• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
World's richest lottery winner who won £1.6 billion jackpot criticised by experts after insane spending spree

Home> News> US News

Updated 11:18 25 Nov 2024 GMTPublished 11:04 25 Nov 2024 GMT

World's richest lottery winner who won £1.6 billion jackpot criticised by experts after insane spending spree

Lottery winner Edwin Castro has been splashing some serious cash

Brenna Cooper

Brenna Cooper

Featured Image Credit: Splashnews

Topics: Money, Lifestyle, Property

Brenna Cooper
Brenna Cooper

Brenna Cooper is a journalist at LADbible. She graduated from the University of Sheffield with a degree in History, followed by an NCTJ accredited masters in Journalism. She began her career as a freelance writer for Digital Spy, where she wrote about all things TV, film and showbiz. Her favourite topics to cover are music, travel and any bizarre pop culture.

X

@_brencoco

Advert

Advert

Advert

A US man who became the world's richest lottery winner has been criticised by financial experts for his decision to splash the cash.

Edwin Castro's life changed forever back in 2022 when he made the decision to buy a ticket for the Powerball jackpot.

Most of us only ever lose money through playing the lottery. However, 31-year-old Castro made a huge return on his $2 investment after winning $2.04billion (£1.6billion).

No, that's not a typo. $2.04billion.

Advert

Edwin Castro received a life-changing amount of money (Splash News)
Edwin Castro received a life-changing amount of money (Splash News)

It's hard to say what most of us would do if we found out such a large some of money was on its way to our bank account. Mostly crying, screaming, vomiting, or even a combination of all three.

However, once the shock wears off, it's time to start some serious spending.

And spending is exactly what Castro did.

After opting to take the $997.6million (£792.6million) lump sum rather than monthly instalments, the Californian decided to make a small dent in the Los Angeles property market by shelling out on a series of mansions. This included a house in Hollywood Hills for $25.5million (£20.3m), a comparably 'modest' $4million (£3.2m) home in Altadena, and a swanky Bel-Air mansion with views of the city for $47million (£37.4m).

Advert

Not content with just splurging on property, Castro upgraded his car and made sure to keep his new plush lifestyle safe by hiring security.

It seems like the 31-year-old is now set to enjoy is charmed lifestyle for the rest of his days.

However, financial experts don't agree with how Castro is splashing the cash.

The 31-year-old has since been splashing the cash (Splash News)
The 31-year-old has since been splashing the cash (Splash News)

Private Wealth advisor Jacob Turner shared his response to Castro's spending habits online, saying the winner had done 'everything you shouldn't do' when coming into a large sum of money.

Advert

"$76,000,000 of homes for those keeping track. In addition, he is reportedly rolling around in high-priced antique sports cars," he added.

So, how should lottery winners invest their money?

According to Property Saviour, some of the main reasons lottery winners end up going broke is due to lack of financial literacy and sudden lifestyle inflation, which includes splashing out on big houses, luxury holidays and fancy cars.

Instead, winners should look for investment opportunities to diversify their income as well as seeking advice from financial experts.

Financial experts aren't impressed with his spending habits (Getty Stock Images)
Financial experts aren't impressed with his spending habits (Getty Stock Images)

Advert

This view is shared by Wells Fargo's Emily Irwin, who urged winners to resist making huge lifestyle changes from the get go.

"Don't quit your job, don't go out and buy a Ferrari, don't buy a mansion," she told Fortune. "Try to avoid that mega-purchase."

Castro's insane winnings may have left him in a unique position, as Turner revealed he could feasibly maintain this new lifestyle if he 'invested the rest of the money in a diversified portfolio', which could leave him with over '$1,000,000 a month' to spend freely from interest rates.

Time to head out and buy a lottery ticket.

Choose your content:

3 hours ago
4 hours ago
  • 3 hours ago

    Man horrified to discover his new home is actually someone else's Airbnb

    Ben Echianu, from Manchester, branded the woman whom he believes posed as a landlord as 'heartless'

    News
  • 3 hours ago

    Christian Horner releases statement after being sacked by Red Bull after 20 years

    Horner shared a lengthy statement on social media

    News
  • 4 hours ago

    Donald Trump shuts down reporter who asked Jeffrey Epstein question following release of CCTV footage

    It seems the US President deems the topic to be no longer up for discussion

    News
  • 4 hours ago

    Cardiologist who had heart attack warns people to not 'make same mistake' over little-known warning sign

    The irony isn't lost on Dr William Wilson

    News
  • Lottery winner revealed boss was 'not happy' as he resigned on the day he won huge fortune
  • Britain's youngest ever lottery winner shares life update after tragic story of winning jackpot 20 years ago
  • How world's richest actor you've never heard of worth more than £3 billion made her fortune
  • Why lad, 20, who won £7.5 million on lottery won't stop working and went back the day after