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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:
PurpleDaisies · 21/02/2022 21:01

I'm not sure people would necessarily be thrilled to get a £10-15k windfall when you keep £450k.

I know my family and I know their financial situations. That amount would be received gratefully. If my family were the kind to grumble about only getting a small percentage, I don’t think I’d be as likely to be generous towards them.

Palavah · 21/02/2022 21:06

Totally this.

Bimblybomeyelash · 21/02/2022 21:15

Yes. I’d have £250k for me and dh. Put aside £125 for my two children. And then give the rest to 6 family members. £20k would make a massive difference to 3 of them. Would allow 2 others to treat themselves and the other 1 would probably put in it my kids bank accounts.

Would probably use our £250 to pay off the mortgage and allow us to both go part time at work.

Rhannion · 21/02/2022 21:37

No , because thankfully my extended family are ok for money, and none of them would expect anything. I would rather give some to small charities in need.

LER83 · 21/02/2022 22:29

I would probably give £5k to my mum&dad and mil, then £2.5k each to my sister and sister in law. Would still leave me with plenty for a house deposit and they can have a holiday or whatever. Although would be inclined to give my parents about £10k as they have helped us out a lot over the years. Would also be generous with birthdays/christmas. And would pay for our friends to come on holiday with us.

MunchyMonsters · 21/02/2022 22:43

My family don't need it. I'd give my DC 50k each and give several close friend 5k each.

Nat6999 · 21/02/2022 22:49

Hell no, I would buy a house with £300k & invest the rest for my old age.

MrsMorningStarOfBethleh · 21/02/2022 22:52

No as it would buy us a house for us and our children and would hopefully be some to put away to help them when we are gone (they both have SEN). So, selfish as it is I would not share.

LondonQueen · 21/02/2022 22:53

I might put some away for the children but it's not a lot of money to share, it would maybe buy you a decent semi depending on where you live

DarleneSnell · 21/02/2022 22:59

Yes, I'd be straight on with my parents and siblings to share the great news. Half the pleasure of the win would be indulging them too.

MrsBerthaRochester · 21/02/2022 23:14

Saying 500k is not a lot of money makes you sound like a wanker to be honest. Its a life changing amount to the vast majority.
In the past I would absolutely have shared it but Im estranged from most of my family and have realised they dont give a shit so they get nowt.
I would give my best friend 50k as she has been there for myself and kids through terrible times.
A couple of other friends I would pay for a holiday.
I could get a nice house for £150k and put enough by that kids will inherit something.

DockOTheBay · 21/02/2022 23:16

@Liveandkicking

Yes because we have family money. So it would all be shared. I’d probably give a chunk to siblings too.
You have family money outside of your husband and kids living at home??
CuteOrangeElephant · 21/02/2022 23:17

Up to a million I wouldn't tell anyone apart from DH. I would pay off my mortgage, go on a nice holiday, maybe finally buy a small car and the rest will be a safety net.

DockOTheBay · 21/02/2022 23:23

I would probably pay for a holiday and pay for my parents to come with us, a cruise or something. Otherwise I would keep it. Half to pay off the mortgage and extend the house (or move), and the other half in savings and investments. We would be £900pm better off without the mortgage so that will be more than enough for holidays etc.

DockOTheBay · 21/02/2022 23:25

The problem is if I have money to my parents and siblings I would feel obliged to give the same to my husband's family members too

Thewindwhispers · 21/02/2022 23:29

I’d help my parents, I owe them a huge debt obviously. If it was a windfall like lottery, I’d probably give them a third.

I don’t think I’d give money to my siblings unless they were desperate which they aren’t.

Third for me and DH, third for my parents, third for my children.

Ozanj · 21/02/2022 23:30

I wouldn’t tell anyone, not even my husband, and just buy as many rental properties as possible so I can start earning some passive income on it.

Avarua · 21/02/2022 23:33

No. It's a small enough sum that nobody would ever know. Just retire early or buy a better house.

Lucienandjean · 21/02/2022 23:43

I inherited nearly £500k a couple of years ago, so this isn't theoretical for me! I gave £50k each to my 2 (grown up) children, mostly so they would have a deposit to buy a house. One has bought a flat since, the other is in the process of buying a house, so I think that was an effective use of the money.

Otherwise, I paid off the small amount left on my mortgage, gave a total of £20k away to charity (4 small charities I've supported for years which I thought would benefit from a one-off gift), and I've put a sum aside for a fabulous holiday when covid allows.

The rest of the money is effectively my pension.

It's been life-changing. I now know if I lose my job / need private medical treatment / the boiler packs up, that I have savings and won't be homeless or struggling. That's a new feeling and I'm still grateful for it. We'd struggled all through my children's growing up - we always had food and heating, but rarely had holidays or money for extras. Now I don't waste time worrying.

ChipButtyCurrySauce · 21/02/2022 23:59

My mother and sister (nc with both) are money grabbing arseholes. I'd make sure they knew about the money but wouldn't share a penny!

Sunnytwobridges · 22/02/2022 00:22

Well besides my DD, I only have my sister so yes I would give her some, but not much maybe 5K enough for her to take a trip, or put in savings for a rainy day. The rest of it I would pay off the house which would go to my daughter after I die.

JimmyDurham · 22/02/2022 00:36

No. Would not cross my mind for an instant.

caringcarer · 22/02/2022 01:11

I'd share mine. I'd give 3 adult kids £20k each foster son £20k and 4 sisters £20k each. I'd give mil £10k and nieces and nephews £1k each. As I have grown older I have realised I am lucky enough to be reasonably comfortable and have all I need. I am not extravagant and have simple needs. It would mean more to children and nephews and nieces starting off.

CovoidOfAllHumanity · 22/02/2022 01:19

I would give 10% away to charity
I do that whenever I have a windfall although it's never been as much as 500k
I do it automatically as soon as I get the money so that I don't plan on using it
The way I see it I'd still have a huge amount of money more than I ever thought possible and this is a bit of a thank you to the universe and a reminder to myself that it's undeserved

Feedingthebirds1 · 22/02/2022 01:29

£500,000k is actually a very difficult amount. As the sums show it doesn't necessarily get you as much as it sounds as though it should, especially if you live in the south.

And a lot depends on the personalities of the recipients. PPs are saying they'd give some people £20k/10/5. Which is not to be sneezed at. But some people getting 'only' that much would think you were being stingy, because it's a very small proportion and would grumble if you didn't share it equally between yourself and whoever. So for instance if you have three siblings, some would expect it to be shared £125k for you and the same for each of them. And then there's the issue of wanting to give some to some people not others. I have one nephew I would happily give some to, and one I wouldn't want to see a penny. £500,000k isn't enough to say I'll just give it to both for the sake of keeping the peace, so probably it would end up with neither getting any.

I honestly don't know what I'd do with that amount. I do if I won £100 million plus though Grin

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