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Original poster

Would you share £500k with family?

204 replies

SilverDoe · 21/02/2022 15:44

If you acquired £500k, would you share this sum with people outside of your immediate family (i.e. partner and children?)

Please note this is an entirely hypothetical bored Monday afternoon musing... I only play the Thunderball now if I ever play the lottery and kind of had the realisation that as a young parent who rents privately and doesn't own a car, I probably genuinely couldn't afford to give much of a windfall like that away. But that makes me feel awful! I always assumed I would give away some percentage of any crazy windfall away..

What would you do with it in your shoes if you won that kind of money?

OP posts:
Original poster
SilverDoe · 21/02/2022 15:45

Sorry for the over use of the word 'windfall', it's very windy here right now.

OP posts:
TheCanyon · 21/02/2022 15:45

No. 500k is a tiny amount of money.

MsFogi · 21/02/2022 15:46

No I would not tell anyone I had won the £500K and would just use it to ensure a bit of financial stability. If I won £100mil I'd give some away.

Titsywoo · 21/02/2022 15:46

Hell no - I could pay off my mortgage and have a bit saved. I'd only give away money if I had multiple millions.

SwedishEdith · 21/02/2022 15:47

No, not enough to give some away to my family. They don't need it.

Startuplife · 21/02/2022 15:48

That amount of money would let us buy the house we’re currently considering outright with no mortgage which would make our lives totally different. DP could stop working 7 days a week (self-employed) and I could take some time out to consider a career I’d really enjoy rather than what pays the most.
We’d definitely take our families on a fabulous holiday but I couldn’t see us actually giving away money. However, they’re all comfortable middle class people so it might be different if they were struggling to pay their bills.

hellcatspangle · 21/02/2022 15:49

No, I wouldn't even tell anyone, apart from my husband as it would mean he could retire early.

Liveandkicking · 21/02/2022 15:49

Yes because we have family money. So it would all be shared. I’d probably give a chunk to siblings too.

Hollyhead · 21/02/2022 15:50

No, but I might give my sister a very generous contribution (£1000ish) for her honeymoon, but other than that no. I would use the security it would give me as a springboard for other generous gestures and charity donations though, so rather than £10 here and there for charity it would be more like £50/100

foreverandalways · 21/02/2022 15:50

Absolutely not

TangoWhiskyAlphaTango · 21/02/2022 15:51

Yes I have 3 brothers I'd give them 20k each and my parents a bit more maybe as my Mum
Is 68 and still working full time.

I could still pay off my mortgage and have a couple of hundred thousand left.

Original poster
SilverDoe · 21/02/2022 15:52

@Startuplife

That amount of money would let us buy the house we’re currently considering outright with no mortgage which would make our lives totally different. DP could stop working 7 days a week (self-employed) and I could take some time out to consider a career I’d really enjoy rather than what pays the most. We’d definitely take our families on a fabulous holiday but I couldn’t see us actually giving away money. However, they’re all comfortable middle class people so it might be different if they were struggling to pay their bills.
This is exactly what I was thinking - I'd probably have enough to pay for a nice family holiday but that would be it.

None of my siblings are in overly financially secure situations which I think is why I feel so guilty (over the pretend money Grin ) but I live in the SE as well so a decent house bought outright would be about 75% of those winnings!

In all seriousness, there is a chance my DP who was adopted and only got in touch with his birth family could get an inheritance from his biological grandparents, one of whom recently passed, so I suppose I am thinking about what would happen if we suddenly received a large cash injection and how that might go down.

I am so relieved to see most people saying no! It makes sense to prioritise my DC with any spare money rather than siblings I suppose.

OP posts:
Original poster
SilverDoe · 21/02/2022 15:53

with his birth families relatively recently*

OP posts:
Rainallnight · 21/02/2022 15:53

I’m about to inherit a similar amount. I have to pay off a humongous mortgage but will give small gifts (about £500) to v close friends.

TeapotCollection · 21/02/2022 15:53

😮 ‘a tiny amount of money’??

PurpleDaisies · 21/02/2022 15:55

Yes, at least 10K each to my mum and sisters. That would make a huge difference to them and the rest would still make a huge difference to me.

Kbyodjs · 21/02/2022 15:55

I’d treat my mum and sister to a really nice meal out or day out but not more than that as I’d want to use the money to pay off my mortgage and then realistically with the extra money I’d then be able to treat them here and there far more than I do now

CornishGem1975 · 21/02/2022 15:56

Nope, not a chance. Mainly because I don't think there is anyone that would share it with me.

Ted27 · 21/02/2022 15:56

Yes, where we live I could buy my son a decent first house for £150k, with the equity in my current house I could upgrade to the house I would like for £200k, I could move my mum to a nice area for £100k.
50k rainy day fund left

Original poster
SilverDoe · 21/02/2022 15:57

@PurpleDaisies

Yes, at least 10K each to my mum and sisters. That would make a huge difference to them and the rest would still make a huge difference to me.
This is what makes me feel so guilty. I would have to sacrifice something that I would consider really beneficial in order to give a total of £40 - £50k away to family. In most parts of the UK would be fine but specifically where I live it would mean either getting a house that doesn't meet our needs or fucking off to somewhere much further away from them all but at least being able to give them some cash!
OP posts:
PurpleDaisies · 21/02/2022 15:58

*I would have to sacrifice something that I would consider really beneficial in order to give a total of £40 - £50k away to family.

Original poster
SilverDoe · 21/02/2022 16:00

@CornishGem1975

Nope, not a chance. Mainly because I don't think there is anyone that would share it with me.
This is also a thing, I actually really doubt anyone except my mum would give me money if they were in the same position Grin Hmm
OP posts:
Xyzzzzz · 21/02/2022 16:00

Probably Would I’d make it work.

Nap1983 · 21/02/2022 16:00

Yes, I would 100% give to my 2 little brothers. I am already far more financially secure than them and would give them a deposit for house. I couldn’t imagine getting a windfall and not sharing with them. I know they would do the same!

MissAngorian · 21/02/2022 16:01

Yeah I probably would but I wouldn't share massive amounts, if you see what I mean. I could buy a house, a car, and completely turn my life around with £200k. Once I'd started a decent pension pot and put money into savings for DD, I'd still have a bit left and would be able to treat everyone to something nice.

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