What Kind of Award Do You Want to Win Give Reasons Why You Should Win This Award
Everybody needs coin to survive. Information technology's a fact we may not similar, but it's still a fact. Another inescapable truth is that most of us could apply more money for the things nosotros need as well as the things nosotros just 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 woman in desperate need who won an unbelievable amount of money. 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 purchase 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 4 with two low-paying jobs. On top of this, one of her children had only been diagnosed with cerebral palsy.
Because of her child'due south special needs, Marie was forced to quit both of her jobs to care for him full time. Evidently, the $188 1000000 lottery windfall seemed like a Godsend when Marie won, but unfortunately, she fabricated 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 practise with the lottery money — $127 million after she chose to get information technology in a lump sum. "Commencement I'thou going to pay my tithes, because I wouldn't accept none of it if it weren't for God."
"Afterward that, I'one thousand going to prepare accounts for my kids…I'thousand going to buy a business firm for me and my kids, then make sure my family is all adept." Marie too told WGN-TV, "I don't have to worry about the word 'struggle' no more than and neither do [my children]."
The Waiting Game
Although most 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 establishment that sold them the ticket pays them their winnings. Withal, there is a lengthy process involved in claiming large lottery winnings.
The ticket has to exist verified past a scanning machine. Next, at that place is a waiting catamenia for the money to exist 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 have it dispersed in installments for 30 years (on boilerplate).
Choices, Choices
I 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 because there is a big penalty for getting all the money faster in a lump sum.
Marie had the choice of collecting the entire $188 million over 30 years or forfeiting $61 one thousand thousand and collecting the remaining $127 million much sooner. Financial experts normally recommend taking the lump sum and investing the coin. That allows you the opportunity to make money on your winnings instead of the land. Marie chose the lump sum.
Uncle Sam's Cut
Many people don't know how much taxes people take to pay out of lottery winnings in the U.Due south., and so we'll suspension it down for you lot. Although the entire 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 accept taken 5.8% of Marie's $127 million, and the Federal Government would accept taken anywhere from 25% to 39.half dozen%, depending on tax subclass 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 beginning to her church building and and then move out of her mobile home and buy a new business firm for her children. She also planned to set up higher funds for them.
Marie told NBC, "All the struggle that I ever went through, it was all for [my children]. I want them to understand that money doesn't change you, but it can aid you." The public fell in love with Marie afterwards hearing virtually 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 and friends, "understood the value of a dollar." At one signal, she had ii jobs — Walmart and McDonald's — to back up her four children. Therefore, nobody expected her to make poor decisions nearly where the money would go.
Of course, no i took into account that Marie was inexperienced and uninformed nigh how to handle large amounts of money. When she started deciding how to spend the lottery money, the public viewed her every bit immature and irresponsible.
Financial Advisor, Please?
When people who aren't wealthy win a lot of money, it's highly recommended that they seek professional assist nearly how to manage the coin, including what NOT to do with it. The average American has absolutely no experience handling big amounts of money.
Financial advisors warn that even titanic amounts of coin tin disappear rapidly if it isn't invested wisely. In the case of Marie Holmes, it seemed like her heart was in the right place and she was doing what she thought was right, but some expert advice definitely would have helped her out.
The Bad Judgment Begins
The starting time thing dubbed a poor judgment phone call by the public was the $fifteen,000 Rolex that Marie bought her boyfriend, Lamar "Hot Sauce" McDow. The watch was more than jewelry than a timepiece and was reportedly "dripping with diamonds."
That same boyfriend ultimately price Marie much more than. 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 go arrested throughout their human relationship, and Marie spent millions on his bond 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 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 million, Marie was left with about $88 million after deciding to take her winnings in a lump sum and paying taxes. This is still a very large corporeality of money, merely a loss of $100 million is obviously very meaning.
Leeches Coming Out of the Woodwork
Predictably, lots of people immediately started asking Marie and her young man 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 it became very stressful for them. Marie was quoted every bit saying, "When money comes, there are more problems," according to reports.
Racial Intolerance in Their New Dwelling house
Another 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 unit was an intolerant, primarily white customs, and much to the family'due south chagrin, the residents were not interested in changing.
Co-ordinate to Lamar, "One neighbor prepare up a camera to record everything we were doing. If I was driving down the road and going at the speed limit, they would moving ridge at me for going as well fast. They did non want the states there. They were prejudiced." Lamar reported these disturbing events to the Daily Mail.
The Church building Donation
Marie stayed true to her discussion, which was reported in a press release as "The commencement 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 building was an important function of her life and her faith and that she had been attending that particular church since she was a kid.
Pastor Disaster
Unfortunately, a different pastor made contact with Marie and her family unit 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 home.
Soon later on coming together Marie, Pastor Matthews asked her for $1.5 million then he could build a retreat. Co-ordinate to him, Marie verbally agreed to fund the project, although in that location is no testify to support that. He then went alee and began construction on the retreat using his ain money. Marie did non contribute.
Wicked Intentions
Citing a verbal agreement in which Marie allegedly promised to donate $ane.v million for his retreat, Pastor Kevin Matthews announced publicly that he was suing Marie Holmes for $10 one thousand thousand. The corporeality of money named in the suit was baffling, considering 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 nearly 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
Equally soon as the media caught wind of the lawsuit, they uncovered that Matthews did non announced to be affiliated with any church. This led to a severe, angry public backfire. 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 about this that he put out videos entitled, "F*** You lot Pastor Kevin Matthews." Public opinion was articulate that this so-called "pastor" was nothing but a coin-grubbing scam artist preying on a nice lady to get his easily on a lot of undeserved money.
To Top It Off: Infidelity
In more than bad news for Marie and her children, the media reported that her ex-convict young man was being unfaithful. Unfortunately, it was also reported that she herself paid Lamar's mistresses hush money to become away instead of getting rid of him.
In more than reputation damaging 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, as juicy gossip often does.
Powering Through
Instead of withering under the scrutiny of the media and the public, Marie decided to take drastic measures to meliorate her circumstances. She gathered her strength and took matters into her own easily by turning to a well-known life double-decker to get some communication about how to amend her life.
Marie contacted Iyanla Vanzant, who has her own show 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 changing people'due south lives for the ameliorate.
The Truth Revealed
In another surprising twist, when Marie went on the Iyanla: Set up My Life talk show, her female parent, 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 brother that we lost. His birthday, he was the third kid, he'd have been 25 that year. Those were the numbers." When Marie asked her female parent why she didn't claim the coin for herself, Fontella replied, "I just wanted y'all to amend yourself for the babies."
The Scoop on Lamar McDow
Lamar "Hot Sauce" McDow was fortunate enough to stay in Marie'southward practiced graces long enough to fight jail three times, to the tune of millions in bail and legal fees. The showtime time Marie bailed him out, it price her $3 1000000 in bond money.
Earlier a year had passed, Lamar was arrested again, and Marie bailed him out once more for $half-dozen million. The tertiary time Marie bailed out Lamar, information technology was $12 million. You would call up she would have been repulsed by his criminal beliefs, only she just kept spending the money, resulting in widespread criticism.
Misery Loves Company
Marie was warned past many people that if she connected her relationship with Lamar, she could end upwards with criminal charges herself. Unfortunately, that's 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 Due north Carolina, simply there is a significant racial bias well-nigh who is criminalized for it, according to the ACLU. The same number of white people equally black people use marijuana, but blacks are iii.73 times more likely to be arrested.
The Boyfriend Defence
Lamar eventually got angry at the people criticizing Marie for spending her coin bailing him out of jail, and he lashed out. To the Daily Mail, he asserted, "Nosotros are a couple, and I am the begetter of her youngest child. This is what people do for each other."
Lamar went on to say, "She has the coin, and she can do 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 show, the bad headlines just kept rolling in. Marie's family and fifty-fifty one-time friends started accusing her of actually stealing the lottery ticket from her female parent, despite Fontella freely admitting on television 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-yr sentence for charges related to possessing and selling heroin. True to grade, Marie persisted in pushing forward and moving on with her life, demonstrating her forcefulness and resilience.
A Goal Met
Despite poor sense of taste in partners, Marie did brand some skilful decisions about what to do with some of her coin. She concluded up giving $9.7 million to various charities. Office of that money went to the brand-new Marie Holmes Foundation, which was established to provide for children in demand.
Marie's foundation provides necessities for underprivileged children. It also holds customs events, which are how some children get their school supplies and their Christmas presents. The foundation helps struggling young mothers like Marie was before she won the lottery.
Do Christians Run a risk?
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 be frowned upon past the church. People have mixed opinions when it comes to Christians gambling.
One pastor said this to the Christian Post: "You tin can't be against the lottery, but your youth department is doing a RAFFLE! Aforementioned thing, pastor. Aforementioned Matter!" The stigma remains most gambling being an irresponsible money-waster. Others debate that there is nothing specific said about gambling in the Bible, so it's okay when it's not driveling.
The Root of All Evil
Other religious people, such equally one pastor cited in the Christian Post, 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, "Offset, we must guard against our love of money."
It should be noted that when the Bible does mention "casting lots," it'due south not unremarkably talking nearly cloth gain, simply about God. In an example of this, Proverbs sixteen:33 states, "The lot is cast into the lap, but its every conclusion 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. Information technology'due south not at all piece of cake to go from rags to riches, and like versions of her story have happened to others.
It'due south important to understand revenue enhancement laws for the long term, the rules of the lottery and investment options if yous ever find yourself in the position of receiving a large windfall of money. Be sure to hire a good professional fiscal practiced to assist you determine how to manage your money to avert reckless decisions.
A Cautionary Tale
If you always happen to find yourself in the unlikely position of winning the lottery some things to lookout out for include regime laws, lottery rules, land and federal taxes and your previous unpaid debts. These things tin can help you calculate your expendable income.
Information technology may be unwise in the initial excitement to hope lots of charitable giving, like Marie did, without first doing the math to see what your take-abode amount really is. Multiple millions of dollars may seem similar an enormous amount, but every bit Marie discovered, it's easy to burn through it chop-chop if you are uninformed.
Further Drama
Some think that Marie had a run of terrible luck after she won the lottery, while others think she brought her woes upon herself with poor conclusion-making. A few think the truth lies somewhere in the middle of those two black-and-white judgments.
Aside from spending millions on her boyfriend — who somewhen concluded upwardly in federal prison anyway — Marie also made another questionable decisions after winning the lotto, such equally 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 ending of this story is mostly grim, although Marie Holmes did do some positive things with a lasting bear on earlier the last of her coin 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, simply in case you ever hit it large: 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). Call back the adept that money can practice, but don't forget the bad. No matter what, don't brand bold promises immediately subsequently 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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