How Did Grant Win Again in 1872
Everybody needs money to survive. It's a fact nosotros may not like, but it'southward even so a fact. Another inescapable truth is that virtually of us could use more money for the things we need also every bit the things nosotros just want. That probably makes the promise of winning the lottery sound like a dream come up truthful, but the reality is much more complicated than that.
Consider this cautionary tale of a woman in desperate need who won an unbelievable amount of coin. The choices and mistakes she fabricated after 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 North Carolina. She was a hard-working, single mother of four with two low-paying jobs. On top of this, 1 of her children had simply been diagnosed with cerebral palsy.
Because of her child'due south special needs, Marie was forced to quit both of her jobs to intendance for him full fourth dimension. 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'south Original Plans
Marie made some promising comments about what she planned to do with the lottery money — $127 million later she chose to get information technology in a lump sum. "First I'chiliad going to pay my tithes, considering I wouldn't have none of it if information technology weren't for God."
"Subsequently that, I'm going to set up accounts for my kids…I'thousand going to purchase a business firm for me and my kids, so make sure my family unit is all good." Marie as well told WGN-TV, "I don't have to worry nigh the word 'struggle' no more and neither practice [my children]."
The Waiting Game
Although nearly lottery winnings are non life irresolute, 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, there is a lengthy process involved in claiming large lottery winnings.
The ticket has to exist verified by a scanning machine. Side by side, there is a waiting menses for the coin to be awarded, and the winner must make full out some identification paperwork. Last, the winner must decide if they desire all the coin in a lump sum or have it dispersed in installments for xxx years (on average).
Choices, Choices
One of the more hard choices when a person wins millions of dollars in a lottery is whether to go the money in a lump sum or in installments. The dilemma occurs because there is a large penalty for getting all the money faster in a lump sum.
Marie had the option of collecting the entire $188 meg over 30 years or forfeiting $61 million and collecting the remaining $127 million much sooner. Financial experts commonly recommend taking the lump sum and investing the money. That allows you lot the opportunity to make money 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.South., and so nosotros'll break it down for you lot. Although the unabridged tax amount wasn't reported in Marie Holmes' example, she definitely paid millions to the government.
In the U.S., lottery winnings are considered income by the IRS, on both the state and federal levels. Therefore, North Carolina would have taken 5.eight% of Marie'southward $127 1000000, 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 rate.
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 then move out of her mobile home and buy a new business firm for her children. She as well planned to set upward higher funds for them.
Marie told NBC, "All the struggle that I ever went through, information technology was all for [my children]. I desire them to understand that money doesn't change you, but it can help you." The public fell in dearest with Marie after hearing nearly 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 hard-working, single mother who, according to her family unit and friends, "understood the value of a dollar." At one point, she had two jobs — Walmart and McDonald's — to support her four children. Therefore, nobody expected her to make poor decisions about where the money would go.
Of form, no 1 took into account that Marie was inexperienced and uninformed nigh 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 money, it's highly recommended that they seek professional assistance about how to manage the money, including what Non to practise with information technology. The average American has admittedly no experience handling large amounts of money.
Financial advisors warn that even titanic amounts of money tin disappear rapidly if it isn't invested wisely. In the case of Marie Holmes, it seemed like her center was in the right place and she was doing what she thought was right, but some proficient advice definitely would have helped her out.
The Bad Judgment Begins
The offset thing dubbed a poor judgment call by the public was the $xv,000 Rolex that Marie bought her boyfriend, Lamar "Hot Sauce" McDow. The picket was more jewelry than a timepiece and was reportedly "dripping with diamonds."
That same young man ultimately cost Marie much more than. The Port City Daily reported Lamar was a gang fellow member and a drug dealer after he was arrested and charged with "conspiracy to traffic in opium or heroin" in April 2016. He continued to get arrested throughout their relationship, and Marie spent millions on his bail and defence.
The Saga Continues
Earlier 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 on serving his sentence, he lived in the $350,000 dwelling house that she had purchased after winning the lottery.
According to the Daily Mail, of the original amount of $188 million, Marie was left with about $88 meg afterward deciding to take her winnings in a lump sum and paying taxes. This is yet a very big amount of money, but a loss of $100 million is obviously very significant.
Leeches Coming Out of the Woodwork
Predictably, lots of people immediately started request Marie and her boyfriend for money later on they heard she won the lottery. The people included friends, family members and numerous others, all requesting diverse amounts of coin 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 coin comes, there are more problems," according to reports.
Racial Intolerance in Their New Habitation
Another problem that plagued Marie and her family unit in their new life in their new habitation was harassment from neighbors due to racial prejudice. The neighborhood that Marie moved into with her family was an intolerant, primarily white community, and much to the family'due south chagrin, the residents were not interested in changing.
According to Lamar, "One neighbor set up a camera to tape everything we were doing. If I was driving down the route and going at the speed limit, they would wave at me for going too fast. They did not want us at that place. They were prejudiced." Lamar reported these disturbing events to the Daily Mail service.
The Church Donation
Marie stayed true to her discussion, which was reported in a printing release equally "The first matter she promised was to tithe — give a 10th of her winnings to charity." Marie donated a total of $700,000 to her hometown church, Pleasant Loma Missionary Baptist Church, located in Shallotte, NC.
The church reportedly used the money for much-needed renovations. Marie told the printing the church was an important office of her life and her faith and that she had been attention 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 afterward, Marie and her family unit believed him and allowed him into their lives and their dwelling house.
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 at that place is no evidence to support that. He then went ahead and began construction on the retreat using his own money. Marie did not contribute.
Wicked Intentions
Citing a exact agreement in which Marie allegedly promised to donate $ane.5 meg for his retreat, Pastor Kevin Matthews announced publicly that he was suing Marie Holmes for $10 million. The amount of coin named in the suit was inexplainable, 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 religion. The justification for his lawsuit was that he had a exact agreement with Marie for a money donation and bounty for "emotional distress."
Public Outrage
As soon as the media caught air current of the lawsuit, they uncovered that Matthews did not appear to be affiliated with whatsoever church. This led to a severe, angry public backfire. 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 nearly this that he put out videos entitled, "F*** You Pastor Kevin Matthews." Public stance was clear that this so-chosen "pastor" was zippo merely a money-grubbing scam artist preying on a dainty lady to get his hands on a lot of undeserved money.
To Tiptop Information technology Off: Infidelity
In more bad news for Marie and her children, the media reported that her ex-captive boyfriend was existence 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 than reputation damaging news, a video surfaced on Facebook of a adult female 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, as juicy gossip frequently does.
Powering Through
Instead of withering under the scrutiny of the media and the public, Marie decided to take drastic measures to improve her circumstances. She gathered her force and took matters into her own hands past turning to a well-known life coach to get some communication about how to improve her life.
Marie contacted Iyanla Vanzant, who has her own testify advising people about their relationships on the Oprah Network. Vanzant is a renowned author and motivational speaker with a huge post-obit due to her reputation for changing people's 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 actually hers and that they had a very special pregnant.
"I kept dreaming nearly your brother that we lost. His birthday, he was the 3rd child, he'd have been 25 that year. Those were the numbers." When Marie asked her mother why she didn't claim the money for herself, Fontella replied, "I but 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 adept graces long enough to fight jail three times, to the tune of millions in bail and legal fees. The beginning time Marie bailed him out, information technology cost her $3 million in bond money.
Before a year had passed, Lamar was arrested again, and Marie bailed him out once more for $vi million. The 3rd time Marie bailed out Lamar, it was $12 1000000. You would think she would have been repulsed by his criminal beliefs, simply she just kept spending the money, resulting in widespread criticism.
Misery Loves Company
Marie was warned past many people that if she continued her relationship with Lamar, she could stop up with criminal charges herself. Unfortunately, that's exactly what happened. Ane night, Lamar violated his parole curfew. When the police came, they discovered marijuana in the house.
Tragically, Marie was arrested for possession in forepart of her children. Marijuana remains illegal in North Carolina, but at that place 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 iii.73 times more than probable to exist arrested.
The Beau Defence
Lamar eventually got angry at the people criticizing Marie for spending her money bailing him out of jail, and he lashed out. To the Daily Postal service, he asserted, "We are a couple, and I am the father of her youngest child. This is what people practice for each other."
Lamar went on to say, "She has the money, and she tin can do what she wants with it. If I had that money, then I would exercise the aforementioned for her. People are just jealous because of how much she won, and people desire to see me locked in jail."
The Wolf Pit
During the taping of the Iyanla show, the bad headlines just kept rolling in. Marie'south family and even old friends started accusing her of really stealing the lottery ticket from her mother, despite Fontella freely admitting on television that she had given the ticket to Marie.
To add together to the stress and drama, Lamar went to jail at this fourth dimension on a seven-year judgement for charges related to possessing and selling heroin. True to course, Marie persisted in pushing forward and moving on with her life, demonstrating her force and resilience.
A Goal Met
Despite poor sense of taste in partners, Marie did make some proficient decisions nigh what to exercise with some of her coin. She ended up giving $9.7 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'south foundation provides necessities for underprivileged children. It likewise holds customs 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 religion. Some people criticized her for playing the lottery at all, because it tends to exist frowned upon by the church. People accept mixed opinions when it 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 Affair!" The stigma remains about gambling being an irresponsible money-waster. Others fence that there is nothing specific said about gambling in the Bible, then information technology's okay when it's non driveling.
The Root of All Evil
Other religious people, such equally one pastor cited in the Christian Mail, pointed out that the Bible says that coin is where evil originated. He scolded Marie for buying the lottery ticket and went on to say, "Beginning, we must guard against our dearest of money."
Information technology should be noted that when the Bible does mention "casting lots," it's not usually talking about textile gain, but most 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
Nosotros recommend that others read the unfortunate story of Marie Holmes in case they find themselves in her shoes. Information technology'southward not at all easy to go from rags to riches, and like versions of her story have happened to others.
It's important to empathise tax laws for the long term, the rules of the lottery and investment options if you lot e'er detect yourself in the position of receiving a big windfall of money. Be sure to rent a good professional person financial proficient to assist you make up one's mind how to manage your coin to avert reckless decisions.
A Cautionary Tale
If you lot ever happen to find yourself in the unlikely position of winning the lottery some things to spotter out for include government laws, lottery rules, country 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 see what your have-home corporeality really is. Multiple millions of dollars may seem similar an enormous amount, but as Marie discovered, information technology'due south easy to burn through it quickly if yous are uninformed.
Further Drama
Some think that Marie had a run of terrible luck after she won the lottery, while others retrieve she brought her woes upon herself with poor controlling. A few think the truth lies somewhere in the heart of those two black-and-white judgments.
Aside from spending millions on her swain — who eventually concluded up in federal prison anyway — Marie also made some other questionable decisions after winning the lotto, such as ownership her boyfriend a business of his own and buying her female parent a house. She besides had harassment charges filed confronting her for allegedly calling a woman repeatedly to threaten her.
The Bottom Line
The catastrophe of this story is more often than not grim, although Marie Holmes did do some positive things with a lasting touch earlier the last of her money was gone. She didn't seem to realize that she would exist under a microscope with the media and the public.
Here are a couple more tips, just in case you ever hit it big: Don't trust anyone request for coin, even if they seem to have a very respectable social status (like the pastor who sued Marie Holmes). Recollect the skilful that money can do, 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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