You have to hand it to "Lotto Lout" Michael Carroll - aka "Chavvy McChav-Chav" - after managing to squander no less than £9.3 million the former bin man has plucked up the affront to sign on for state benefits.

Eight years ago he turned up to collect his Lottery winnings with an electronic tag on his ankle, imposed after a few two many drunk and disorderly offences.

Since then, he has blown the lot on drugs, car demolition derbies at his home, ladies of the night and laughable jewellery.

So where did it all go wrong, and can we learn anything from his experiences?

Where it went
Of his winnings, £5 million went on family and friends, £1million went on gambling, £250,000 went on drugs, £100,000 went on ladies of easy virtue and £55,000 went on legal fees – not all that surprising given his other habits. He also put £1million into Glasgow Rangers.

"I only started to think about three things - drugs, sex and gold," he explained.

"I would buy these huge necklaces. One cost me around £2,000. All of it was robbed in 2004. There was about £100,000 worth of gold stolen. But the next day I went out and bought it all again."

In 2008, yobs ran him out of his home and he has never been back. It's now empty except for rubbish.

The lessons
Michael reckons the big lesson is that money can't buy happiness. "I'm just glad it's over," the phliosopher claimed. "There were also vultures everywhere after my cash. I started to see what people were really like.

"The party has ended and it's back to reality. I haven't got two pennies to rub together and that's the way I like it. I find it easier to live off £42 dole than a million."

There are all sorts of things that money can't buy: for a start there's taste, restraint, the ability to see beyond the following day, an understanding of the value of money, and an appreciation of how to look after your own future.

Of course, the crumbs of comfort are that if you learn these things, even if you don't have a few million, you should secure a more positive and wealthier future - making the most of what you have.

So now Michael can enjoy his £42 a week and look back at where it all went wrong.

http://www.walletpop.co.uk/2010/02/08/king-of-the-chavs-michael-carroll-back-on-the-dole-after-blowi/?icid=main|uk|dl5|link3|http%3A%2F%2Fwww.walletpop.co.uk%2F2010%2F02%2F08%2Fking-of-the-chavs-michael-carroll-back-on-the-dole-after-blowi%2F


WHAT DO YOU THINK COULD HAVE WENT ?
IS THAT CASH ENOUGH TO TRANSFORM YOUR LIFE FOREVER

Mad man.

this is very common. . . . . its called the "poor man complex" (i just invented that) where a guy who had nothing suddenly gets a fortune and needs to buy all the flashy stuff to show the whole world that he is rich, thinking that he will be famous, have a lot of friends etc

yeah the friends/family etc come all right but they are there for the money so in order to keep them happy around you , you have to spend spend spend until the money runs out. the minute the money runs out, the friends are gone and you are back to square one.

an uneducated poor man will turn into an equally uneducated rich man and without education, you can NEVER keep a fortune.

what more would you have expected from a drunk aka former garbage man?!

well composed

thats not enough to transfor my life doe, that cash cant buy me a private jet

packer01:

thats not enough to transfor my life doe, that cash cant buy me a private jet

and how much you have in your pocket today?! stop living in la la land. . . . . . the garbage man thought just like you and thats why today he is broke. he tried to live like the Jay z's or Bill Gates but he didnt understand that he was in a completely different league.

a poor man thinking of private jets needs to make 10times that amount before he can buy and service a NICE jet (€35mill and up to buy and €1 milla per year to service/crew/store it) while you fail to understand that €10mill can set you for "COMFORT" for the rest of your life if you invest it "safely" and live off the interest.

i know what you think: you are not after comfort, you want the lifestyle of the rich and famous. . . . . . well then you better win close to €500mill for that.

the fool who won the 9milla could have invested it all and get no less than €10000 per week doing absolutely nothing, JUST ON INTEREST but he wanted to be "P Diddy" and make it rain!

look around and see which past hip hop stars have real money today?! most of them are piss poor today because they spend the little they had on jewellery and cars thinking that the money would flow forever. the smart ones invested their money wisely and now they dont even have to spit another rhyme anymore while people like MC Hammer blew over $30million in a few yrs and now is doing tv reality BS to survive ,  . . . .  flavor flav/Coolio etc same story.
even Will Smith. . . . he was a millionaire from his first album and blew it ALL up within one year. his luck was that he could act!
its not only rappers, look at what happened to Mike Tyson/Nicholas Cage/Gary Coleman/Stephen Baldwin/Tom Sizemore etc

if you surround yourself with crooks, blood sucking friend/family or silly people then you will never succeed!

ps even MJ, he had a lot of assets but he didnt have any cash flow left because he spent it all in lavish lifestyle. if he hadnt died, he would have had to sell sell selll till there would have been nothing to sell any longer.