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Original poster

Would you share out 500k if you had a windfall?

241 replies

Legoandloldolls · 13/04/2023 10:16

If you came into 500k? With extended family and friends?

If you had debts, young children, and just under 300k on the mortgage.

How about if they was mortgage free with savings of over 50k?

Or if they was terrible with money and spent 75k proceeds from selling property in under a year ( not on buying another property).

OP posts:
Rainbowshit · 13/04/2023 10:33

No. I would t tell a single person.

ReviewingTheSituation · 13/04/2023 10:34

How can 500K not be a 'life changing' amount?

This will allow OP to pay off the mortgage - that in itself is life changing. No more monthly payments of several hundred pounds, and knowing that you have the security of owning your own home.

I'd say being mortgage free (especially unexpectedly or early) with £200k change is life changing.

Of course it doesn't mean you can buy a massive yacht and jet off round the med whenever you want, but there can't be many people for whom this amount of money would make a significant impact on their lives.

To OP - pay off the mortgage for sure. Set some aside to cover putting kids through Uni. Put the rest somewhere safe for now whilst you think about what to do. The decision about how to involve others would be affected by where the money has come from for me, but I'd see myself right first by doing those sensible things.

Lyricallie · 13/04/2023 10:34

Depends where I got it from. A random lottery win then yes, inheritance where the person has explicitly said my family were to get it maybe less. However I would definitely give my sister and my mum a chunk either way. Wider than that it would depend.

romdowa · 13/04/2023 10:35

I wouldn't tell anyone about the money. I'd pay off the mortgage, make sure I'd enough for my children for the future. Maybe a new car, do up the house.

KohlaParasaurus · 13/04/2023 10:35

JustAnotherUsey · 13/04/2023 10:26

I'd pay off mortgage, debts and put the rest in savings for the kids futures. I wouldn't tell anyone

In the OP situation, this is what I'd do, and spend some now on a one-off dream family holiday or home improvement if there was a decent amount left after paying off the mortgage.

Teapleasemilknosugar · 13/04/2023 10:37

If you had debts, young children, and just under 300k on the mortgage.

I'd use it to pay off my mortgage, debts, save some for myself for a rainy day/unexpected fund, save some for the children, and then treat myself/DH/kids to a little holiday or the like with whatever is left.

How about if they was mortgage free with savings of over 50k? Then they sound comfortable enough so I'd make myself and immediate family, comfortable as above.

Or if they was terrible with money and spent 75k proceeds from selling property in under a year ( not on buying another property). Then they sound happily frivolous and I would spend it myself and making my immediate family comfortable, as above.

curlywillow · 13/04/2023 10:38

Nope. I'd keep it for my immediate family (DH and kids).

AnotherEmma · 13/04/2023 10:38

Nope. I don't have debts but if I did I would pay them off first. Then would pay off mortgage (unless there was an early repayment fee that wiped out the interest savings, in which case I'd pay off as much as possible as quickly as possible until I'd paid it off). Then, personally, I'm planning house renovations so I'd pay for those. Whatever money was left I would split between pension, savings for the children, and fun money - nice holiday probably. We don't need a car.

OutDamnedSpot · 13/04/2023 10:38

Your question is flawed because everyone’s circumstances are so different. For example, I’d give £50k to ExH as a deposit on a house, but I doubt many people would consider that. It sounds like you have people who you feel you ‘should’ support, but don’t really want to (for good reason!) Our answers about what we would do with £500k won’t help you decide what to do with yours. It might be more helpful for you to post a more specific question.

Cornishclio · 13/04/2023 10:38

I would help my kids with that amount. Probably give them half between them.

YellowGreenBlue · 13/04/2023 10:39

I'd share it with my DH and DC.

I wouldn't give my parents / PILs any because they are financially comfortable, and also elderly so it would just end up becoming liable to inheritance tax. But I would if they were struggling.

Siblings - yes, not a huge amount but something.

Wider family (aunts, uncles, cousins) - no, I don't think so.

Friends - no.

Charity - yes.

toooldtobeamum · 13/04/2023 10:39

Speaking as someone who got their inheritance unfortunately early I can definitely say that money does breed resentment.
If no one knows so far don't tell them - money can cause all sorts of issues.

thecatsthecats · 13/04/2023 10:44

On that amount, I'd be paying off the mortgage and setting up some good investments, but set aside 50k as a fun and games fund. I'd probably spend a few K of that on a big house share weekend for friends with a restaurant meal, and less for similar with family (family is smaller and less into food/entertaining).

BoycottBudLight · 13/04/2023 10:47

With 300k mortgage and debts? No, I’d pay those off. And then invest most of the rest for the future. With kids, you’d be daft to start handing it out to others.

Bewilderedandhurt · 13/04/2023 10:51

I would treat it as a gift to help yourself. Get mortgage free. Invest in your pension and kids future and maybe treat your family and friends a little with increased disposable income you'll have.

Hellno45 · 13/04/2023 10:52

No, I wouldn't. I'd pay off the mortgage or in my case buy a house. I would replace my car because its really old and on the way out. I'd go on a holiday because we haven't had an abroad holiday in 9 years. Then I'd put money into my kids savings account which currently have nothing in them. 500k is a lot of money but it's not a lot if you have a big mortgage or don't own a home

GrasstrackGirl · 13/04/2023 10:53

I wouldn't share, I'd pay off whatever debts I had and put the rest away.

DrMadelineMaxwell · 13/04/2023 10:54

My sister has had a run of bad luck. We dont have a mortgage and 50k would pay hers off so I might do that.
Same amount each into an account for my dc (already adults).
10k on a fab holiday.
The rest for our future..

torquewench · 13/04/2023 10:55

I wouldn't tell anyone.

We have a client who's won millions on the lottery and hasn't told anyone (including husband, kids, extended family and friends) except the people who manage a trust for her. She knows it would become "their" money and rapidly disappear into nothing if they get wind of it.

FormerlyPathologicallyHappy · 13/04/2023 10:57

Nope, I'd keep the lot.

It's a lesson more people need to learn as well, if you come into money you don't need to tell people. People get jealous.

VioletCharlotte · 13/04/2023 10:57

I'd use it to buy a house as I rent at the moment, so that would be about £350k. I'd give my adult DC some money each, probably enough for driving lessons and a car, plus a bit of 'fun' money My parents are in a good position financially, but I'd treat them to a nice holiday as a token gesture for all the help they've given me over the years. I'd probably also pay for me and my two best friends to go away somewhere.

In your situation, I'd use it to pay off the mortgage, a bit to spend and save the rest.

ActDottie · 13/04/2023 10:59

£500k no I wouldn’t it would be enough to change our life in that we could pay off our mortgage and do the extension we want. Maybe like £1m plus I would share

Sunshineismyfriend · 13/04/2023 10:59

I don’t think we could afford to really. We’d get ourselves straight first - mortgage paid off and pensions as we don’t really have much in the way of pensions. That would use it all up. If it didn’t I’d want to put some aside for the kids too. If I won more I would def help out our families.

Hoppinggreen · 13/04/2023 10:59

Nope, not a penny

RoyGBivisacolorfulman · 13/04/2023 11:00

OutDamnedSpot · 13/04/2023 10:38

Your question is flawed because everyone’s circumstances are so different. For example, I’d give £50k to ExH as a deposit on a house, but I doubt many people would consider that. It sounds like you have people who you feel you ‘should’ support, but don’t really want to (for good reason!) Our answers about what we would do with £500k won’t help you decide what to do with yours. It might be more helpful for you to post a more specific question.

I agree with this. My parents are always giving us money to help us. So of course I would help them.
I know many whose parents aren't generous at all.
My friend paid for me a holiday when I ahd a difficult time.

Whereas MiL was awful to oh and essentially stole 50k from him. So she would get nothing.

So it does depend on the person and the relationship dynamics.