How will you spend a lotto prize winnings of $14,000,000?

Mega lotto  - A mega lotto ticket
@agmamayo (804)
Philippines
March 13, 2012 10:54pm CST
An article on a news website caught my attention earlier. It was a story of a man who recently won around $14,000,000 in lotto prize money. He shared his story of how he got the chance to win such large amount of money, how he was able to receive or collect his prize and how he spent that money. What's surprising about his story, is the way he spent all that winnings in a period of three months until at present he even owes the same government institution where he won the prize about $500,000 for payment on his hospitalization for a heart surgery. On the story, he said he spent it all in the span of three months in gambling, cockfights, drinking sprees and womanizing. Although he said he gave around $2 million to his relatives, friends, neighbors and office mates. He was also able to buy a house and lot at an exclusive subdivision worth $4 million and another house worth $1.7 million. He got himself a new sports utility vehicle when he got his prize winnings. But after three months of living a millionaires life, he lost his $4 million house to gambling, sold his car, until he suffered a heart problem which in turn required some surgery and now he owes $500,000 as payment for hospital bills. He said he has no regrets of spending it all, because it is his money after all, and he got it fair and square without damaging anybody. He is no longer a millionaire now and he is hitching a ride going to work. So my fellow Mylotters, if ever you were given a chance to win the same or even smaller amount of money worth millions of dollars, how will you spend it? Will you be able to make it further than 3 months? Will you be more careful on handling how it will be spent? Please share your thoughts, thanks.
16 responses
@doggydimon (1369)
• Philippines
14 Mar 12
$14,000,000.00 in our country would be almost PHP600,000,000 in our local currency. Just by looking at it, I cannot imagine how can I spend it all in 3 months only. What to do with it? hmmm...Maybe I too would have to undergo a heart surgery when I won that sum of money. hahaha... Maybe I would split it into 4. 1/4 will be for some foundations or charitable institutions. I would donate it to environmental organizations and to some children foundation. Another quarter would be spent or kept with regards to investments such has housing, cars, trust funds and time deposits. I wouldn't spend $4,000,000.00 just for a house. Since I love to travel, a 2 or 3 bedroom condominium would suit me well. Another quarter will be dedicated to my friends and relatives. I would give out some cash and most probably treat them all for a vacation to the city of their choice. hehehe... And the last quarter would be for me. But I don't know where to put it. Maybe I will spend 2 years, traveling all over the world. But definitely $3,500,000 for 2 years of travel will be more than enough. hehehe... I would go for quantity and not quality. Meaning, I would rather go to as many cities and countries as I can than spend my money treating myself to first class tickets and hotels and limiting myself only to a few cities.
1 person likes this
• Pasay, Philippines
17 Mar 12
doggydimon I think that must be a typo error but it is actually PHP14,000,000 and you must read an article here. http://www.mb.com.ph/articles/354133/lotto-winner-spends-p14m-in-just-3-months I was even surprised that there is someone who won the $14 Million but then as I've read the whole post then I realized that it was the same thing as I've read the article. The currency was the only typo error.
@agmamayo (804)
• Philippines
20 Mar 12
Thanks Metatronik for the correction, however I intended to change the currency of the money for purposes of discussion, and really try to entice the imagination of our Mylotter friends on how will they spend such a big some of money when they are given the chance to win it. I was really surprised by how this man spent all of his winnings in just 3 months. He may have lived a life of a millionaire but then he should have kept his mind to the ground and look back from what was his former life before his lucky day. Anyway he was honest to admit his mistake and nevertheless he did not regret it though. Likewise, If I am on his shoes, I may be blind sided by these temptations of gambling, happy go lucky living and womanizing. Though I am thankful that I have no vices whatsoever, though I am just a social drinker and a one woman type of guy. For real I would fear for my life, because having such a big amount of money would really entice other people to get it by hook or by crook specially now we are living in a world full or suffering and hardships. I might consider disappearing for a while and avoid the limelight and lay low.
• Philippines
17 Mar 12
Ah ok... Nevertheless, the division of the prize money will still be the same. hahaha... But with some major adjustments. Instead of a 2 or bedroom condo unit, I will settle for a studio type unit. Instead a city of their choice abroad, They should settle for a local destination instead. And as for me going around the world in 2 years, I might go backpacking in Europe for 2-3 months. hahaha...
@samijo719 (1052)
• United States
14 Mar 12
That is just crazy to spend all that money in 3 months!! I won't lie and say I wouldn't enjoy being able to make some lavish purchases but I wouldn't just go and throw it away. I would finally buy a home for my finace and I, and get new cars and help out my parents, maybe take a few trips. and apart from that there isn't anything I feel like I have to have. I would just use the money to comfortably be able to live life without stress of lack of money.
@agmamayo (804)
• Philippines
21 Mar 12
Definitely, instead of having a lavish spending spree, it is better to plan how will you spend that large amount of money wisely. buying a house, a car, sharing your winnings to your family and relatives, thinking of investing the money for long term can really help much especially when you grow older. Playing a one day millionaire's life could even bring your life to the brink of danger, so it is better to lay low for a while if you win such big amount of money. You can buy all the things you crave but be real and think of your future. That kind of money given to you is not just a blessing but a tool for you to help and give a helping hand to others who are in need, may it be within your own family or your neighbor.
@neildc (17239)
• Lapu-Lapu City, Philippines
15 Mar 12
i also had the chance to read the said article. well, i guess, if i win, i will do the same thing he did, only some of them, like getting a new house, a car and giving out some of the money to charity and friends. but i will make sure i have some part of it saved for even a small investment, a business and of course for the education of my children. we are only humans, so we cannot tell when if that happens, we can also think about gambling, drinking spree and womanizing.
@megamatt (14292)
• United States
16 Mar 12
And once again I am reminded that most people in the lottery don't have any sense. You win all of that money and then you blow it immediately. Granted, as much as I'd like to think that I would save it all, I would rather go a bit nuts. But within reason I think. Fourteen million dollars doesn't go quite as far as I think that we would like, especially after Uncle Sam gets his hand into the pot of gold and takes a huge chunk out. But the first thing I would spend, is a security system and guard dogs. Because I know that I'll be making all kinds of new friends. And by new friends, I mean parasites and people looking for a hand out. I would maybe upgrade a few things that are in need of repair or need of a replacement and really just shelve the rest of the money away and let it collect a little interest in the money market. Of course, if I ever do win the lottery, I could very well lose my sense.
@Metatronik (6199)
• Pasay, Philippines
17 Mar 12
HEY DUDE! I think you were talking about this article http://www.mb.com.ph/articles/354133/lotto-winner-spends-p14m-in-just-3-months How come you converted that into dollars whereas that is just a PESO! Your post makes me crazy. But honestly PHP14,000,000 is not that so huge nowadays. Because think of a condo unit that it is already 1M already where you can see the size like a bedroom. He must have thought of having a small business even if that is just a stall or stand inside the malls then he can actually have mini stop or any other convenient stores. So at least he is continuing to invest. That is the problem with other people who are excited much of having plenty of money or winning the lottery.
@r3jcorp (1382)
• Philippines
15 Mar 12
That is a very sad story... though he says he enjoyed everything, still I know he have some regrets. When reality strikes, it's really a pain that we can't turn back on time. I am only dreaming of winning an amount that would financially secured my family and my closed relatives. I am dreaming of retiring early, maybe buying a property near a beach and just be a plain mother and wife. I wished I could relaxed for good, unlike today that I am rushing on everything. I would love to have some people do errands for me and to help their families too. I know, I've listed some plans if ever I will won a lotto. And definitely, everybody who are by my side during my hardship times will be happy and together will enjoy life with me. I know people whom I owed them, not only financially but of great respect for not judging me as what others are doing right now. It is payback time... and I know for sure that if I will be blessed with any amount of lotto winnings, it will be for the good of everybody. Goodluck!
@carolbee (16230)
• United States
14 Mar 12
How sad. He would have been much better off investing the money instead of raising he** and running wild although I bet he had a fun time. I won a nice chunk on the lottery a little over a year ago. It wasn't nearly as much as this fellow won but a nice amount. I shared with our family, spent some and also did some investing. It was loads of fun and nobody that knows me asked for money or a loan. The investing was the smartest idea. I would recommend this be done before the spending starts even though the excitement of the winnings makes a person go crazy and forget about reality at times.
@borgborg (821)
• Philippines
14 Mar 12
for me, i'll separate a portion of my winnings for my relatives. then, will set aside some for savings, investments, and business. then, with what's left, that's what i will use for a millionaire's spending. it's all about spending your money wisely. it's tempting to spend up all your money with the thoughts that you still have a lot to spend. so i'll make sure that before i spend it somewhere else, i have already separated a portion of it for savings.
@maezee (41997)
• United States
15 Mar 12
Oh man, I can't imagine spending THAT much money!!! I don't even know what I would spend it on. "Gambling, cockfights, drinking sprees and womanizing" - LMAO. What expensive hobbies this man has! I would probably for sure by a new car and maybe a house, maybe some more clothes, but I really can't think of anything I would NEED beyond that. I certainly wouldn't blow it all on dumb stuff!
@scheng1 (24650)
• Singapore
14 Mar 12
Hi Agmamayo, he is not worthy of his winning. If he has the wisdom to save some money, he would not have to work for a very long time, and his children and grandchildren will have a good life. If I have such an amount of money, I would use half to buy annuity, so that I will have income security for the rest of my life. The rest will go to mortgage payment, stock market, and charity.
• Romania
14 Mar 12
With that money I can buy a city:)) I would invest 4000000 to ensure the future and would get a house a car and invest in researches. But this world is not fair. People that need money and want to do something with them don't get and they reach to fools that give them to cassinos.
• United States
15 Mar 12
Sheesh, with that kind of money I'd pay off the debts I gained from attending my current university and switch over to an actual art school. I can't imagine much else I'd do with that money, maybe invest it to build one of those tiny houses that I'm endlessly in love with, but otherwise ... wow. That number is is something I couldn't fathom staring down and having too much of a plan for.
@NailTech (6874)
• United States
14 Mar 12
I would try to get a really nice home to live in for myself and maybe some family members if they can behave like adults for very long (impossible) and some help for me, which I need a house keeper and a chaueffer, then I could get some more animals for pets. The new cars and vacations won't really matter so I don't have to have those. I would try to save as much as possible. And buy some health insurance, that would be my biggest concern right now as I don't have any. Possibly, I might buy some apts or condos and rent them out for a fairly cheapish price so that some needy people can have a home.
@nyang1984 (464)
• Philippines
14 Mar 12
if i'll be given the chance to win the same i will give my parents a money to open a small business. my mom and i were planning of that since then. and i will also share my money in a charity and help the less fortunate people. every time i saw babies, children in news that suffer in different kinds of diseases and their parents can't afford for their maintenance i could feel my heart is turn into pieces. and the remaining amount i'll invest it for a good output cause it's for my son's future.
• Philippines
14 Mar 12
That's a lot of money. I wouldn't know how to spend it. All I can think of right now is investing on companies opening shares to public. I think this is the best way to spend the money since it could produce you more money, without you doing anything for the company you're investing on. Of course, you have to be wise, too. You don't wanna invest on a failing company. There are a lot of companies selling shares and a lot of them are making billions and counting.
@elementah (106)
• United States
14 Mar 12
Yes, I definitely would be able to make it more than 3 months, lol. I'm kind of stingy about spending money and I don't really want to live a luxurious kind of life style for some reason. I just like comfortable kinds of life styles, even though that's probably the only life style I've ever experienced. I would spend my money on buying houses and renting them to people while investing on insurance for the houses just in case some kind of emergency like an earthquake or something happens xD I would donate some money to charity, give some to my family, and give some to my friends -if they need it because no way will they take advantage of the money-. I would probably NEVER buy a million dollar house because those are usually the ones that are big, spacious, and scary at night. I'm even kind of paranoid of the house I live in right now to be able to upgrade to a huge dark house. I would probably buy a new, suitable and cute one-story house that's all warm and stuffy inside though. Those houses are adorable xD With some of the other money, I would be able to buy things instantly, like a Kindle, iPad, iPhone, etc.