India Gants Reveals the One Thing She Spent $60k of Her “ANTM ”Prize Money On, and the Tax Consequences That Followed

India Gants, renowned for winning the 23rd cycle of “America’s Next Top Model,” has recently shared her experiences regarding the financial decisions she made at a young age. Crowning her with a substantial prize of $100,000, the reality show was a significant milestone for Gants, who was just 19 years old at the time. Nearly a decade later, she reflects on her spending choices and the lessons learned from them.

In a candid two-part storytime posted on TikTok, Gants discussed her initial excitement about winning and the reality that came with it. She recounted receiving a cheque for $100,000, with no taxes deducted. Although her parents advised her to save a portion for tax obligations, she admitted that by the time tax season arrived, she had already spent all the money.

One of Gants’ largest expenditures was paying for an entire year’s rent for a New York City apartment. “I paid for a year upfront for a beautiful apartment. My roommate was going to reimburse me each month,” she explained. The cost for this accommodation was over sixty thousand dollars, not including broker fees.

Before committing to such a significant expense, Gants revealed that her first purchase with her winnings was a pair of high-end Stuart Weitzman boots that she had long desired. This acquisition, she noted, was a reflection of her mindset at the time. “I thought that after winning ‘America’s Next Top Model’, $100,000 cheques would keep coming in. I envisioned myself booking numerous jobs and maintaining the lifestyle of a model winner,” she recounted.

As she navigated her first year in New York City, Gants poured her efforts into securing additional modelling work. However, she eventually realised that the East Coast did not align with her career aspirations. “I love that city, but modelling-wise, it just wasn’t clicking,” she said. This led her to move to Los Angeles, where she quickly understood the necessity of having a car for getting around. Consequently, she opted to purchase a modest used vehicle, spending a significant portion of her remaining money.

Gants acknowledged that her spending habits left her in a precarious financial situation. “One thing led to another, and I ended up spending the $100,000 before I had paid taxes on it,” she said. This situation resulted in a long-term struggle to settle her tax obligations, eventually requiring her to enter a payment plan to manage her debts.

As she now reflects on her experiences at age 29, Gants admits she would approach her financial decisions differently. Should she have the opportunity to manage that prize money again, she would contemplate investing in the stock market to make her funds last longer. “Do I regret it? Actually, probably yes. But I believe in learning through mistakes,” she shared.

Given her experiences, Gants has taken recent events as a means of improving her understanding of financial management and planning. She emphasised the importance of learning from these past decisions, highlighting the value of financial literacy in navigating the complexities of newfound wealth.

In conclusion, Gants’ journey provides a cautionary tale for young winners of reality competitions, reminding them of the importance of prudent financial planning. She encourages others to learn from her experience and to be mindful of their spending, particularly in light of future tax liabilities.