David McCann: Is it still possible to live like a millionaire on a mere £1m?

MONEY won is twice as sweet as money earned is the old hustler credo made famous by Paul Newman's character in The Color of Money.

For most gamblers, especially lottery players, the weekly punt is in the lap of the Gods - devoid of skill.

But after the initial euphoria of the win is gone, what remains is the tricky question of what to do with your winnings.

It might be a problem we all dream of having, but it is a quandary fraught with complexities - particularly if it's a life-changing sum.

Yesterday, the Evening News told of lucky Craigmillar pair Alan Rennie and William Air who scooped a hefty 2.5 million in the Lotto, taking just over 1 million apiece. Both have vowed to stay in their home town and remain "working class guys", insisting they "don't really want anything to change".

This is a laudable aim and also a savvy one, given that experts now say the 1 million threshold is no longer akin to a life of financial comfort. On the contrary, it can be a poisoned chalice if winners fail to keep their head - and bank balance - intact.

So how should the Capital's newest millionaires make their money last?

Camelot, the National Lottery operator, offers independent advice and counselling for winners of more than 50,000. Since its dawn almost 16 years ago, Scotland has had 436 jackpot winners, generating 190 millionaires. In that time only a handful have blown fortunes and in surveys Lottery chiefs claim 96 per cent of big winners are "as happy or happier" than before they struck gold.

Professor Craig Jackson, head of psychology at Birmingham City University, said "worthlessness" and low self-esteem often led a Lottery underbelly.

"Experts say that winning a million is not enough to change your life.

"It stems from the fact that you are now routinely made to feel worthless if you do not give a proportion of your winnings to family, friends and deserving causes so a lot of it is gone before you get your hands on it.

"One of the main sources of problems for people is when someone feels guilty for winning. Maybe they did something in the past that they are not proud of and feel they do not deserve the money."

Wealth management advisor Robert Stoddart, director of Castlerock consultants LLP which provides financial, legal and letting solutions, said too many variables exist today to rely solely on a big lottery pay out.

He suggests the pair each buy a number of buy-to-let properties outright and live off the return. In years to come they would then have the option of selling off their brick-and-mortar investment for a lump sum.Alternatively, a high interest investment bond could be rich pickings and provide a regular monthly safety net.

"Ten years ago you would have said a million was more than enough to retire on and live comfortably. I think now you would have to make your money work a lot harder.

"The difference between now and then is the cost of living, which has increased dramatically. Could you retire on 1m? If they are continuing with their daily lives and not being lavish it would probably see them through. But it would really depend on your age."

Chartered psychologist Dr Rick Norris, of Mind Health Development based in the West Midlands, said "loss aversion" was a key pillar in retaining wealth. "If you have accumulated wealth through hard work you are likely to value it more and will be more reticent to part with it. We are quite averse to loss although some people have less of an aversion because they are bigger risk-takers.

"Almost by definition people who come into money by betting may be the kind of people who take risks. My advice is to invest some of the money. The Porsche may make you feel good today but it's a depreciating asset and you need to use that million pounds in a way that you will continue to get the benefits of it long after the Porsche is a rust bucket."

The experts' view is that a cool million is no longer a launchpad for opulence but a useful stepping stone for a life of financial comfort, if invested wisely.

Because, to borrow another of Paul Newman's quotes: "If you're playing a poker game and you look around the table and can't tell who the sucker is, it's you."

OTHER BIG LOTHIAN WINNERS

June 2010: Brian and Ann Sharp from Musselburgh won 2,046,689.

April 2009: An anonymous winner picked up 2.8m.

July 2005: Loanhead's Alex and Sandra Fraser won 8.5m

May 2004: Seven workers at Chivas Brothers bottling plant in Newbridge won 2.4m.

March 2004: Lisa Dougan, became Scotland's youngest jackpot winner, with a 1.5m prize at the age of 23.

April 2002: Swan Street in Gorebridge was dubbed the luckiest in Scotland after one resident won 1.1m and another won 80,000 just days later.

November 1998: John Roberts from West Pilton won 3.5m and moved his family to a mansion in Blackpool. Later he was reportedly living in a caravan.