How Lotteries Change Lives

Published: Written by: Rory McGrane

Winning the lottery can be a life changer, both positively and negatively. Let’s look at the example of Brad Duke - he won $ 220 Million in the American Powerball lottery and pocketed $ 85 Million after the tax authorities took their chunk. He certainly did it right, as he’s looking financially strong 7 years after his lucky win! How did he and other winners manage the situation?

Brad gathered a team of experienced bond jugglers around him and invested roughly half of his winnings into low risk stocks. Then, $35 Million was invested into higher risk, higher return stocks. He founded a family foundation and kept his lifestyle low profile by buying a VW Jetta.

On the other hand you have the story of Michael Carroll, self-proclaimed “King of Chavs”, who won £9.7 million in the National Lottery in 2002. Michael, then 19, was unemployed and generally struggling with his life before he won the lottery.

Michael Charrol - King of Chavs

He immediately purchased four villas in the UK, a holiday retreat in Spain, two convertible BMWs along with two Mercedes, and threw in a couple of quads, bikes and cars to participate in private demolition derbies with. He wore lavishly expensive jewelry and spent, according to sources close to him, many thousands on illegal substances. Most of the money was gone within 18 months. His complete life story can be found in the biography entitled Careful What You Wish For by Sean Boru.

Those are two extreme cases which received massive press coverage over the years, but what about all those winners that do not wave their winnings and new acquisitions in front of the public eye? A recent study by the Camelot Group which interviewed more than 30 big winners over the last 10 years will give you an impression of how the “average winner” changes lifestyles and where the money goes. compiled this study into a handy infographic; not just because we simply love these things, but to prepare you for the moment you want to refer to the best practices of past lottery winners.

The following statistics were compiled from 34 lottery winners (8 Male, 26 Female), with an average age of 46 - source Camelot Group PBC

Infographic - Lottery Winner Lifestyles
Rory McGrane