If Biden Somehow Manages to Win This Election
Everybody needs money to survive. It's a fact we may not like, but it's all the same a fact. Another inescapable truth is that most of united states could utilise more coin for the things we demand besides equally the things we simply want. That probably makes the hope of winning the lottery sound like a dream come true, but the reality is much more than complicated than that.
Consider this cautionary tale of a woman in drastic 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 hard life in Due north Carolina. She was a difficult-working, single mother of iv with 2 low-paying jobs. On top of this, 1 of her children had only 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 total time. Evidently, the $188 million lottery windfall seemed like a Godsend when Marie won, only unfortunately, she made a series of poor decisions that resulted in her losing it all.
Marie made some promising comments virtually what she planned to do with the lottery money — $127 1000000 after she chose to go it in a lump sum. "First I'thousand going to pay my tithes, because I wouldn't accept none of it if it weren't for God."
"Later that, I'thousand going to fix accounts for my kids…I'1000 going to purchase a house for me and my kids, and so make sure my family unit is all good." Marie also told WGN-TV, "I don't have to worry virtually the word 'struggle' no more and neither practise [my children]."
The Waiting Game
Although most lottery winnings are not life irresolute, 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, in that location is a lengthy process involved in claiming big lottery winnings.
The ticket has to be verified by a scanning motorcar. Next, at that place is a waiting menses for the coin to be awarded, and the winner must fill out some identification paperwork. Last, 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 average).
Choices, Choices
Ane 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 because there is a large penalisation for getting all the money faster in a lump sum.
Marie had the choice of collecting the unabridged $188 million over thirty 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 the opportunity to make money on your winnings instead of the state. 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 it down for you. Although the unabridged tax amount wasn't reported in Marie Holmes' case, 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, Northward Carolina would have taken 5.8% of Marie'south $127 1000000, and the Federal Government would have taken anywhere from 25% to 39.half dozen%, depending on tax bracket and other factors. Nigh 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 movement out of her mobile home and buy a new business firm for her children. She also planned to fix higher funds for them.
Marie told NBC, "All the struggle that I e'er went through, it was all for [my children]. I want them to empathize that money doesn't change you, but it tin help yous." The public cruel in love with Marie after hearing about 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 difficult-working, single mother who, according to her family unit and friends, "understood the value of a dollar." At 1 point, she had two jobs — Walmart and McDonald'southward — to support her 4 children. Therefore, nobody expected her to make poor decisions about where the money would get.
Of grade, no one took into account that Marie was inexperienced and uninformed about how to handle large amounts of coin. When she started deciding how to spend the lottery coin, the public viewed her as immature and irresponsible.
Financial Advisor, Delight?
When people who aren't wealthy win a lot of coin, it's highly recommended that they seek professional assistance well-nigh how to manage the money, 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 money tin can disappear quickly if information technology isn't invested wisely. In the example of Marie Holmes, it seemed similar her heart was in the correct place and she was doing what she idea was correct, just some expert communication definitely would accept helped her out.
The Bad Judgment Begins
The first thing dubbed a poor judgment call by the public was the $15,000 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 toll Marie much more. 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 force.
The Saga Continues
Before beingness 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, of the original corporeality of $188 million, Marie was left with about $88 million afterwards deciding to take her winnings in a lump sum and paying taxes. This is still a very large amount of money, simply a loss of $100 million is evidently very meaning.
Leeches Coming Out of the Woodwork
Predictably, lots of people immediately started asking Marie and her swain for money afterwards they heard she won the lottery. The people included friends, family members and numerous others, all requesting diverse 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 as saying, "When money comes, there are more than issues," co-ordinate to reports.
Racial Intolerance in Their New Home
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 was an intolerant, primarily white community, 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 tape everything nosotros were doing. If I was driving downwardly the road and going at the speed limit, they would wave at me for going likewise fast. They did not want u.s. there. They were prejudiced." Lamar reported these disturbing events to the Daily Post.
The Church Donation
Marie stayed truthful to her word, which was reported in a press release equally "The kickoff thing she promised was to tithe — requite a tenth of her winnings to clemency." Marie donated a full of $700,000 to her hometown church, Pleasant Hill Missionary Baptist Church, located in Shallotte, NC.
The church reportedly used the coin 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 believed him and allowed him into their lives and their home.
Soon later on meeting Marie, Pastor Matthews asked her for $1.five million so he could build a retreat. According to him, Marie verbally agreed to fund the project, although at that place is no prove to support that. He and so went ahead and began construction on the retreat using his ain coin. Marie did non 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 $ten million. The amount of money 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 beliefs 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 money donation and bounty for "emotional distress."
Public Outrage
As shortly as the media caught wind of the lawsuit, they uncovered that Matthews did not 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.
Ane 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 so-called "pastor" was nothing simply a money-grubbing scam creative person preying on a overnice lady to go his hands on a lot of undeserved coin.
To Top 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 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, equally 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 better her circumstances. She gathered her strength and took matters into her own hands by turning to a well-known life coach to become some advice almost how to meliorate her life.
Marie contacted Iyanla Vanzant, who has her own testify advising people well-nigh their relationships on the Oprah Network. Vanzant is a renowned author and motivational speaker with a huge following 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: Ready My Life talk prove, 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 significant.
"I kept dreaming virtually 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 mother why she didn't claim the money for herself, Fontella replied, "I just wanted yous to better yourself for the babies."
The Scoop on Lamar McDow
Lamar "Hot Sauce" McDow was fortunate enough to stay in Marie's skilful graces long plenty to fight jail 3 times, to the tune of millions in bail and legal fees. The showtime time Marie bailed him out, information technology price her $3 1000000 in bond money.
Before a year had passed, Lamar was arrested again, and Marie bailed him out over again for $half dozen million. The tertiary fourth dimension Marie bailed out Lamar, it was $12 1000000. You lot would think she would have been repulsed by his criminal behavior, only she just kept spending the money, resulting in widespread criticism.
Misery Loves Visitor
Marie was warned by many people that if she continued her human relationship with Lamar, she could end upward with criminal charges herself. Unfortunately, that's exactly what happened. One nighttime, 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 meaning racial bias about who is criminalized for it, co-ordinate to the ACLU. The same number of white people as black people use marijuana, but blacks are 3.73 times more than likely to be arrested.
The Boyfriend Defense
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 Post, he asserted, "We are a couple, and I am the father of her youngest child. This is what people practise for each other."
Lamar went on to say, "She has the money, and she can do what she wants with information technology. If I had that money, then I would practise the same for her. People are simply jealous considering of how much she won, and people desire to run into me locked in jail."
The Wolf Pit
During the taping of the Iyanla bear witness, the bad headlines but kept rolling in. Marie'southward family and even old friends started accusing her of really stealing the lottery ticket from her mother, despite Fontella freely admitting on television set 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 class, Marie persisted in pushing forward and moving on with her life, demonstrating her strength and resilience.
A Goal Met
Despite poor gustation in partners, Marie did make some good decisions near what to exercise with some of her money. She ended upwardly giving $9.7 million to various charities. Part of that money went to the make-new Marie Holmes Foundation, which was established to provide for children in need.
Marie'southward foundation provides necessities for underprivileged children. It besides holds customs events, which are how some children get their schoolhouse supplies and their Christmas presents. The foundation helps struggling young mothers similar Marie was earlier she won the lottery.
Practise Christians Gamble?
Marie was raised a devout Cosmic, 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 by the church building. People accept mixed opinions when it comes to Christians gambling.
Ane pastor said this to the Christian Post: "You can't exist against the lottery, but your youth department is doing a RAFFLE! Aforementioned matter, pastor. Same Matter!" The stigma remains about gambling being an irresponsible money-waster. Others debate that in that location is zip 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 as 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, "Get-go, nosotros must baby-sit against our love of money."
It should be noted that when the Bible does mention "casting lots," it'south not usually talking about material gain, merely about God. In an example of this, Proverbs 16:33 states, "The lot is cast into the lap, merely its every determination is from the Lord."
Some Friendly Advice
We recommend that others read the unfortunate story of Marie Holmes in case they detect themselves in her shoes. Information technology's not at all piece of cake to go from rags to riches, and like versions of her story have happened to others.
It'southward important to understand tax laws for the long term, the rules of the lottery and investment options if yous ever discover yourself in the position of receiving a large windfall of money. Be sure to hire a adept professional fiscal skilful to assistance you 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 watch out for include government laws, lottery rules, country and federal taxes and your previous unpaid debts. These things tin assistance you calculate your expendable income.
Information technology may be unwise in the initial excitement to hope lots of charitable giving, like Marie did, without beginning doing the math to see what your take-home corporeality really is. Multiple millions of dollars may seem like an enormous amount, but every bit Marie discovered, information technology's easy to burn through information technology quickly if you lot 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 decision-making. A few remember 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 anyway — Marie also made another questionable decisions after winning the lotto, such as buying her boyfriend a business organization 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 ending of this story is mostly grim, although Marie Holmes did practise some positive things with a lasting bear on 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, merely in case you always hit it big: Don't trust anyone asking for money, even if they seem to take a very respectable social status (like the pastor who sued Marie Holmes). Remember the good that coin tin can do, simply don't forget the bad. No matter what, don't brand 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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