What to Do if You Win the Lottery Reddit
Everybody needs money to survive. It's a fact we may non like, but it's nevertheless a fact. Another inescapable truth is that most of us could apply more money for the things we need likewise as the things we just desire. 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 us all to never forget that money doesn't buy happiness.
Run into Marie Holmes
When she was 26, Marie Holmes was living a hard life in North Carolina. She was a hard-working, single mother of iv with 2 low-paying jobs. On top of this, one of her children had just been diagnosed with cerebral palsy.
Considering of her child's special needs, Marie was forced to quit both of her jobs to care for him full time. Obviously, 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's Original Plans
Marie made some promising comments about what she planned to do with the lottery money — $127 million after she chose to get information technology in a lump sum. "Kickoff I'thou going to pay my tithes, because I wouldn't have none of information technology if information technology weren't for God."
"Subsequently that, I'thou going to set accounts for my kids…I'chiliad going to buy a house for me and my kids, then make sure my family unit is all expert." Marie also told WGN-Television, "I don't have to worry nearly the word 'struggle' no more and neither do [my children]."
The Waiting Game
Although most lottery winnings are not life changing, lottery jackpots are huge, and in that location 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 be verified past a scanning machine. Next, at that place is a waiting period for the money to exist awarded, and the winner must fill out some identification paperwork. Terminal, the winner must decide if they want all the money in a lump sum or have information technology dispersed in installments for 30 years (on boilerplate).
Choices, Choices
One of the more difficult choices when a person wins millions of dollars in a lottery is whether to get the coin in a lump sum or in installments. The dilemma occurs considering there is a large penalty for getting all the coin faster in a lump sum.
Marie had the choice of collecting the entire $188 million over xxx years or forfeiting $61 one thousand thousand and collecting the remaining $127 million much sooner. Financial experts ordinarily recommend taking the lump sum and investing the money. That allows you the opportunity to make coin on your winnings instead of the state. Marie chose the lump sum.
Uncle Sam's Cutting
Many people don't know how much taxes people accept to pay out of lottery winnings in the U.S., and so nosotros'll break it down for you. Although the entire revenue enhancement 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, North Carolina would accept taken five.8% of Marie'due south $127 1000000, and the Federal Government would have taken anywhere from 25% to 39.half dozen%, depending on tax subclass and other factors. Most 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 so movement out of her mobile home and buy a new house for her children. She also planned to set up college funds for them.
Marie told NBC, "All the struggle that I ever went through, it was all for [my children]. I desire them to understand that money doesn't change you, but information technology tin help you." The public fell in love with Marie after hearing about her history of poverty and hard knocks earlier she became wealthy.
Could She Handle Information technology?
The reputation that Marie had in her hometown and elsewhere was that of a difficult-working, single mother who, according to her family and friends, "understood the value of a dollar." At one point, she had two jobs — Walmart and McDonald'due south — to support her 4 children. Therefore, nobody expected her to make poor decisions most where the money would go.
Of course, no 1 took into account that Marie was inexperienced and uninformed about how to handle large 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 assist near how to manage the money, including what NOT to do with it. The boilerplate American has absolutely no experience handling big amounts of coin.
Fiscal advisors warn that even titanic amounts of money tin can disappear chop-chop if information technology isn't invested wisely. In the case of Marie Holmes, it seemed like her middle was in the correct identify and she was doing what she thought was right, but some expert advice definitely would have helped her out.
The Bad Judgment Begins
The first matter dubbed a poor judgment phone call by the public was the $15,000 Rolex that Marie bought her swain, Lamar "Hot Sauce" McDow. The watch was more than jewelry than a timepiece and was reportedly "dripping with diamonds."
That aforementioned boyfriend 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 Apr 2016. He continued to get arrested throughout their relationship, and Marie spent millions on his bail and defence force.
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 after serving his sentence, he lived in the $350,000 abode that she had purchased later winning the lottery.
According to the Daily Mail, of the original amount of $188 million, Marie was left with almost $88 million after deciding to take her winnings in a lump sum and paying taxes. This is still a very large amount of money, just a loss of $100 meg is evidently very significant.
Leeches Coming Out of the Woodwork
Predictably, lots of people immediately started asking Marie and her boyfriend for money afterward they heard she won the lottery. The people included friends, family members and numerous others, all requesting various amounts of coin for all kinds of reasons. Unfortunately, this feel 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 proverb, "When money comes, at that place are more problems," according to reports.
Racial Intolerance in Their New Domicile
Some other trouble 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 community, and much to the family unit's chagrin, the residents were not interested in changing.
Co-ordinate to Lamar, "One neighbor set a camera to record everything we were doing. If I was driving down the road and going at the speed limit, they would wave at me for going likewise fast. They did not want the states in that location. They were prejudiced." Lamar reported these disturbing events to the Daily Post.
The Church Donation
Marie stayed true to her give-and-take, which was reported in a press release as "The beginning thing she promised was to tithe — give a tenth of her winnings to clemency." Marie donated a total of $700,000 to her hometown church, Pleasant Hill Missionary Baptist Church, located in Shallotte, NC.
The church building reportedly used the money for much-needed renovations. Marie told the press the church was an of import office of her life and her religion and that she had been attending that detail church building since she was a child.
Pastor Disaster
Unfortunately, a different pastor fabricated 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 believed him and allowed him into their lives and their dwelling.
Soon after coming together Marie, Pastor Matthews asked her for $one.5 1000000 and so he could build a retreat. According to him, Marie verbally agreed to fund the project, although there is no prove to support that. He and so went ahead and began construction on the retreat using his own coin. Marie did not contribute.
Wicked Intentions
Citing a exact agreement in which Marie allegedly promised to donate $i.5 million for his retreat, Pastor Kevin Matthews announced publicly that he was suing Marie Holmes for $10 1000000. The amount of money named in the suit 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 most people of faith. The justification for his lawsuit was that he had a exact agreement with Marie for a coin donation and compensation for "emotional distress."
Public Outrage
As presently as the media caught current of air of the lawsuit, they uncovered that Matthews did not appear to exist affiliated with any church. This led to a severe, angry public backlash. People shamed Matthews for beingness a fraud and trying to scam a nice lady out of her rightful winnings.
One YouTuber, "Donald the Repentless," was so mad most this that he put out videos entitled, "F*** You lot Pastor Kevin Matthews." Public opinion was clear that this so-called "pastor" was nada but a coin-grubbing scam artist preying on a nice lady to become his hands on a lot of undeserved coin.
To Height Information technology Off: Infidelity
In more bad news for Marie and her children, the media reported that her ex-convict boyfriend was beingness unfaithful. Unfortunately, it was also reported that she herself paid Lamar'south mistresses hush coin to go away instead of getting rid of him.
In more reputation damaging news, a video surfaced on Facebook of a woman who claimed that in improver 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 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 strength and took matters into her own hands by turning to a well-known life coach to get some advice about how to improve her life.
Marie contacted Iyanla Vanzant, who has her ain bear witness 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: Fix My Life talk evidence, 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 about your brother that we lost. His birthday, he was the third child, he'd have been 25 that year. Those were the numbers." When Marie asked her mother why she didn't merits the money for herself, Fontella replied, "I simply wanted you to meliorate yourself for the babies."
The Scoop on Lamar McDow
Lamar "Hot Sauce" McDow was fortunate enough to stay in Marie's expert graces long plenty to fight jail three times, to the tune of millions in bail and legal fees. The showtime time Marie bailed him out, it cost her $3 million in bond coin.
Before a year had passed, Lamar was arrested again, and Marie bailed him out over again for $vi million. The third time Marie bailed out Lamar, it was $12 meg. You would call up she would accept been repulsed by his criminal behavior, but she but 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 cease up with criminal charges herself. Unfortunately, that'south exactly what happened. 1 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, just there is a significant racial bias about who is criminalized for it, according to the ACLU. The same number of white people as black people employ marijuana, but blacks are 3.73 times more probable to be arrested.
The Boyfriend 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 Mail, 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 can practise what she wants with information technology. If I had that money, and then I would practice the same for her. People are just jealous because of how much she won, and people want to meet me locked in jail."
The Wolf Pit
During the taping of the Iyanla show, the bad headlines just kept rolling in. Marie's family and even sometime 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 to the stress and drama, Lamar went to jail at this time on a seven-year judgement for charges related to possessing and selling heroin. True to form, Marie persisted in pushing forward and moving on with her life, demonstrating her strength and resilience.
A Goal Met
Despite poor taste in partners, Marie did make some good decisions almost what to do with some of her money. She ended up giving $9.vii meg to various charities. Office 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. It too holds community events, which are how some children get their schoolhouse supplies and their Christmas presents. The foundation helps struggling immature mothers like Marie was earlier 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, because information technology tends to be frowned upon by the church. People have mixed opinions when it comes to Christians gambling.
1 pastor said this to the Christian Mail service: "You can't be against the lottery, but your youth department is doing a RAFFLE! Same thing, pastor. SAME THING!" The stigma remains near gambling being an irresponsible money-waster. Others argue that there is nothing specific said about gambling in the Bible, so it's okay when it's not abused.
The Root of All Evil
Other religious people, such equally one pastor cited in the Christian Mail, 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, "First, we must guard against our love of money."
It should be noted that when the Bible does mention "casting lots," it's not normally talking well-nigh material gain, but nearly God. In an example of this, Proverbs 16:33 states, "The lot is bandage into the lap, only 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's non at all easy to go from rags to riches, and like versions of her story have happened to others.
Information technology's important to empathize tax laws for the long term, the rules of the lottery and investment options if you ever discover yourself in the position of receiving a large windfall of coin. Be sure to hire a good professional person fiscal expert to help y'all decide how to manage your money to avoid reckless decisions.
A Cautionary Tale
If yous ever happen to find yourself in the unlikely position of winning the lottery some things to lookout man out for include regime 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 hope lots of charitable giving, similar Marie did, without start doing the math to see what your take-home amount actually is. Multiple millions of dollars may seem like an enormous amount, but equally Marie discovered, it's easy to fire through it apace if you are uninformed.
Further Drama
Some remember that Marie had a run of terrible luck after she won the lottery, while others think she brought her woes upon herself with poor determination-making. A few think the truth lies somewhere in the eye of those two black-and-white judgments.
Aside from spending millions on her beau — who eventually ended up in federal prison anyway — Marie also made some other questionable decisions afterward winning the lotto, such as ownership her boyfriend a business of his own and buying her mother a house. She also had harassment charges filed confronting 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 impact before the last of her money was gone. She didn't seem to realize that she would be nether 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 asking for money, even if they seem to have a very respectable social status (like the pastor who sued Marie Holmes). Remember the skillful that coin tin exercise, but don't forget the bad. No matter what, don't make bold 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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