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Frank Hovis

Another lottery winner who spent it all

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And ended up with hundreds of thousands in debts!

Quote

 

Imagine checking your bank balance one day and it reads £5,122,412.

Well, that's what happened to Plymouth dad Pete Kyle when he struck lucky on the National Lottery.

Mr Kyle, then 52, guessed all six numbers right to win a mind-blowing £5.1million in the Lotto draw back in 2005.

The retired Royal Artillery gunner said at the time: "It is going to change my family’s life."

And it did - he took them on lavish holidays, bought cars and boats on a whim and lived in a luxury five-bedroom mansion boasting hot tubs and mini-bars.

But three years later he was reportedly broke and on benefits - after squandering an eye-watering £4,600 a day.

 

http://www.plymouthherald.co.uk/news/plymouth-news/how-plymouth-lottery-winner-blew-352874

 

£5m in three years.  Wibble and furthermore wibble.  Last time I looked I was spending less than £10k a year; so just two days' of his expenditure would last me a year. 

How do you manage to spend that much?

Then claiming DLA ffs.

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The key is not telling ANYONE you won.  

Including spouse and children xD

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1 minute ago, Miss S said:

The key is not telling ANYONE you won.  

Including spouse and children xD

Yep, secrets not told remain secrets.

1 minute ago, MrPin said:

Gosh. If I won £5M I would get the car resprayed, and go out for a curry.

There's another spendthrift who would blow through it in three years.

 

Nine pounds for T-Cut

538249?w=637&h=403

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He clearly is one of the great army of workshy.  From the article:

He was a Royal Artillery gunner for almost 10 years before retiring in 1991.

He later worked for a brewery, delivering beer and he retired on an Army pension, suffering from a bad knee.

 

how do you burn through that amount of money in such a short time?  

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Just now, M S E Refugee said:

I suppose the reason why Lottery winners lose their money is because they are useless with money anyway as the financially astute would not waste their money on such things.

In my town Scratchcards seem to be only bought by Junkies and Benefit recipients,I don't think a huge sum of cash won by these sorts of people would be spent very wisely.

The Lottery is a Tax on fools.

Spot on.

Could have lived a really great life on that, but instead he's just made a load of other people (purveyors of expensive 'luxury' tat) rich. Moron.

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I buy lottery tickets when they get to multiple rollovers on the grounds that there is more value in the ticket as the prize fund is not just from that one draw's sales but a high percentage of those of previous unwon draws.

I view it as a small and highly speculative investment which is putting some risk into my generally unspeculative portfolio.

I would guess £40 a year at absolute most.

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8 minutes ago, M S E Refugee said:

I suppose the reason why Lottery winners lose their money is because they are useless with money anyway as the financially astute would not waste their money on such things.

In my town Scratchcards seem to be only bought by Junkies and Benefit recipients,I don't think a huge sum of cash won by these sorts of people would be spent very wisely.

The Lottery is a Tax on fools.

 

It's a tax on hope.

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Some people are meant to be poor. It's not that I hate these people, I just know them. They live in the moment and don't plan for the future. No matter how much you give them they'll spend every penny and more. There's been quite a few like that, Michael Carroll springs to mind. He's says he's happier broke than when he had money. 

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17 minutes ago, Frank Hovis said:

I buy lottery tickets when they get to multiple rollovers on the grounds that there is more value in the ticket as the prize fund is not just from that one draw's sales but a high percentage of those of previous unwon draws.

I view it as a small and highly speculative investment which is putting some risk into my generally unspeculative portfolio.

I would guess £40 a year at absolute most.

So do a lot of people. Therefore the chances of having to share the jackpot are much higher. Therefore just buying on multiple rollovers makes little difference? :P

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Money and possessions, if not earned, are generally wasted.

I have managed to make my iPhone 5 last since it was new and my 6 going strong also.

I will upgrade the 5 at the end of the year. Yes, you need 2 phones in Cambodia because of occasional silly business between telcos.

Anyway, on the other hand, various ladies, whom I, ahem, 'support' manage to break phones on a six month rotational basis!

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10 minutes ago, SpectrumFX said:

The point of it is that it gives you the chance to escape your tedious reality.

Winning doesn't matter. It's that there is a chance of winning, of being saved from it all. That little bit of hope is what people are paying for.

I spend a few hours thinking about how to spend it.  I then check my numbers and turn my thought to the mundane of lived reality.  It's a nice escape. 

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44 minutes ago, The Idiocrat said:

So do a lot of people. Therefore the chances of having to share the jackpot are much higher. Therefore just buying on multiple rollovers makes little difference? :P

I'd say it makes a difference; everyone would need to keep doubling up from their initial purchase so by the time of the sixth lottery they'd be buying six tickets.

If the overall sales for a six time rollover were six times that for a zero rollover then yes.

It's also a way to make the prize worthwhile if it's split.  I usually buy with a team of six so if you have, say, five people with winning numbers then I'm on a thirtieth of the pot. Of £1.8m that's £60k, of £180m (Euromillions level) that's £6m.

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3 hours ago, Frank Hovis said:

Yep, secrets not told remain secrets.

There's another spendthrift who would blow through it in three years.

 

Nine pounds for T-Cut

538249?w=637&h=403

ah c'mon, surely you could run to a pot of Hammerite

1 hour ago, SpectrumFX said:

The point of it is that it gives you the chance to escape your tedious reality.

Winning doesn't matter. It's that there is a chance of winning, of being saved from it all. That little bit of hope is what people are paying for.

I liked the 1984 lotteries, where they didn't pay out, just bumped off the winners.

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I remember, years ago, reading some advice to lottery winners that was to spend no more than 2% of your winnings per year. By my calculations it would of given him an annual income of £102,448.24 per year. That's way more than you'd ever need when you're someone who's been used to earning below UK average for most of your working life. Even if you put it in a bank account with zero interest paid, you'd could still have an income of £100k a year for 50 years - without having to lift a finger!

What sort of interest rates would be available to someone with a 5m quid deposit be I wonder? I've never bothered to look.

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1 minute ago, TheNoSnowMan said:

I remember, years ago, reading some advice to lottery winners that was to spend no more than 2% of your winnings per year. By my calculations it would of given him an annual income of £102,448.24 per year. That's way more than you'd ever need when you're someone who's been used to earning below UK average for most of your working life. Even if you put it in a bank account with zero interest paid, you'd could still have an income of £100k a year for 50 years - without having to lift a finger!

What sort of interest rates would be available to someone with a 5m quid deposit be I wonder? I've never bothered to look.

About 0.5% on deposit, banks don't want big deposits these days so aren't competing for them.  3.5% if you can lock it in for thirty years in a bond.

I'd put the whole lot into equities myself as I do now; then there is no fear of the steady erosion of the capital by inflation.

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I went on a course at work about positive thinking. They mentioned people who have the 'I'm always poor attitude'. Although they rarely win lotteries an inheritance comes along every once in a while for some of them. Due to their attitude they manage to piss the money away before they know it. I've seen this first hand with certain family members who were living hand to mouth all their life, then they get a reasonable inheritance of £100,000s. Within a couple of years there's fuckall left and nothing to show for it. 

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