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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:
SheWolfOFFrancee · 21/02/2022 17:42

Also in my experience once people know you have money like that suddenly everyone is asking for some so I wouldn’t tell anyone personally BUT I would help at friends and family or random acts of kindness for fundraising and charity where I was able if I was aware help was needed

southlondoner02 · 21/02/2022 17:46

No. Both my and DPs relatives earn much more than us. I don't expect any of them to give us any money and I would hope they wouldn't expect us to give them any if we came into some.

Would put some aside for DC's future but otherwise it would get us out of our tiny flat, but not much else!

Pyewhacket · 21/02/2022 17:47

My family are loaded, all of them, so no I wouldn't.

ChikaCherryCola · 21/02/2022 17:49

I would give about £5000 each to my sister, my parents and a couple of good friends. £500k is a huge amount of money to me, I'm surprised that some dismiss it as a tiny amount. I'd still be able to pay off our mortgage, put a considerable amount in the children's savings, have an amazing holiday and still have some to spare.

Vampirethriller · 21/02/2022 17:50

Siblings yes. Parents no, they'd only drink it. £500k is 125 years income for me so why not share the joy!

Original poster
SilverDoe · 21/02/2022 17:51

I wish I could not tell anyone but my first priority would be buying a house so it would be very obvious!

OP posts:
Impatientwino · 21/02/2022 17:52

Yes I would

DH and I both have a sibling and I would think we'd give them both £50K to pay off their mortgages.

The rest we'd pay off ours and put away for the kids I guess

I'd have a really lovely party as well with lots of fizz and a live band with all our friends Smile

I like daydreaming about lottery wins! I never play it though so goodness knows why I think I might win!

Toddlerteaplease · 21/02/2022 17:53

I'd pay off my mortgage, and so some other stuff on my house. I'd probably give my sister some money and my parents as well. I'd donate to a couple of charities I support.

AcrossthePond55 · 21/02/2022 17:54

Nope. Where we live $682K (£500k to USD) would be enough to 'cash buy' a smaller house. Our old farmhouse isn't going to make us enough to cash buy since it needs repair and we still have a mortgage.

For me to start 'sharing out' with immediate family (DC and my brother) beyond a small money 'gift' I'd have to have a windfall of at least £2mil. This would allow us to 'downsize' and to 'up' the security of our own financial future (esp for old age care) and still have a goodly amount to share.

If I had an HUUGGGEE windfall (like the mega-lotto), as far as extended family, they'd be on their own except for one cousin on my side. DH's family can go whistle (he agrees with this).

00deed1988 · 21/02/2022 17:57

I wouldn't give anyone money. Would treat everyone to a wonderful holiday. But then house and good car and stop working 60 odd hours a week!

Jellycatspyjamas · 21/02/2022 18:03

I would, £500k is enough money to make a huge difference to me, put some into savings for my kids, pay off my mortgage and still have a good bit left to give to help siblings.

It may not be “never need to work again” life changing, but it’s hard to believe half a million wouldn’t make a significant difference to most peoples lives. If it was out of the blue it’s not money I planned on having, so having a bit less by sharing it out wouldn’t hurt and there are people in my family for whom £25-50k would make a massive difference to.

HirplesWithHaggis · 21/02/2022 18:05

I'd give £150,000 to each of my two adult sons, to buy houses. DS2 could get a really nice three bed around here for that, DS1 needs a four bed in Fife so might have to top up, but he's in a well-paid profession and could afford it. I'd buy a two or three bed cottage for me and DH and have cash leftover.

DarkCorner · 21/02/2022 18:14

No I wouldn’t. Siblings and close friends are relatively financially stable anyway and housing is really expensive where I live so between a jump up to a bigger house and kids uni fund etc it’d eat up the entire amount anyway.

ciwcymbr · 21/02/2022 18:18

Yes, absolutely. We've been fortunate enough to have had two large lump sums and have given some to our family and helped local causes.
We looked at it exactly as pp explained, not that we'd gone without X amount given to family but that we'd gained Y amount and family had gained Z amount.
Having come from not having very much neither of us would be comfortable or happy enjoying that much good fortune while some of the family are struggling for house deposits etc.

BelleNoir · 21/02/2022 18:27

I'd use some of the money to buy my son his first flat

stuntbubbles · 21/02/2022 18:27

I would, but skewed, as siblings are in different financial positions (both better than me!) so giving them an equal amount wouldn’t be equitable. £500k doesn’t go far anymore though so I’d sort out me and mine first (house, pensions) then give a chunk. But not admit how much I won altogether.

catfunk · 21/02/2022 18:31

No, that wouldn't buy me a house where I live so I wouldn't be giving it away !

Pedallleur · 21/02/2022 18:33

No. For some it would be like being an atm. Can you just....? It would stay with us and maybe if there was an issue we would help out. We had some money the other week and my sil wanted her share now. The amount total would have been better kept together but no, she wanted it. So if she got a sniff of money, I guarantee she would be at our door. 500k isn't a lot in the scheme of things but for many of us on here it's a free house or retiring early or working less

theleafandnotthetree · 21/02/2022 18:38

@Kbyodjs

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
Honestly, if my sister came by that amount of money, I'd rather get nothing than be 'treated' to a nice meal out, it's kind of an insult surely? 100 euro max out of 500,000? And the same for my mum! Break out the streamers!🙄
RedToothBrush · 21/02/2022 18:40

Not for that much no. £500k would sort the mortgage and have some left, but still not enough to retire on.

If I got more, then I might share it. But I doubt we would share with either DH's family nor mine.

We would be much more likely to help friends we know who could do with a break and are struggling.

DinosApple · 21/02/2022 18:44

I would keep the £500k and not say a word. I'd start a pension with some, but keep the majority secretly for the DDs, university and house deposits.

We don't have any neices or nephews, DH is now parentless and his sibling is ok.

I would probably give 10k to my god daughter (without her knowledge) who is at university at the moment.

BellatricksStrange · 21/02/2022 18:46

That really depends on your location and situation. In London even £1m wouldn't make you rich (in terms of day-to-day).

Herja · 21/02/2022 18:47

No - the bit of ny family I like have more than that liquid anyway. The rest are tossers or extremely difficult relationships.

I'd give my wanker exH a grand to take the kids on holiday. They would enjoy it hugely and I like his partner enough to pay for her holiday even if I'd resent paying for his Grin.

I'd give my best friend enough to clear her debts.

Mostly, I would never admit to that amount, and insist it was 50k and all gone! In reality, I'd pay off the mortgage and save the rest for the future...

BOOTS52 · 21/02/2022 18:47

I would help my older sister out and give her money to get all new floorings and her house redecorated/new car as she works so hard and the rest are financially well off and do not think they would help us out and have not helped us out when needed help/tiny loan which was guaranteed to be paid back, was needed for a medical reason. But then again I think people with lots of money are the tightest and those with less seem more caring and understand how it is to live by weekly pay check. But not sure how would go about it as would not want anyone to know did get some money. Unless gave help without her knowing where it came from. But would use the rest to buy place for son and myself, put money away for him and be nice to have money there for when needed things. But it does depend where you live as house prices so expensive everywhere now and would not go that far if had to buy a home. One can dream and I often do.

Redglitter · 21/02/2022 18:51

No. 500k is a tiny amount of money

Hmm
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