In 2002, it was Michael Carroll who won about £9.7m on his
own. It was an amazing feat for anyone -- yet eight years later he finds
himself bankrupt.
Way back further in 1997, John McGuiness had scored more
than £10m in jackpot in the lottery. A failed investment in the Livingstone
Football Club worth £4m and other debts worth £2 saw him bankrupt immediately
in 2008.
This teaches readers a few things. First, the money you just
won must not overwhelm you. Second, it is imperative you understand the
investments you will place your money on.
It is normal to splurge for a bit. But before you take that
Maldives vacation, assess carefully how much you need to spend. Don't go on a
trip without a financial plan as you would normally do if you do not have
enough cash on hand.
After knowing how much money you have left, make sure when
you invest your money you have enough to live on. Yes, you have millions, but
it doesn't mean it would span the rest of your life. Still look at the schemes
and the risks involved with your investment.
If your heart's too set on your planned investment, make
sure to think this is money you wouldn't get back. Once you detach from it, you
could plan the money you have left better.
