Never follow this Person's example

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.

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.

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

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 ?

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.

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.

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').

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...

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.

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

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!

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

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.

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.

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!

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.

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!

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.

Yes, one should know the proper utilization of money, otherwise no lottery can help one in making one's future.

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!