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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:
Iamacatslave · 13/04/2023 11:00

No way.

1stTimeMama · 13/04/2023 11:00

In my current situation, no, I'd not share it and I would put it all towards a house for us.

DisforDarkChocolate · 13/04/2023 11:03

I'd give each of my children a couple of thousand for fun money. Then I'd take some time to think how to make myself secure before giving them a larger sum (about £15,000 each).

Motnight · 13/04/2023 11:05

We had a similar situation, though not with quite that amount of money. Paid off our small mortgage and debts. Are doing some much needed house repairs. Also giving adult child money every month towards their Isa. But keeping the vast majority of it, my dh has a life limiting illness and it is unclear how long he will be able to work for. This money is our cushion for that.

NurseCranesRolodex · 13/04/2023 11:10

No.
Pay off mortgage, invest for your DC future.

DahliaMacNamara · 13/04/2023 11:11

No, no way. I'd be using it for DH to retire at 60 instead of 67. It'd be nice to help the kids out a bit, but at the moment they have more savings than we do.

FirstnameSuesecondnamePerb · 13/04/2023 11:11

I think I would keep £500k quiet. I would use some of it to help kids, rest to put into pension/savings.

Chewbecca · 13/04/2023 11:11

In my situation (mortgage paid off and decent savings) I would, but probably not in yours.

jay55 · 13/04/2023 11:13

No, but I don't own a property and so would spend it all on that.

I'd use future savings to help out family if needed once I was sorted for housing.

shivawn · 13/04/2023 11:13

The OP is very difficult to read.

If I came in to a windfall I'd use it to pay off my mortgage or upsize.

TempNCforthis · 13/04/2023 11:14

I would pay off the mortgage, put £100,000 into a pension or other investment for my own future and then put £100,000 into investments for my children's future, though I'd keep this in my name in case they squandered it.

I wouldn't tell anyone and would enjoy living a mortgage-free life, knowing that my retirement would be much better and my children would have a deposit for a house.

TempNCforthis · 13/04/2023 11:15

This is a once in a lifetime amount. I wouldn't spend any of it on holidays or treats. I wouldn't even tell the children about it. In your first mortgage-free months you could treat the kids then.

Changeau · 13/04/2023 11:15

I'd help my dc and my dh and noone else.

onedone · 13/04/2023 11:15

No

I'd pay my mortgage off
Save some for the kids future
I'd treat my parents to a nice holiday or something they really wanted

Save the rest

SD1978 · 13/04/2023 11:16

Would need more info- although ultimately their choice. Are these family members that have done anything for me? Why do they know about it, if the recipient knows there will be an expectation that they may disagree with? In this scenario, I'd tell no one, do what was best for my family, and if there was a specific situation in the future I wanted to help one of them with, I'd consider it then.

TempNCforthis · 13/04/2023 11:16

I'm not sure why you'd consider giving either of those people a penny, tbh.

WitcheryDivine · 13/04/2023 11:16

I'd buy a small house first (£400k), and then I'd give a medium sized sum to my beloved relative with autism who finds it difficult to earn a good wage - maybe £25k to keep things on an even keel. The rest for the future.

speakout · 13/04/2023 11:16

No.

And I would tell no-one.

Littlebummybums · 13/04/2023 11:16

No

ShowUs · 13/04/2023 11:19

I would think about sharing it with my siblings and parents but not equally.

It would just be a token amount maybe about 10k each (£40k in total) which would be massive for them but still leave me with a decent amount.

The only thing that would put me off is that I saw a programme about the lottery winners and one person gave each of his friends and family some money.

It was shocking how many fell out with him over it, because they felt if he must be lying about how much he had and he could afford to give them a lot more. Some also accused him of showing off too and some spent all of it and then kept asking him for more by saying their washing machine had broke or they’ve got a big bill coming they they’re worrying about etc.

martinisforeveryone · 13/04/2023 11:19

Number 1 pay debts off
Number 2 pay off mortgage or move to a home that better fits the bill, if applicable

Number 3 see what’s left and think about what best to do with that.

Would absolutely keep my own counsel and not tell anyone about a windfall of any value.

youveturnedupwelldone · 13/04/2023 11:19

No. £500k is enough to be life changing for the recipient but not enough to share out imo. By the time you've paid off an average mortgage, but money aside for your children and treated yourself to a nice holiday, actually you won't have that much left. So I wouldn't share in any circumstances.

LoisLane66 · 13/04/2023 11:20

I'd keep quiet. All kinds of seemingly entitled people come out of the woodwork if they smell money even if it's only a few grand never mind half a million.

Changeau · 13/04/2023 11:22

I'd use 100k to pay off mortgage
Realistically another 80 - 100k to completely redo house inc new kitchen and bathrooms
Put 50k each away for dcs
Invest 50k
Spend 50k on car, holidays and horses!

FrownedUpon · 13/04/2023 11:22

I’d pay off the mortgage and give a chunk to local charities/food banks.