In just seven years, she went from being the lucky winner of millions of dollars to being unable to pay her loans.
Suzanne Mullins She was the lucky one $4.3 million lottery winner in the United States in 1997. Her unexpected success would have meant a quiet and comfortable life, but poor management of her money led to bankruptcy in a short time. The Virginia native was left in debt and penniless in just 7 years.
The former millionaire had made bad financial decisions and fortune began to work against her to squander her wealth. Mullins went from sharing money with his family, making luxury purchases to not being able to pay his loans. His lawyer, Michael Hart, argued that big wins do not always provide financial security. He added: “They often cause more problems than they solve.”
The story of Suzanne Mullins, the woman who became a millionaire by winning the lottery but lost everything
After winning the lottery, the American opted to collect the prize in annual installments for the next 20 yearsThis allowed Suzanne to enjoy a comfortable pension of approximately $47,000 per year, after taxes. This sum was shared equally with her husband and daughter.
The brand new millionaire He took care of his son-in-law’s medical bills shortly after winning the prize. Her daughter’s partner had had a serious illness, had to be hospitalized and had no health insurance. All this left her with a million dollar debtwhich Suzanne paid off with a portion of her lottery winnings.
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Subsequently He requested a loan for 200,000 dollarswhich would be paid with parts of the installments she received each year. But a legal twist allowed her to withdraw the rest of her prize in one go. This payment was a temptation to squander her fortune, to the point of not being able to meet the installments of her loan. The debtor company sued Mullins and won the judgment for 154,000 dollars in 2004, when the American no longer had assets.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
