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Everybody needs money to survive. It's a fact nosotros may not like, but information technology's still a fact. Another inescapable truth is that most of u.s. could use more money for the things we need equally well as the things we just want. That probably makes the promise of winning the lottery sound similar a dream come truthful, 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 money. The choices and mistakes she made subsequently winning ultimately resulted in losing information technology all. Her story reminds us 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 difficult-working, single female parent 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 time. Manifestly, the $188 million lottery windfall seemed like a Godsend when Marie won, but unfortunately, she made a series of poor decisions that resulted in her losing it all.
Marie'southward Original Plans
Marie made some promising comments nigh what she planned to practice with the lottery coin — $127 meg afterward she chose to get it in a lump sum. "First I'm going to pay my tithes, because I wouldn't have none of it if it weren't for God."
"Afterwards that, I'1000 going to set up accounts for my kids…I'thousand going to buy a business firm for me and my kids, and so make certain my family is all skilful." Marie as well told WGN-Tv set, "I don't have to worry well-nigh the word 'struggle' no more and neither practise [my children]."
The Waiting Game
Although most lottery winnings are not life changing, lottery jackpots are huge, and there are rules for claiming those winnings. If a person wins less than $599, the establishment that sold them the ticket pays them their winnings. However, in that location 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 flow for the money to be awarded, and the winner must make full out some identification paperwork. Last, the winner must decide if they want all the money in a lump sum or take it dispersed in installments for 30 years (on average).
Choices, Choices
One of the more hard choices when a person wins millions of dollars in a lottery is whether to become the money in a lump sum or in installments. The dilemma occurs because there is a large penalisation for getting all the coin faster in a lump sum.
Marie had the option 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 usually recommend taking the lump sum and investing the coin. That allows you the opportunity to make coin on your winnings instead of the country. Marie chose the lump sum.
Uncle Sam's Cut
Many people don't know how much taxes people have to pay out of lottery winnings in the U.S., so we'll break information technology downwardly for you. Although the entire tax amount wasn't reported in Marie Holmes' case, she definitely paid millions to the government.
In the U.South., lottery winnings are considered income past the IRS, on both the country and federal levels. Therefore, North Carolina would have taken 5.viii% of Marie's $127 million, and the Federal Government would have taken anywhere from 25% to 39.6%, depending on tax bracket and other factors. Nearly 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 get-go to her church and and then move out of her mobile home and purchase a new firm for her children. She too planned to prepare college funds for them.
Marie told NBC, "All the struggle that I ever went through, it was all for [my children]. I want them to empathise that money doesn't change you, but it tin aid you." The public roughshod in love with Marie subsequently hearing about her history of poverty and hard knocks before she became wealthy.
Could She Handle Information technology?
The reputation that Marie had in her hometown and elsewhere was that of a difficult-working, unmarried female parent who, according to her family unit and friends, "understood the value of a dollar." At one point, she had two jobs — Walmart and McDonald'due south — to support her iv children. Therefore, nobody expected her to brand poor decisions virtually where the money would go.
Of course, no one took into business relationship that Marie was inexperienced and uninformed near how to handle big amounts of money. When she started deciding how to spend the lottery money, the public viewed her every bit immature and irresponsible.
Fiscal Counselor, Delight?
When people who aren't wealthy win a lot of coin, it's highly recommended that they seek professional help about how to manage the money, including what NOT to practice with information technology. The average American has absolutely no experience handling large amounts of money.
Fiscal advisors warn that even titanic amounts of money can disappear chop-chop if information technology isn't invested wisely. In the case of Marie Holmes, information technology seemed like her heart was in the right place and she was doing what she thought was right, but some skilful advice definitely would have helped her out.
The Bad Judgment Begins
The commencement thing dubbed a poor judgment call by the public was the $xv,000 Rolex that Marie bought her fellow, Lamar "Hot Sauce" McDow. The watch was more jewelry than a timepiece and was reportedly "dripping with diamonds."
That same boyfriend ultimately cost Marie much more. The Port City Daily reported Lamar was a gang member and a drug dealer later he was arrested and charged with "conspiracy to traffic in opium or heroin" in Apr 2016. He connected to get arrested throughout their 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 later serving his sentence, he lived in the $350,000 home that she had purchased afterwards winning the lottery.
According to the Daily Mail, of the original corporeality of $188 million, Marie was left with about $88 meg after deciding to take her winnings in a lump sum and paying taxes. This is notwithstanding a very big amount of money, merely a loss of $100 million is obviously very significant.
Leeches Coming Out of the Woodwork
Predictably, lots of people immediately started asking Marie and her beau 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 common for lottery winners.
Marie and Lamar were constantly harassed for money handouts, and it became very stressful for them. Marie was quoted as saying, "When money comes, there are more bug," according to reports.
Racial Intolerance in Their New Home
Another problem that plagued Marie and her family unit 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'southward chagrin, the residents were not interested in changing.
According to Lamar, "1 neighbor fix upwards a camera to record everything we were doing. If I was driving downward the road and going at the speed limit, they would wave at me for going also fast. They did not want u.s. 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 as "The first thing she promised was to tithe — give a tenth of her winnings to charity." Marie donated a total of $700,000 to her hometown church, Pleasant Hill Missionary Baptist Church, located in Shallotte, NC.
The church reportedly used the money for much-needed renovations. Marie told the press the church was an of import part of her life and her faith and that she had been attending that particular church since she was a child.
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 it later, Marie and her family unit believed him and allowed him into their lives and their home.
Soon after meeting Marie, Pastor Matthews asked her for $1.5 million and so he could build a retreat. According to him, Marie verbally agreed to fund the project, although there is no evidence to support that. He then went ahead and began construction on the retreat using his ain coin. Marie did not contribute.
Wicked Intentions
Citing a verbal agreement in which Marie allegedly promised to donate $one.five 1000000 for his retreat, Pastor Kevin Matthews announced publicly that he was suing Marie Holmes for $10 million. The amount of money named in the suit was baffling, considering the corporeality 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 most people of faith. 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 soon as the media caught wind of the lawsuit, they uncovered that Matthews did non appear to be affiliated with any church. This led to a severe, angry public backlash. People shamed Matthews for being a fraud and trying to scam a nice lady out of her rightful winnings.
One YouTuber, "Donald the Repentless," was and then mad about this that he put out videos entitled, "F*** You Pastor Kevin Matthews." Public opinion was clear that this and so-called "pastor" was zilch but a money-grubbing scam artist preying on a nice lady to get his hands on a lot of undeserved coin.
To Elevation It Off: Infidelity
In more bad news for Marie and her children, the media reported that her ex-convict boyfriend was being unfaithful. Unfortunately, it was also reported that she herself paid Lamar's mistresses hush money to go away instead of getting rid of him.
In more reputation dissentious news, a video surfaced on Facebook of a woman who claimed that in addition to Lamar cheating on Marie, he was also stealing money from her to pay prostitutes for "sexual favors." Unfortunately, the video went viral, equally juicy gossip often does.
Powering Through
Instead of withering nether the scrutiny of the media and the public, Marie decided to take drastic measures to improve her circumstances. She gathered her forcefulness and took matters into her own hands by turning to a well-known life passenger vehicle to get some advice about how to meliorate her life.
Marie contacted Iyanla Vanzant, who has her own show advising people near their relationships on the Oprah Network. Vanzant is a renowned author and motivational speaker with a huge following due to her reputation for irresolute people'south lives for the better.
The Truth Revealed
In another surprising twist, when Marie went on the Iyanla: Prepare My Life talk show, her mother, Fontella, came out and revealed that the numbers she chose for the winning lottery ticket were really hers and that they had a very special meaning.
"I kept dreaming about your brother that we lost. His birthday, he was the third child, he'd have been 25 that yr. Those were the numbers." When Marie asked her female parent 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's good graces long enough to fight jail iii times, to the tune of millions in bail and legal fees. The beginning time Marie bailed him out, it toll her $three million in bond money.
Before a year had passed, Lamar was arrested over again, and Marie bailed him out again for $half dozen one thousand thousand. The tertiary time Marie bailed out Lamar, information technology was $12 meg. You would think she would have been repulsed by his criminal behavior, simply she just kept spending the money, resulting in widespread criticism.
Misery Loves Company
Marie was warned by many people that if she continued her human relationship with Lamar, she could cease upwards with criminal charges herself. Unfortunately, that'southward exactly what happened. One night, Lamar violated his parole curfew. When the police 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 virtually who is criminalized for it, according to the ACLU. The same number of white people as black people employ marijuana, simply blacks are 3.73 times more likely to be arrested.
The Beau Defense
Lamar somewhen got aroused 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 male parent of her youngest child. This is what people do for each other."
Lamar went on to say, "She has the money, and she tin do what she wants with it. If I had that money, so I would do the same for her. People are only jealous considering 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's family and even old friends started accusing her of actually stealing the lottery ticket from her mother, despite Fontella freely admitting on television receiver that she had given the ticket to Marie.
To add together 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 forward and moving on with her life, demonstrating her force and resilience.
A Goal Met
Despite poor taste in partners, Marie did make some practiced decisions about what to do with some of her coin. She ended up giving $9.seven million to various charities. Part of that money went to the brand-new Marie Holmes Foundation, which was established to provide for children in need.
Marie's foundation provides necessities for underprivileged children. Information technology also holds community events, which are how some children go their school supplies and their Christmas presents. The foundation helps struggling young mothers like Marie was before she won the lottery.
Do Christians Take chances?
Marie was raised a devout Catholic, and she leans heavily on her Christian faith. Some people criticized her for playing the lottery at all, considering it tends to exist frowned upon by the church. People have mixed opinions when it comes to Christians gambling.
I pastor said this to the Christian Post: "Y'all tin't exist against the lottery, but your youth section is doing a RAFFLE! Aforementioned thing, pastor. Aforementioned THING!" The stigma remains about gambling being an irresponsible money-waster. Others fence that there is nada specific said most gambling in the Bible, so information technology's okay when information technology's not abused.
The Root of All Evil
Other religious people, such as one pastor cited in the Christian Mail service, pointed out that the Bible says that money is where evil originated. He scolded Marie for buying the lottery ticket and went on to say, "Kickoff, nosotros must baby-sit against our love of money."
Information technology should exist noted that when the Bible does mention "casting lots," information technology's not normally talking most material gain, merely about God. In an instance of this, Proverbs 16:33 states, "The lot is cast into the lap, but its every decision is from the Lord."
Some Friendly Advice
We recommend that others read the unfortunate story of Marie Holmes in case they find themselves in her shoes. It'south not at all piece of cake to get from rags to riches, and similar versions of her story have happened to others.
It's important to understand revenue enhancement laws for the long term, the rules of the lottery and investment options if you ever find yourself in the position of receiving a large windfall of money. Exist sure to rent a good professional financial expert to help y'all decide how to manage your coin to avoid reckless decisions.
A Cautionary Tale
If you ever happen to find yourself in the unlikely position of winning the lottery some things to scout out for include regime laws, lottery rules, land and federal taxes and your previous unpaid debts. These things can help y'all calculate your expendable income.
It may be unwise in the initial excitement to hope lots of charitable giving, like Marie did, without get-go doing the math to see what your take-home amount actually is. Multiple millions of dollars may seem like an enormous amount, but every bit Marie discovered, it'southward easy to burn through it apace if you are uninformed.
Further Drama
Some retrieve that Marie had a run of terrible luck afterward she won the lottery, while others think she brought her woes upon herself with poor decision-making. A few call up the truth lies somewhere in the middle of those two black-and-white judgments.
Aside from spending millions on her boyfriend — who eventually ended up in federal prison anyhow — Marie also made another questionable decisions afterward winning the lotto, such equally buying her beau a business of his own and buying her mother a house. She also had harassment charges filed against her for allegedly calling a woman repeatedly to threaten her.
The Lesser Line
The catastrophe of this story is mostly grim, although Marie Holmes did do some positive things with a lasting touch on before the final of her money was gone. She didn't seem to realize that she would exist under a microscope with the media and the public.
Hither 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 status (like the pastor who sued Marie Holmes). Remember the good that money tin do, but don't forget the bad. No matter what, don't make assuming promises immediately afterwards 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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