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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:
YoComoManzanas · 21/02/2022 17:02

I would discuss it with dh and consider giving my mum a small percentage. £15k or so with a drip feed allowance. But she is in dire straits financially and keeps "borrowing" off my brother. However, at the same time I think she might keep asking for another handout once we started down that road.. not least because she spends on pointless tat... difficult.
Dh family are all very financially secure and are likely to leave us a decent inheritance. I think they would be offended if we offered them money.
£500k would allow us to cash buy a bigger family home ...

saraclara · 21/02/2022 17:02

I'm fortunate that my house is paid for now, so I'd give most of it to my adult DDs, so that they can move from their tiny homes to family houses.

I have in law family on the other side of the world though, so I'd probably pay for my family and my SIL's to visit them.

GreyGoose1980 · 21/02/2022 17:03

I’d get some extra special birthday and Christmas presents for my wider family and take them away for a holiday / buy a piece of furniture for them. However I wouldn’t give them a significant amount of the money each as my family is large and equally close and although an amazing amount to have, this would mostly go on my mortgage so wouldn’t make me ‘feel’ as if I had lots of money to spend / give away.

grapewine · 21/02/2022 17:07

@PurpleDaisies

The monthly flowers is such a lovely idea!

My family would prefer the equivalent value as a one present of cash/something they’d chosen. Monthly flowers from me would just be a massive reminded that I had money and they were broke.

To be honest, that's how I'd feel if receiving flowers like that. But I am 'heating or eating?' broke, so.
Dammitthisisshit · 21/02/2022 17:08

100 k to 2 of DHs family that I think it would make a bigger difference to than the 100 k would to us.
50 k frittered away, mostly on holidays, plus indulging DC in things like horse riding lessons and activities that are only currently affordable occasionally (not that I’m complaining, I know some can’t afford them at all).
Still leaves 350 k - that would make a big difference to where we could live.

grapewine · 21/02/2022 17:08

No. 500k is a tiny amount of money.

Oh, to be able to say that with a straight face!

illyawasthebest · 21/02/2022 17:10

@grapewine

No. 500k is a tiny amount of money.

Oh, to be able to say that with a straight face!

I KNOW!

Jesus I think some people on mumsnet live unimaginable lives of luxury.

Mrsmadevans · 21/02/2022 17:11

No

vesperlindor · 21/02/2022 17:14

Nope. DH and I have discussed this at length and we wouldn't tell anyone about it. That amount would pay off our mortgage and some other debts, and give us a buffer for retirement - I have a fairly decent pension but DH has very little so we will need it in later years.

Peoniesandpeaches · 21/02/2022 17:16

Nope. Tbh even if I had £5 million I wouldn’t be giving any to my family. There are friends I would give to but certainly not my family.

ThatPosterIsSoRight · 21/02/2022 17:19

@grapewine

No. 500k is a tiny amount of money.

Oh, to be able to say that with a straight face!

I’m assuming it’s a joke or to wind people up (in which case they’re successful)
DrCoconut · 21/02/2022 17:19

I'd pay off my mortgage, finish bits on the house, buy my DC a house each, have a nice holiday and give enough for a nice deposit on a house (or what they choose to do with it) to each of my brothers. Plus maybe a bit for my parents if I had some left. I doubt I will ever see that sort of money but I'd be made up if I did, we'd all be sorted for life!

CatDogMonkeyPOW · 21/02/2022 17:20

My Dad? Nope, he's loaded.

My Mum? Probably chuck her £10k.

My brother? Nope, but I would put £10k in a trust fund for each of his kids.

The rest would be used to pay off the mortgage and do some much needed building works to the house.

EmpressSuiko · 21/02/2022 17:26

I’d buy a house first and then id put some in savings for my children and split what’s left over between parents/siblings.

IthinkIsawahairbrushbackthere · 21/02/2022 17:28

I would share it - we have a very small mortgage and live in an area where property is cheap. I would pay off our mortgage and do the same for my cousins (two of them - I have no siblings). I would give a decent sum to each of my 5 kids towards getting on the property ladder.

HollowTalk · 21/02/2022 17:28

If your husband's birth grandparents do leave him money in their Will, it really won't be for members of your extended family - it will be for your husband and his wife and children. Think of the spirit in which it's given.

user1471504747 · 21/02/2022 17:29

@TheCanyon

No. 500k is a tiny amount of money.
Oh how the other half live Hmm

£500k is a life changing amount

tiredanddangerous · 21/02/2022 17:33

No. I'd pay off the mortgage, have a luxury holiday and keep the rest to help the dc get on the property ladder when the time comes.

User76745333 · 21/02/2022 17:37

No. Only to my own children.

Waxonwaxoff0 · 21/02/2022 17:38

I'd pay off my mum's mortgage (about £70k left) but no I wouldn't give any more away.

I'm the poor relative in the family, everyone else has paid off their mortgage, got good pensions and can afford to help their kids financially. I'm the only single mum, I'm still paying my mortgage and I've got about £300 in my pension. £500k would change my life, it would set me up for retirement and I could have a bit of money to give to DS. £500k for everyone else in my family would just be a nice extra.

Subbaxeo · 21/02/2022 17:39

I couldn’t imagine not sharing it. With younger family members who need a bit of a leg up. And the poster who said it’s a tiny amount of money was just trolling, weren’t they?

SheWolfOFFrancee · 21/02/2022 17:39

I think ideally with that money we’d use it to buy a bigger house out right (prob around 350-400k) and sell our current one and pay off the mortgage.
Once that was done whatever was left from the 500k and equity on our current house (optimistically abound 250k) I’d split out into pots. I’d keep 100k as savings, 100k for house stuff like buying new furniture, decorating, renovating or repairs and then use the rest to set up savings for my 3 kids plus my niece and nephew so 10k each. I think I’d also use any interest gained on my savings account or renovation fund to top up their savings yearly at birthday and Christmas.

Being mortgage free would give us an extra 750 per months which I’d save and then divide between children’s savings every new year

littlesnowdropfairy · 21/02/2022 17:40

God no. I wouldn't even tell them.

rc22 · 21/02/2022 17:40

No but would probably be a bit more generous with what I spent on birthday and Christmas presents for extended family.

affairsofdragons · 21/02/2022 17:40

Nope. No one would know.

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