Woman Who Won the Va. Lottery Is Broke - GoFuckYourself.com

Rictor · 05-04-2004, 12:38 AM

http://www.newsday.com/news/nationwo...orld-headlines

Woman Who Won the Va. Lottery Is Broke

May 3, 2004, 11:11 AM EDT

ROANOKE, Va. -- A woman who won millions in the Virginia lottery 11 years ago is now deep in debt to a Florida company that lent her money using the winnings as collateral.

Suzanne Mullins, who won $4.2 million in 1993, owes $154,147, a circuit court judge ruled last week.

Mullins couldn't be located for comment. Her lawyer, Michael Hart, blamed her debt on the lengthy illness of an uninsured son-in-law who needed $1 million in medical bills before he died in 2000.

"It's been a hard road," Hart said. "It's not been jet plane trips to the Bahamas."

When Mullins hit the jackpot in January 1993, she planned to split the money three ways with her husband and daughter. After taxes, Suzanne Mullins' share worked out to 20 annual payments of $47,778.84.

But the payments weren't enough, and money got tight. Mullins decided in 1998 to take out a loan with People's Lottery Foundation, a company with the financial niche of serving lottery winners who need their money faster than the annual payments can arrive. The foundation lent Mullins $197,746.15, which she agreed to pay back with her yearly checks from the Virginia lottery through 2006.

Then, when lottery rules changed in 2000 to allow winners to collect their money in a lump sum, Mullins decided to cash in on the remaining amount. She did not make any more payments on the loan after February 2001, according to a lawsuit filed by Singer Asset Finance Co., a Delaware company that was assigned the note from People's Lottery Foundation.

Hart declined to comment on Mullins' current financial situation or her ability to pay the judgment. Mark Kidd, the attorney who represented Singer Asset Finance Co., said his understanding is that Mullins has no assets.

Tom Nasta of Personal Financial Planning in Roanoke said it's not unusual for people to go broke after winning the lottery. Nasta said he once had a client who won $1 million and had only a mobile home to show for it within seven years.

twistyneck · 05-04-2004, 12:39 AM

LiveDose · 05-04-2004, 12:40 AM

Happens all the time.

Easy money is evil.

newsdude · 05-04-2004, 12:54 AM

That sucks!

PersianKitty · 05-04-2004, 12:58 AM

Gee.. sounds like my ex about now.

JFK · 05-04-2004, 01:03 AM

It happens more often than not. People come into large sums with no idea on how to handle it, blow it on stupid things.Then back to Rags again

beemk · 05-04-2004, 01:05 AM

doesnt surprise me at all. these people have no idea how to spend their money wisely.... which is why they are playing the lottery in the first place.

tbabe · 05-04-2004, 01:07 AM

Hahaha then she cashes out and stops making payments. LOL

$5 submissions · 05-04-2004, 01:11 AM

Quote:

Originally posted by tbabe
Hahaha then she cashes out and stops making payments. LOL

What he said.

EviLGuY · 05-04-2004, 01:18 AM

Won money has no real value to the person that won it..

When you break your back to make your first million, god knows you are going to be pinching every damn penny. ;)

Baal · 05-04-2004, 01:24 AM

Quote:

Originally posted by JFK
It happens more often than not. People come into large sums with no idea on how to handle it, blow it on stupid things.Then back to Rags again

Exactly. Most lottery winners are in massive debt within 5 years.

The lottery system is a tax on those who can't do math to begin with, let alone create a budget.

I read a study of the financial status of over 100 lottery winners a few years ago. Interestingly enough, most of the winners *didn't* blow the majority of their winnings on themselves; they blew it on friends and family. I guess you never know how needy your family is, nor how many friends you have until you're a lottery winner

I'd imagine the statement "but you're a millionaire" came up far too often from those leeches.

Mishi · 05-04-2004, 01:26 AM

Quote:

Originally posted by beemk
doesnt surprise me at all. these people have no idea how to spend their money wisely.... which is why they are playing the lottery in the first place.

Yep. Very sad, though.

Not enough for me to really give a shit, but still...

$5 submissions · 05-04-2004, 01:27 AM

I guess this story illustrates the fact that "wealth is an attitude and point of view"

Mr Pheer · 05-04-2004, 01:40 AM

Quote:

Originally posted by JFK
It happens more often than not. People come into large sums with no idea on how to handle it, blow it on stupid things.Then back to Rags again

Yeah, like $100k+ cars and huge houses they cant afford. Kinda reminds me of webmasters.

JFK · 05-04-2004, 01:43 AM

Quote:

Originally posted by MrPheer
Yeah, like $100k+ cars and huge houses they cant afford. Kinda reminds me of webmasters.

are you trying to tell me something??

=^..^= · 05-04-2004, 01:47 AM

reminds me of that dickhead rappr Vanilla Ice
spent all his money on cars and was broke in under a year

bhutocracy · 05-04-2004, 01:48 AM

yeah, but it was only 50k a year and she spent a shitload on her son's health gave the rest to family... I mean c'mon.. it's not like she won 200 mill spent it all on cars and coke and is broke.

twistyneck · 05-04-2004, 01:54 AM

Quote:

Originally posted by Baal
I read a study of the financial status of over 100 lottery winners a few years ago. Interestingly enough, most of the winners *didn't* blow the majority of their winnings on themselves; they blew it on friends and family. I guess you never know how needy your family is, nor how many friends you have until you're a lottery winner

I used to know a guy that stumbled into $120k. He was broke as fuck when he got the money and about 6 weeks later, he was trying to sell me his car speakers for $5 each. He pissed away $120,000 in six weeks on cocaine and Harleys for his buddies.

Mishi · 05-04-2004, 01:55 AM

Quote:

Originally posted by bhutocracy
yeah, but it was only 50k a year and she spent a shitload on her son's health gave the rest to family... I mean c'mon.. it's not like she won 200 mill spent it all on cars and coke and is broke.

I agree, but at the same time...I'm not blaming her; people who suddenly come into money generally do not know how to handle it. Lots of families would be thrilled to see 50k a year. For a family, that's enough to maintain a moderate lifestyle, nothing more. So if there were financial issues, the winnings were not a fix, they were a freakin' blessing from on high.

With proper planning, that woman could have seen to her family's needs and not had to go the debt route. I know the view is always clearer from outside, and I'm sorry things turned out badly for her, but I just can't feel sorry for her. She got a miraculous second chance, and fucked it up.

I've experienced "sudden" money and I know how quickly it can go away...and it sucks, but you just can't blame anyone but yourself when it's gone.

bhutocracy · 05-04-2004, 02:20 AM

Quote:

Originally posted by Mishi
I agree, but at the same time...I'm not blaming her; people who suddenly come into money generally do not know how to handle it. Lots of families would be thrilled to see 50k a year. For a family, that's enough to maintain a moderate lifestyle, nothing more. So if there were financial issues, the winnings were not a fix, they were a freakin' blessing from on high.

With proper planning, that woman could have seen to her family's needs and not had to go the debt route. I know the view is always clearer from outside, and I'm sorry things turned out badly for her, but I just can't feel sorry for her. She got a miraculous second chance, and fucked it up.

I've experienced "sudden" money and I know how quickly it can go away...and it sucks, but you just can't blame anyone but yourself when it's gone.

I'm not absolving her of blame or anything, she still mis-managed her money it's just nothing i'd really laugh at her over.
Although i don't know why the husband and daughters share can't bail her out.. but whatever.

pure energy · 05-04-2004, 02:21 AM

She just couldn't cope up with her sudden wealth

05-04-2004, 12:38 AM	#1
Rictor Old Timer Industry Role: Join Date: Jan 2001 Location: Indianapolis Posts: 12,208	Woman Who Won the Va. Lottery Is Broke http://www.newsday.com/news/nationwo...orld-headlines Woman Who Won the Va. Lottery Is Broke May 3, 2004, 11:11 AM EDT ROANOKE, Va. -- A woman who won millions in the Virginia lottery 11 years ago is now deep in debt to a Florida company that lent her money using the winnings as collateral. Suzanne Mullins, who won $4.2 million in 1993, owes $154,147, a circuit court judge ruled last week. Mullins couldn't be located for comment. Her lawyer, Michael Hart, blamed her debt on the lengthy illness of an uninsured son-in-law who needed $1 million in medical bills before he died in 2000. "It's been a hard road," Hart said. "It's not been jet plane trips to the Bahamas." When Mullins hit the jackpot in January 1993, she planned to split the money three ways with her husband and daughter. After taxes, Suzanne Mullins' share worked out to 20 annual payments of $47,778.84. But the payments weren't enough, and money got tight. Mullins decided in 1998 to take out a loan with People's Lottery Foundation, a company with the financial niche of serving lottery winners who need their money faster than the annual payments can arrive. The foundation lent Mullins $197,746.15, which she agreed to pay back with her yearly checks from the Virginia lottery through 2006. Then, when lottery rules changed in 2000 to allow winners to collect their money in a lump sum, Mullins decided to cash in on the remaining amount. She did not make any more payments on the loan after February 2001, according to a lawsuit filed by Singer Asset Finance Co., a Delaware company that was assigned the note from People's Lottery Foundation. Hart declined to comment on Mullins' current financial situation or her ability to pay the judgment. Mark Kidd, the attorney who represented Singer Asset Finance Co., said his understanding is that Mullins has no assets. Tom Nasta of Personal Financial Planning in Roanoke said it's not unusual for people to go broke after winning the lottery. Nasta said he once had a client who won $1 million and had only a mobile home to show for it within seven years.

05-04-2004, 12:40 AM	#3
LiveDose Show Yer Tits! Industry Role: Join Date: Feb 2002 Location: Somewhere Out there... Posts: 25,792	Happens all the time. Easy money is evil. __________________ Scammer Alert: acer19 acer [email protected] [email protected] Money stolen using PayPal

05-04-2004, 12:54 AM	#4
newsdude Confirmed User Join Date: Apr 2004 Posts: 1,969	That sucks! __________________ SIG TOO BIG! Maximum 120x60 button and no more than 3 text lines of DEFAULT SIZE and COLOR. Unless your sig is for a GFY top banner sponsor, then you may use a 624x80 instead of a 120x60.

05-04-2004, 12:58 AM	#5
PersianKitty Meow Media Inc. Industry Role: Join Date: Jul 2001 Location: In the valley of the sun, cactus, tacos, tequila, and nod Posts: 7,785	Gee.. sounds like my ex about now. __________________ Wondering what webmaster programs PK uses? Check them out here!

05-04-2004, 01:03 AM	#6
JFK FUBAR the ORIGINATOR Industry Role: Join Date: Jan 2002 Location: FUBARLAND Posts: 67,374	It happens more often than not. People come into large sums with no idea on how to handle it, blow it on stupid things.Then back to Rags again __________________ FUBAR Webmasters - The FUBAR Times - FUBAR Webmasters Mobile - FUBARTV.XXX For promo opps contact jfk at fubarwebmasters dot com

05-04-2004, 12:39 AM	#2
twistyneck So Fucking Banned Join Date: Jan 2002 Location: Hanging by the neck until dead. Posts: 4,660

05-04-2004, 01:05 AM	#7
beemk CLICK HERE Industry Role: Join Date: Jan 2002 Posts: 20,829	doesnt surprise me at all. these people have no idea how to spend their money wisely.... which is why they are playing the lottery in the first place. __________________ I host with Vacares

05-04-2004, 01:07 AM	#8
tbabe Confirmed User Join Date: Dec 2003 Posts: 2,494	Hahaha then she cashes out and stops making payments. LOL __________________ Still one of the best programs on the net. According to their banner, you can get rich.

05-04-2004, 01:18 AM	#10
EviLGuY So Fucking Banned Join Date: Apr 2003 Location: malta Posts: 12,745	Won money has no real value to the person that won it.. When you break your back to make your first million, god knows you are going to be pinching every damn penny. ;)

05-04-2004, 01:27 AM	#13
$5 submissions I help you SUCCEED Industry Role: Join Date: Nov 2003 Location: The Pearl of the Orient Seas Posts: 32,195	I guess this story illustrates the fact that "wealth is an attitude and point of view" __________________ Need a NON-ADULT income stream? We build your YOUTUBE CHANNEL for only $20 per video! For Hire: $3/hour or $400 per month Marketing Specialist Virtual Assistants

05-04-2004, 01:47 AM	#16
=^..^= Confirmed User Join Date: Jan 2002 Location: ICQ 380-366 Posts: 6,935	reminds me of that dickhead rappr Vanilla Ice spent all his money on cars and was broke in under a year __________________ #RememberYourRoots #AaronMForGFYHOF

05-04-2004, 01:48 AM	#17
bhutocracy Not making A Comeback Industry Role: Join Date: Dec 2001 Posts: 10,218	yeah, but it was only 50k a year and she spent a shitload on her son's health gave the rest to family... I mean c'mon.. it's not like she won 200 mill spent it all on cars and coke and is broke.

05-04-2004, 02:21 AM	#21
pure energy Confirmed User Join Date: Apr 2004 Posts: 4,274	She just couldn't cope up with her sudden wealth __________________ Click Here to get $42 a sale AND Get FREE MGP Coaching from WebmasterLabor.Com Sign up above then EMAIL info (( at )) webmasterlabor DOT com for your free 1 to 1 MGP coaching