippines
26 Jan 09
really? well he is one stupid man heheheh.. well of course there is the urge to spend and spend and spend, because it will feel like you have everything and it will feel like money is flowing like water! He did not even realize it might run out after all his gamblings and craziness..tsk tsk.. if it would be me, i would have kept it for my children's education and future!
• Philippines
28 Jan 09
It was absolutely crazy for him to spend that much in just two years. He messed up. Now he is a poor man again. Too bad for him.
@eichs1 (1934)
• Philippines
26 Jan 09
Remember Mang Pandoy used by the Ramos Administration to signify show how one's life could be improved by the government? Well, his family was given ample support but the latest news showed them still in dire need. The family were not taught how to stand on their own that they remained poor when government support stopped flowing. Well, this lotto winner is in a very different league but it really shows that it is really better to teach one how to fish than give him fish every time he needs food. With P38 million, I think me and my family will be living comfortably until I die. A P30million time deposit in different banks can generate enough interest for me to enjoy life to the fullest. The remaining P8million? That's for charity or for livelihood training of deserving people, for friends and relatives and small investment.
• Philippines
18 Feb 09
That's the irony with this winner, he was given that chance to change his life, yet he never took advantage of that. I guess, you are right that he should have been taught how to fish too. Thanks for the response.
@rsa101 (15594)
• Quezon City, Philippines
26 Jan 09
A lesson hard learned. I guess its really painful to lose that much of a money. I really would feel bad if that happens to me. If that happens I would definitely put that money to work for me so that it would stay with me. Spending the money would be part of it but then I would spend it wisely than put all of it there.
• Philippines
26 Jan 09
It will really make everyone feel bad even if we were not the one who won. It was a lesson learned for him and his family. No one in his family did a small part in saving the fortune. Very unfortunate for them.
• Philippines
22 Nov 09
There are a lot of this kind of story in the Philippines. It's sad that while others spend a fortune trying to win the lottery, there are those given a shot at it but are not careful enough to take good care of their money. Perhaps, these people spend so much so that they satisfy those urges that have long been there and it so happened that they can't satisfy them before as they did not have the money. I have always been very careful with the way I spend money. If ever I would win the lottery / lotto, I would keep a big percentage of the money in investments and keep some in the bank. I would probably use some chunk of the money for the businesses that I would like to establish and infuse more money to the business that I already have now.
• Philippines
18 Feb 09
If I won? No, I will not allow myself to go broke again. EVER. Q: How? I think it would be a good choice to open up several bank accounts that are insured by PDIC, so that in case a bank closes I still get to have all my cash back. Of course, I'd be sensible enough to deposit right under the Php250k mark. And, probably another good investment is time deposits on reliable banks. Banco de Oro is preferrable--I've seen my mom do the time deposit thing, and they pay well--sort of. And--now. What I'd do with my winnings is--it's going to be spent on a house, and the rest part will be split for everyone living in our house. I'd probably spend my part on a white Chrysler 300c, but then the rest goes back to bank.
• Philippines
16 Feb 09
Well as a consolation prize he enjoyed his winning for two years its his money by the way
@gtdonna (1740)
30 Jan 09
If I were to win the lottery I will spread my money around. There is a saying, never put all your eggs in one basket and that is what that man did, he kept his winnings in one bank and thus the last of it got lost when the bank closed. I would invest my money, take trips yes and spend on some stuff I need as wella s giving to charities, friends and family, but I will make sure that I have some stuck away in case of emergency. I always say anyone who win a lump sum of money should never go broke if they invest wisely.