Most people would be overjoyed with a lottery prize of £ 80,000. Daniel Millar from Scotland was initially happy with his big cash prize, but now complains that the big prize has ruined his life. He spent the money almost immediately and only found out later that he would receive less pension by winning the big cash prize.
From wealth to poverty
When Daniel won the big cash prize, he spent the money almost immediately. He booked a cruise, went on holiday to Benidorm twice, and also bought new clothes from his cash prize. He also gave a lot of money to his family and he rebuilt his house. After two months all the money was used up. However, not much later Daniel was approached by the Department for Work and Pensions, also called the DWP. Due to the large cash prize that the man had won, he was cut back in his pension. People with a large income receive less money from the DWP.
Due to the large cash prize, Daniel is no longer eligible for income support, rent subsidy and municipal tax reduction. He no longer lives in wealth, but nowadays has to live in poverty. And all because of the big prize money in the lottery.
Punished for a bit of luck
Daniel thinks he's being punished for the bit of luck he has had by winning £ 80,000 at the lottery. He now has to live on retirement with an income of £ 350 a month and £ 1.08 a week. The fact that he has to pay his full rent and the full municipal taxes with this small income does not help either.
It is annoying for Daniel that he is financially deteriorated because of his large cash prize, but of course he also owes this to himself. If he had not spent all his money immediately, he would have had enough money to make ends meet. Also with a smaller pension and higher monthly costs.
Today's lesson? If you win a lot of money, it is not wise to spend all of this immediately. You may suddenly fall out of the boat due to your large cash prize in certain schemes. It is good to take this into account.