How To Repair Win 8
Everybody needs money to survive. It's a fact we may not like, merely it'southward still a fact. Another inescapable truth is that nearly of us could use more than money for the things we need as well every bit the things nosotros only want. That probably makes the hope of winning the lottery sound like a dream come true, but the reality is much more complicated than that.
Consider this cautionary tale of a adult female in desperate need who won an unbelievable amount of coin. The choices and mistakes she made after winning ultimately resulted in losing it all. Her story reminds united states of america all to never forget that money doesn't buy happiness.
Meet Marie Holmes
When she was 26, Marie Holmes was living a difficult life in Due north Carolina. She was a hard-working, single mother of iv with two low-paying jobs. On top of this, one of her children had but been diagnosed with cerebral palsy.
Because of her child's special needs, Marie was forced to quit both of her jobs to care for him full fourth dimension. Obviously, the $188 one thousand thousand lottery windfall seemed similar a Godsend when Marie won, but unfortunately, she made a series of poor decisions that resulted in her losing it all.
Marie fabricated some promising comments about what she planned to do with the lottery money — $127 million afterwards she chose to become it in a lump sum. "Start I'm going to pay my tithes, considering I wouldn't have none of it if it weren't for God."
"Later that, I'm going to prepare accounts for my kids…I'm going to buy a house for me and my kids, so make sure my family is all skilful." Marie likewise told WGN-Television, "I don't have to worry almost the word 'struggle' no more and neither exercise [my children]."
The Waiting Game
Although nearly lottery winnings are non life changing, lottery jackpots are huge, and there are rules for claiming those winnings. If a person wins less than $599, the institution that sold them the ticket pays them their winnings. However, there is a lengthy process involved in claiming big lottery winnings.
The ticket has to be verified by a scanning car. Next, there is a waiting menstruation for the money to be awarded, and the winner must fill up out some identification paperwork. Last, the winner must determine if they want all the money in a lump sum or have information technology dispersed in installments for 30 years (on average).
Choices, Choices
One of the more difficult choices when a person wins millions of dollars in a lottery is whether to get the money in a lump sum or in installments. The dilemma occurs considering there is a large penalty for getting all the money faster in a lump sum.
Marie had the choice of collecting the entire $188 one thousand thousand over 30 years or forfeiting $61 million and collecting the remaining $127 meg much sooner. Financial experts commonly recommend taking the lump sum and investing the money. That allows you the opportunity to make money on your winnings instead of the country. Marie chose the lump sum.
Uncle Sam'southward Cut
Many people don't know how much taxes people accept to pay out of lottery winnings in the U.S., so we'll break information technology down for yous. Although the entire tax amount wasn't reported in Marie Holmes' case, she definitely paid millions to the regime.
In the U.S., lottery winnings are considered income by the IRS, on both the state and federal levels. Therefore, Northward Carolina would have taken five.8% of Marie's $127 million, and the Federal Government would accept taken anywhere from 25% to 39.six%, depending on tax bracket and other factors. Most people pay the highest charge per unit.
Setting an Example
When Marie won the lottery, she had plans that all sounded very honorable. She said she would donate first to her church and so move out of her mobile home and buy a new house for her children. She too planned to fix college funds for them.
Marie told NBC, "All the struggle that I always went through, it was all for [my children]. I want them to empathize that money doesn't change you, but it can aid you." The public fell in dear with Marie after hearing virtually her history of poverty and hard knocks before she became wealthy.
Could She Handle It?
The reputation that Marie had in her hometown and elsewhere was that of a hard-working, unmarried mother who, co-ordinate to her family and friends, "understood the value of a dollar." At i indicate, she had ii jobs — Walmart and McDonald's — to support her iv children. Therefore, nobody expected her to brand poor decisions about where the money would go.
Of class, no ane took into account that Marie was inexperienced and uninformed about how to handle big amounts of money. When she started deciding how to spend the lottery money, the public viewed her as immature and irresponsible.
Fiscal Advisor, Please?
When people who aren't wealthy win a lot of coin, information technology'south highly recommended that they seek professional help about how to manage the money, including what NOT to do with it. The average American has absolutely no experience handling large amounts of money.
Financial advisors warn that even titanic amounts of coin can disappear rapidly if it isn't invested wisely. In the instance of Marie Holmes, it seemed similar her eye was in the correct place and she was doing what she idea was right, but some proficient advice definitely would have helped her out.
The Bad Judgment Begins
The start matter dubbed a poor judgment telephone call by the public was the $fifteen,000 Rolex that Marie bought her swain, Lamar "Hot Sauce" McDow. The lookout man was more jewelry than a timepiece and was reportedly "dripping with diamonds."
That same fellow ultimately cost Marie much more. The Port City Daily reported Lamar was a gang member and a drug dealer after he was arrested and charged with "conspiracy to traffic in opium or heroin" in April 2016. He connected to get arrested throughout their human relationship, and Marie spent millions on his bail and defense.
The Saga Continues
Before being sent to jail on drug charges in 2014, Lamar McDow lived with Marie Holmes and her children in her trailer. When he was released from jail after serving his sentence, he lived in the $350,000 home that she had purchased after winning the lottery.
According to the Daily Mail service, of the original amount of $188 one thousand thousand, Marie was left with about $88 million later deciding to take her winnings in a lump sum and paying taxes. This is still a very large amount of money, but a loss of $100 million is plain very significant.
Leeches Coming Out of the Woodwork
Predictably, lots of people immediately started request Marie and her boyfriend for money after they heard she won the lottery. The people included friends, family members and numerous others, all requesting various amounts of money for all kinds of reasons. Unfortunately, this experience is mutual for lottery winners.
Marie and Lamar were constantly harassed for money handouts, and information technology became very stressful for them. Marie was quoted as saying, "When money comes, there are more problems," according to reports.
Racial Intolerance in Their New Dwelling
Some other problem that plagued Marie and her family in their new life in their new home was harassment from neighbors due to racial prejudice. The neighborhood that Marie moved into with her family was an intolerant, primarily white customs, and much to the family'due south chagrin, the residents were non interested in irresolute.
According to Lamar, "One neighbor set up a camera to record everything nosotros were doing. If I was driving downwardly the road and going at the speed limit, they would wave at me for going too fast. They did not want usa at that place. They were prejudiced." Lamar reported these disturbing events to the Daily Mail.
The Church Donation
Marie stayed truthful to her word, which was reported in a press release equally "The offset matter she promised was to tithe — give a tenth of her winnings to charity." Marie donated a total of $700,000 to her hometown church building, Pleasant Loma Missionary Baptist Church, located in Shallotte, NC.
The church building reportedly used the money for much-needed renovations. Marie told the printing the church building was an important office of her life and her faith and that she had been attending that item church since she was a kid.
Pastor Disaster
Unfortunately, a different pastor made contact with Marie and her family with an evil ulterior motive. Pastor Kevin Matthews claimed that "God led him to them," and although they certainly regretted information technology later on, Marie and her family unit believed him and allowed him into their lives and their domicile.
Soon after meeting Marie, Pastor Matthews asked her for $1.5 meg so he could build a retreat. Co-ordinate to him, Marie verbally agreed to fund the project, although there is no evidence to support that. He then went ahead and began structure on the retreat using his own money. Marie did not contribute.
Wicked Intentions
Citing a verbal agreement in which Marie allegedly promised to donate $1.five million for his retreat, Pastor Kevin Matthews announced publicly that he was suing Marie Holmes for $10 million. The corporeality of money named in the arrange was baffling, because the amount he was allegedly promised was much less.
The public believed Pastor Matthews was being ungrateful and greedy. His behavior seemed unbecoming of a Christian leader to almost people of religion. The justification for his lawsuit was that he had a verbal agreement with Marie for a money donation and compensation for "emotional distress."
Public Outrage
As before long equally the media defenseless wind of the lawsuit, they uncovered that Matthews did not appear to be affiliated with any church building. This led to a astringent, angry public backlash. People shamed Matthews for existence a fraud and trying to scam a nice lady out of her rightful winnings.
1 YouTuber, "Donald the Repentless," was and so mad about this that he put out videos entitled, "F*** You Pastor Kevin Matthews." Public opinion was clear that this then-called "pastor" was nil only a money-grubbing scam artist preying on a nice lady to go his hands on a lot of undeserved coin.
To Summit Information technology Off: Infidelity
In more than bad news for Marie and her children, the media reported that her ex-convict swain was existence unfaithful. Unfortunately, it was too reported that she herself paid Lamar'south mistresses hush coin to go abroad instead of getting rid of him.
In more reputation damaging news, a video surfaced on Facebook of a woman who claimed that in addition to Lamar adulterous on Marie, he was also stealing money from her to pay prostitutes for "sexual favors." Unfortunately, the video went viral, as juicy gossip oft does.
Powering Through
Instead of withering under the scrutiny of the media and the public, Marie decided to accept drastic measures to improve her circumstances. She gathered her strength and took matters into her own hands by turning to a well-known life coach to get some advice nearly how to better her life.
Marie contacted Iyanla Vanzant, who has her own evidence advising people about their relationships on the Oprah Network. Vanzant is a renowned writer and motivational speaker with a huge following due to her reputation for irresolute people's lives for the better.
The Truth Revealed
In some other surprising twist, when Marie went on the Iyanla: Fix My Life talk show, her mother, Fontella, came out and revealed that the numbers she chose for the winning lottery ticket were actually hers and that they had a very special meaning.
"I kept dreaming near your blood brother that we lost. His birthday, he was the third kid, he'd have been 25 that yr. Those were the numbers." When Marie asked her mother why she didn't claim the money for herself, Fontella replied, "I just wanted you to better yourself for the babies."
The Scoop on Lamar McDow
Lamar "Hot Sauce" McDow was fortunate enough to stay in Marie'southward good graces long enough to fight jail three times, to the melody of millions in bail and legal fees. The starting time time Marie bailed him out, it cost her $3 million in bail money.
Before a yr had passed, Lamar was arrested again, and Marie bailed him out once more for $six million. The third time Marie bailed out Lamar, information technology was $12 million. Y'all would think she would have been repulsed by his criminal beliefs, but she only kept spending the money, resulting in widespread criticism.
Misery Loves Company
Marie was warned by many people that if she continued her relationship with Lamar, she could end up with criminal charges herself. Unfortunately, that's exactly what happened. 1 night, Lamar violated his parole curfew. When the law came, they discovered marijuana in the house.
Tragically, Marie was arrested for possession in front of her children. Marijuana remains illegal in North Carolina, but there is a significant racial bias about who is criminalized for it, co-ordinate to the ACLU. The aforementioned number of white people as black people apply marijuana, but blacks are three.73 times more than likely to be arrested.
The Boyfriend Defense
Lamar somewhen got angry at the people criticizing Marie for spending her money bailing him out of jail, and he lashed out. To the Daily Mail, he asserted, "We are a couple, and I am the father of her youngest child. This is what people do for each other."
Lamar went on to say, "She has the money, and she can exercise what she wants with it. If I had that money, and then I would do the same for her. People are but jealous because of how much she won, and people want to see me locked in jail."
The Wolf Pit
During the taping of the Iyanla evidence, the bad headlines just kept rolling in. Marie'due south family and even former friends started accusing her of actually stealing the lottery ticket from her mother, despite Fontella freely albeit on boob tube that she had given the ticket to Marie.
To add to the stress and drama, Lamar went to jail at this time on a seven-year sentence for charges related to possessing and selling heroin. True to form, Marie persisted in pushing frontward and moving on with her life, demonstrating her forcefulness and resilience.
A Goal Met
Despite poor taste in partners, Marie did make some skillful decisions about what to do with some of her money. She concluded up giving $nine.7 million to diverse charities. Office of that coin went to the make-new Marie Holmes Foundation, which was established to provide for children in demand.
Marie'due south foundation provides necessities for underprivileged children. Information technology too holds community events, which are how some children get their schoolhouse supplies and their Christmas presents. The foundation helps struggling young mothers like Marie was before she won the lottery.
Do Christians Gamble?
Marie was raised a devout Catholic, and she leans heavily on her Christian organized religion. Some people criticized her for playing the lottery at all, because it tends to exist frowned upon by the church. People have mixed opinions when information technology comes to Christians gambling.
One pastor said this to the Christian Post: "You can't be against the lottery, but your youth department is doing a RAFFLE! Same thing, pastor. SAME THING!" The stigma remains almost gambling being an irresponsible money-waster. Others argue that in that location is nada specific said about gambling in the Bible, then it's okay when it's not driveling.
The Root of All Evil
Other religious people, such as one pastor cited in the Christian Post, pointed out that the Bible says that money is where evil originated. He scolded Marie for ownership the lottery ticket and went on to say, "First, we must guard against our love of coin."
It should be noted that when the Bible does mention "casting lots," it'southward non usually talking nigh material gain, simply virtually God. In an example of this, Proverbs sixteen:33 states, "The lot is bandage into the lap, simply its every decision is from the Lord."
Some Friendly Advice
We recommend that others read the unfortunate story of Marie Holmes in instance they find themselves in her shoes. Information technology'southward non at all like shooting fish in a barrel to go from rags to riches, and similar versions of her story have happened to others.
Information technology's important to sympathize taxation laws for the long term, the rules of the lottery and investment options if you ever detect yourself in the position of receiving a large windfall of money. Be certain to hire a good professional financial skilful to help y'all determine how to manage your money to avert reckless decisions.
A Cautionary Tale
If you ever happen to observe yourself in the unlikely position of winning the lottery some things to sentry out for include authorities laws, lottery rules, land and federal taxes and your previous unpaid debts. These things can help you calculate your expendable income.
It may be unwise in the initial excitement to promise lots of charitable giving, like Marie did, without first doing the math to come across what your have-abode amount really is. Multiple millions of dollars may seem similar an enormous amount, but every bit Marie discovered, information technology'due south easy to fire through it rapidly if yous are uninformed.
Further Drama
Some think that Marie had a run of terrible luck later she won the lottery, while others call up she brought her woes upon herself with poor decision-making. A few call back the truth lies somewhere in the middle of those two black-and-white judgments.
Aside from spending millions on her young man — who eventually ended upwardly in federal prison anyhow — Marie likewise made another questionable decisions after winning the lotto, such as buying her boyfriend a business concern of his own and buying her mother a business firm. She also had harassment charges filed against her for allegedly calling a woman repeatedly to threaten her.
The Bottom Line
The ending of this story is mostly grim, although Marie Holmes did exercise some positive things with a lasting impact before the last of her money was gone. She didn't seem to realize that she would be under a microscope with the media and the public.
Here are a couple more tips, just in case you e'er hit it big: Don't trust anyone asking for money, even if they seem to have a very respectable social condition (like the pastor who sued Marie Holmes). Remember the good that money can practise, but don't forget the bad. No matter what, don't make bold promises immediately after winning.
Source: https://www.reference.com/business-finance/what-not-to-do-if-you-win-lottery?utm_content=params%3Ao%3D740005%26ad%3DdirN%26qo%3DserpIndex
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