Most people dream of winning the lottery. However, very few actually do. Most people who win significant amounts of money nearly always lose their winnings within a decade of receiving everything. However, one of the most iconic people to ever win a significant lotto jack pot amount was Michael Carrol, a 19-year-old who spent it all in less than 10 years! Keep on reading to discover more about him.
Michael Carroll Won a £9.7 Million Lotto Jack pot and Spent It All!
In 2002, Michael Carroll went from an ordinary binman in Norfolk to a multi-millionaire after winning the National Lottery. Michael ended up with £9.7 million and vowed to be cautious with the money and spend it wisely with his family and wife!
Now, much like every 19-year-old who suddenly gets a lot of money, Michael quickly started spending thousands of dollars like they were pennies. Most of his money went to drugs, parties, and luxury cars, amongst other things. One of the most extreme purchases was a £340.000 mansion in Norfolk. However, the mansion wasn’t enough on its own and needed some upgrades. So Michael upgraded it with a pool and a car track. He even got the nickname “Lotto Lout” because of the way he was spending money and his extravagant lifestyle after he won!
Because of his sudden change in personality and the way he was spending the money, his then-wife, Sandra Aitken, decided to divorce him. In the divorce, Michael lost £1,4 million of his fortune.
Losing His Fortune Was The Best Thing To Happen To Him
With all of his reckless spending and the legal troubles he got into, his fortune nearly went away as fast as it came to him. Eventually, he had to declare bankruptcy in 2010, and he lost nearly everything. He returned to his old job and took up a job delivering coal. Now, he earns £10 an hour, but he claims that he does not regret a single thing. He also is remarried to his ex-wife and lives in Belfast. He also says that losing his fortune is probably what saved his life. This makes this story a reminder of the challenges of sudden wealth and the importance of financial discipline! So would you be able to handle this much money?
