Never follow this Person's example

Philippines
March 14, 2012 8:38am CST
Hello Lotters, I was referring to those people to those who won the lottery and doesn't spend it wisely nor think of the future. This reminds me of a story that I heard from another family, after winning 34 million, they spent it on five star hotels, abroad and after a few months, they went back to their own middle class state, i thought that was horrible. Not a ref link. http://ph.news.yahoo.com/lotto-winner-spends-p14m-just-3-months-142725757.html If you win the Lottery, never waste the opportunity to plan for the future.never. I bet he regrets loosing all of that money now..
4 people like this
28 responses
• Philippines
14 Mar 12
hi lk! it's a saddening fact that sometimes some people do not know how to value wealth (or money) that was not earned the hard way. wealth that is not properly managed, will cease to exist in just a short time. i hope that in future, lottery winners will be given some sort of finance management orientation to create proactive ways in ensuring the long-term improvement of their financial/wealth status. i could not blame lottery winners, huge wins can really be overwhelming. but low-income people should know better how financially difficult it could be for them. sometimes we ask God for some divine intervention to bless us, uplift our lives... but when opportunities come knocking our doors, some of us don't know how to handle it well enough to hold on it. DR's story kinda frustrates me. P14 M (or a third of $1 M) could have gone a long way to get a better life for him and his family but he chose irresponsible ways to reduce his wealth to nothing... in such a short period of time... paying no attention to the pleas of his wife and his family. i hope people will learn a valuable lesson. wealth has its limits if we only know how to spend. but wealth when used properly can be a source of continuous income. have a great day.
• Philippines
18 Mar 12
Hello Mylesnarvaez, That's another way for me not to bet on the lottery, having those people wasting time with their money. too bad though if he listened to suzie orman or any other financial guru, then it would have been different in his situation. maybe i should have been more god fearing.
• Philippines
18 Mar 12
it's been a long time since anybody referred to me by my full name in mylot... hehe what happened to just "myles". hmmmnnn
• Philippines
20 Mar 12
oh, sorry my bad me
• Calgary, Alberta
14 Mar 12
have they ventured to apartment business, instead they could have got a sustainable effortless source of income for life. They can go lazy and still earn money monthly. or they could have at least have 5 million goes under a time deposit, that could have let the money grow without giving effort. they thought 14 million is huge money, well all expenses nowadays are way too expensive. maybe they also tried helping relatives.
• Philippines
15 Mar 12
Hello CaptainAlbertwhisker, Another brilliant advice coming from yourself. that's true, back then even 5 million isn't really that much, what more now if you win 14m. That's what I will do too, helping some of them pay off their bill. thanks for responding, i truly hope we learn from their mistakes.
• Calgary, Alberta
15 Mar 12
he could have also started a pig farm, pigs are easy to multiply. actually helping relative is not advisable,they wont leave alone until there is no money left. Its better if you will start a business and give your relatives jobs but dont tell them you wont the lottery. The thing is if relatives so the money is earned through hard work, they will respect you but if your money is won from a contest they will milk you dry.
• Philippines
17 Mar 12
thank god for this advice
@louievill (18130)
• Philippines
14 Mar 12
I can identify with your discussion cause I personally know a local boy who grew up in our community , some 8 or 10 years ago, he won in the lotto , not sure if it's 24 or 29 million pesos, anyway after 5 years he was almost out of cash and was tring to pawn he's car, he had nothing left except for a time deposit, just lately, I heard that he is applying to work abroad, OMG you make me win like that and you won't see my shadow here anymore(kidding), I think "how we handle our finances could determine a sad fact in life sometimes". Philippine lotto is really true! Somebody wins cause I know this guy personally.
• Philippines
14 Mar 12
Hello louievill, I strongly agree with you that people can really change their lives if they win the lottery. unfortunately, my numbers comes out when ever i don't play my bet and it's really frustrating most of the time. I don't mind being here even though I have won the lottery as long as i keep it as hush hush.
• Philippines
15 Mar 12
HIDE FIRST, then plan
@louievill (18130)
• Philippines
15 Mar 12
hey guys I think when you win a large amount, the first thing that will enter your mind is your safety and the safety of your family, how to claim you winnings especially if you have no bank account, what good will the money be if you are kidnapped or killed lol..., another thing is think of who you can trust to tell your little secret hahaha... guess LK is right, you have to disappear first and plan the next step while hiding
@SIMPLYD (78118)
• Philippines
19 Mar 12
Some people indeed could just be overwhelmed by having so much money. They would spend it as if there's no tomorrow. Little do they know that someday, they will need it somehow. Like the one that was the topic of a show, i think that was Jessica Soho's. The man, in a matter of 3 months lost his 14 million winning in the lottery, by womanizing, vices and gambling. ANd to think that when he had a stroke, he has no money anymore. Well, it was an eye opener to him. Now, he's back to betting lotto, thinking that he might win again. Do you think he will be allowed to win again ?
• Philippines
20 Mar 12
Hello Simplyd, Oh, my I didn't think of that TOO? what if he does get a stroke or something with out even knowing and what would happen to that money of his. lucky for him, he was still alive after he spend it all. i haven't bet on it for months
@SIMPLYD (78118)
• Philippines
21 Mar 12
He's still on his job, Letran . Of course he should be, because he gave his boss, who helped him how to get his millions PhP100,000.00. Now , he hitches with his nephew on the car he gave him as "balato".
@else22 (4319)
• India
17 Mar 12
I agree with you.Such people never rise above poverty.In fact,they invite poverty in their lives.They don't know how to make the best use of the opportunities that come in our life.Luck offers them a chance to raise their financial status,but they foolishly squander it. Saving money is a virtue.If you save money,then,at the same time,you learn to control your wishes as well.
• Philippines
20 Mar 12
Hello Else22, it makes me wonder why our country never prosper, because majority of the local FIlipinos doesn't know how to save their money. And I know that am one of them, but the difference is that i don't buy cheap useless stuff, i buy what is needed in the house and my family knows that. i hope i can save money these next few months. have a nice day.
@else22 (4319)
• India
20 Mar 12
In our country,India,we are traditionally taught to spend less.That's why we could successfully remain unaffected by depression.
@aerous (13474)
• Philippines
16 Mar 12
Like what happen to a person that being in the yahoo news last tuesday, which is a month millionaire, because he won 14 million but spent all the time in a casino, cockfighting, girls on the club and many other things that wasteful... Those are people who didn't meant the value of life but meant the value of money
• Philippines
20 Mar 12
Hello Aerous, Actually, that's the guy I was talking about in the discussion with the attached link, but i was also talking to a family who won 34m and lost it all after two years. Though i think i am a bit immature myself when it comes to money but now i realized the value of it, not sure if i would be able to make myself lucky in terms of saving. am doing online thing so i will start with that, again. have a nice day.
@aerous (13474)
• Philippines
22 Mar 12
Yup! My friend, money is important in this life unless don't make that money just as important than God. We need to save just as a little so that when we need it. We can manage to provide it immediately because in this troubled times, there are many problems that we face and most important problem of man today is money so we need to save even a little part of our earnings
@jonnifc (1021)
• Philippines
14 Mar 12
We've heard the expression before "easy come, easy go". They say money that was easily acquired will probably be lost just as easily. They were probably so overwhelmed with all the things that so much money could buy them that they were no longer rational in spending. It's so easy to say that "when I win the lotto, I will save some of the money then invest some then give some to the poor then spend only a little". I would say that, too. But I don't really know how it is like to actually have that much money. But you know, if I win the lotto, I hope the Ilocana in me (thrifty) would take charge. Hahaha!
• Philippines
18 Mar 12
Hello Jonnifc, I hope my Father's GENE in me would take over if i ever experience this. unfortunately, in the past i used to have money as much as 150$ and spent it before on some other things when i could have saved it. I am not sure if betting the lottery now would be wise, but maybe when am in the mood
@jonnifc (1021)
• Philippines
21 Mar 12
Hi! Well, we all hope for the best. I know the temptation of spending money. I experience it every payday. Haha! I don't bet in the lotto so I don't think I'll be in that situation anytime soon. It was just hypothetical. Hehe!
@owlwings (38899)
• Cambridge, England
14 Mar 12
There are plenty of people (and to spare) who will tell you how to use your money if you happen to be a big winner. The sad fact is that, if you are an undisciplined spendthrift before you win, the money is unlikely to change anything. It is really up to the individual to decide what he does with the money. Envy, common-sense and many other things may make most of us say to or of him "How dreadful! You/He shouldn't do that: You/He should do it the way that I would!" (I suspect that it's really envy which inspires most of the comments). Lotteries are (by definition) random and the people selected to win are completely random. There is NO 'deserving' in the choice whatsoever and, because most people are human and are not used to having large amounts of money, it is completely natural that most big winners will, eventually, end up in the same economic state (or worse) that they were in before. It is really only those people who have earned their wealth who understand the meaning of 'wealth' (which is not 'having a lot of money' so much as 'knowing how to accumulate a lot of money').
• Philippines
15 Mar 12
Hello Owlwings, Maybe it's because no one has really been there to tell you that with out asking you money in return. if it's natural, maybe people should start betting less knowing that the winnings would likely go to a random person that doesn't treasure money that much. I guess hard earned but saved money is a true wealth no matter how small it is.
• Philippines
16 Mar 12
I tend to agree with owlwings. I am not condoning the winner's actions. That was most unwise. But winning does not change one's being spendthrift if you were one before. I had an aunt who was exactly like this who received a million unexpectedly from a sad source but spent it anyway in just a few months. A happy go lucky woman who doesn't think of others (that is, her family) and tomorrow. But....that was what she was...before and until she passed away. The winner concerned here could have learned (and most bitterly) from his lesson though I doubt if an opportunity like this would come again. That is most regrettable. But then again, we are just onlookers from the outside.
• Philippines
14 Mar 12
Yes, I can't really understand such kind of people. They are financially illiterate in my opinion. If they just know how to manage such a sum of money, then they could live out accumulating or maintaining that amount of money. Greediness really blinds a person into spending. If I were them, I will surely invest in in many instruments and live with what I can profit out of interest, passive income or business earnings. A real waste. I am quite sure too that they will regret their short lived richness.
• Philippines
15 Mar 12
Hello AgentGulaman, Maybe because the behavior and mentality of having on that situation becames different if the person won the lottery. short richness is not something good if you have children, what about their future? I don't want to be financially iliterate, though i had learn some financial subjectsit's only recent that i have started to read such
• Philippines
15 Mar 12
Yep! Surge of emotions and impulsive buying and spending can really overshadow reasoning sometimes. That is when people become stupid. Yes, he didn't even bothered or cared for the future. His mind is that his money is unlimited. Self discipline should be instilled in managing money matters. Anyway, at least people like him eases out the circulation and flow of money and currency which is a good thing for the economy as a whole.
• Philippines
14 Mar 12
This is just a sad story for him and totally not a good reason to follow. If ever I got this luck, I will just spend and invest it wisely. We are longing to become millionaires and this opportunity should not go to waste.
• Philippines
15 Mar 12
Hello Sinnedsejatnom, Yeah, and i feel bad for the wife too knowing that he actually spend it womanizing is also injustice to the wife of that person. I hope his wife didn't divorce her later on because of that wasteful mistake on the money
• Philippines
15 Mar 12
It's usually the automatic thing to do for a man when he wins instant money, that's womanizing. It can destroy families and hopefully his story won't end up like that.
@bing28 (3798)
• Philippines
19 Mar 12
If given the opportunity I would do extra ordinary things,I could not do in my ordinary life. I would start it by giving 10 per cent to the church. Donate to charitable institutions. Secure time deposits for my children, provide a house and lot, a car and a business. Give reasonable amounts to siblings and other relatives and friends. If there are amounts left, invest in lots. So no money wasted...
• Philippines
20 Mar 12
Hello Bing, we never really know actually most specially if he didn't share his story about his spending spree after winning that simple 14m. I still don't know about these donating to charity institutions, it should always be family first before anything else
• Mexico
18 Mar 12
Hi Letran Knight: Of course not! Sometimes people just go crazy when they get the so called easy money and they don't keep in mind that they should save some money and invest wisely because if you just waste your money on ridiculous things it will soon disappear. ALVARO
• Philippines
20 Mar 12
Hello Starsailover, Not crazy but not good in financial planning specially with that kind of amount. I do remember about having some earned money and spending it relentlessly. I will save money next month because i need to pay for the annual fee this month, something i should have taken care of.
• United States
17 Mar 12
Oh wow! How stupid, Letran. How could anyone be so dumb to not think about the future? That person just peed through his money. I would put most of the money in multiple banks to draw interest and then live off that interest and save some interest on some accounts for backup. I’d probably buy a car, get it insured, and buy a modest home for me and my family, but that would be it. I would give a percentage to my favorite charities like for AIDS research and for homelessness and feeding the hungry… but I wouldn’t waste my money. I would want it to last through my life and my daughter’s life.
• Philippines
20 Mar 12
Hello PointlessQuestions, Well, It was probably this is something that we should all Learn from his mistakes. I would make more savings in this situation. not to mention we got bills to pay and anythign that is considered a debt. that reminds me i should look into the lotto ticket i just bet on last night. have a nice day.
• Philippines
17 Mar 12
hi LK, I saw the interviewed on the news well in some point it is good he enjoyed the money a lot but the bad side is he did not left something for him to be use for the future. miss yah happy mylotting
• Philippines
20 Mar 12
Hello Catchy, I miss you but i haven't been that online that much lately. that's right, he made this mistake, one sad thing about this person is that he has a family and should have thought his future indeed, its never too late really. Have a nice day.
@andy77e (5165)
• United States
15 Mar 12
Winning the lottery is never a good thing. There has only been one story in the last 30 years of my life, that sounded like a good outcome. Some time in the 90s, a guy won McDonalds instant million dollars game, and the guy who to this day is unknown, mailed the winning ticket to a charity, and McDonald's honored the ticket. People do not know how to handle money they have not earned. Sadly, there is something in the act of earning money, that teaches you how to handle it. When you dump millions of dollars on a person, he does not have the maturity and experience, to use the money wisely. All of us, every single one of us, that would be given such a large amount of money, would do as poorly as this guy. Here in the US, there was a man who won the lottery twice. He won millions the first time, and blew all the money and ended up bankrupt. He won the lottery a second time, and again blew all the money and went bankrupt. This is how it works. If you don't earn the money honestly, it will mess up your life.
• Philippines
20 Mar 12
Hello Andy77e, Indeed. I try to put the situation on my shoes and it does give you the goosebumps in terms of having that kind of money. if you try to deposit people in the bank are gonna noticed that you've become a millionaire. Well, i felt sad and angered with that man just did with his earnings. have a nice day.
@alottodo (3061)
• Australia
15 Mar 12
I have seen people[ and I lived with one]when they have extra money they don't know what to do with it!...they are used to live from day to day and until they don't spend the money they are not comfortable...my ex partner inherited over a hundred thousands over 2 years and today he has nothing to show for it...I guess some people can do the best with their money and some are just meant to be poor! the same goes to people who get their weekly pay they spend every single cent and until next week they will be broke!
• Philippines
20 Mar 12
Hello alottodo, That's a sad part on you're ex partner, a hundred thousand pesos is definitely a lot of money. In my case, i could have been earning good interest if i ever get a ten thousand pesos on my Cyber Eon Card which is also my debit account. Maybe some people do need to struggle to be rich or have the courage to take care of their money very well. have a nice day.
@Unah08 (671)
• Philippines
15 Mar 12
Sorry I have not read the whole article, just got the jest out on your post. What I have to say is that if I were that lotto winner I would have invested most of the money in business, real estate maybe. Wow spending 34M in 3 months is unbelievable. What a shame. He just wasted an opportunity of a lifetime.
• Philippines
15 Mar 12
Hello Unah, I didn't finish my discussion, the 34 million that I was referring to was with another lotto winner that I've been talking about besides the man who won 14m and spent it in 3 months. the family who won 34 million spent it on hotels and trips abroad, they end up being on the same thing
@DoctorDidi (7030)
• India
15 Mar 12
Yes, one should know the proper utilization of money, otherwise no lottery can help one in making one's future.
• Philippines
18 Mar 12
Hello Doctor, that's true, maybe if i win the lottery i might end up like him, knowing i had a lot of opportunity to save money and FAILED so many times and i keep blaming myself over and over again. i will start saving myself but this time I wasn't sure but i will do my best. have a nice day.
• Philippines
15 Mar 12
Honestly this is one of the most funny and desperate story I've ever read. Okay, he says he never regretted it all since he enjoys everything. That's crap, for sure he is regretting every single moment of it. That's when people become crazy!
• Philippines
18 Mar 12
Hello Angelgee14, I don't think he was consistent with what he said, am sure he regret it when ever he has debts. i don't think they're crazy, he wasn't thinking smart when he obviously spent it relentlessly. i hope he doesn't repeat his mistake. have a nice day.
• Singapore
15 Mar 12
He really doesn't think and rushes in without considering of the future. With that kind of money that everybody dreams of everyday, he could have donated a part of it to charity instead of gambling and womanizing everyday and especially he has a wife! That's why it's always the case as in, when a man has money, he will start to womanize. When you have this kind of money, the best is to grow it by investing. And when the money is invested wisely, possibly his P14m will become P50m! The way he waste the money is really stupid and brainless, seriously. And it's making me angry that he say it's his own money and he can still be so arrogant after becoming square one again. Really serves him right!
• Philippines
18 Mar 12
Hello JudgeironFist, Maybe he didn't have to donate all of them to charity, unfortunately he was immature in this kind of situation. now, he even had some debts because of his situation. it would have been more humiliating if he spent more if he did win more than 14m. well, we don't want to judge but learn from his mistake. have a nice day.