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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:
Changeau · 13/04/2023 11:23

Oh and get private health care for all 6 of us.

CoinsinaJar · 13/04/2023 11:24

No I wouldn't. it's not a large enough amount to be life changing to most people, and if the person you were considering "sharing" with has form for wasting large amounts, then definitely not.

Pay off your mortgage and other debts and hold the rest in savings for your kids education or other important stuff. Definitely do NOT tell anyone about the money.

Delatron · 13/04/2023 11:25

No, I wouldn’t expect anyone to on that amount. Millions maybe - and family only.

Throw it at the mortgage and keep it quiet.

In the city/ certain industries (that I am not part of) some people’s bonuses are that much. They don’t go around telling people and sharing it.

RobinaHood · 13/04/2023 11:26

In your scenario, I'd pay off the mortgage and debts, then give the others a token amount.

GnomeDePlume · 13/04/2023 11:26

Mortgage, decent chunk as house deposit for DCs (mine are all adults). Balance in pension pot.

I wouldn't say anything to DBs or DM. I don't share financial information with them.

Rightsraptor · 13/04/2023 11:31

Maybe once I would have shared it a bit but I wouldn't now.

£500,000 isn't that much money in terms of life planning, especially if you are young, what with house buying, pension provision etc.

Nope, I'd keep quiet, not change my lifestyle overly much anyway and they could find out from my will when I shuffle off this mortal coil.

DinosApple · 13/04/2023 11:31

I'd keep schtum about it, but I would help my brother and a friend secretly.
But I would definitely keep the majority for our DC and bolster my almost non existent pension.

Merryoldgoat · 13/04/2023 11:31

Depends but my two sisters are significantly worse off than me as is my BIL so we’d give them some money and maybe take PIL on holiday as they have plenty of money but are extremely kind and generous so I’d want to share a bit of the good fortune with them.

Merryoldgoat · 13/04/2023 11:32

I would also keep it fairly quiet.

JazbayGrapes · 13/04/2023 11:32

I wouldn’t tell a soul. Can help them out or treat someone at some point without them knowing specifics and put it down to a much smaller win on premium bonds if they ask.

This.

Felixss · 13/04/2023 11:33

No I wouldn't I don't think 500k is that much to be sharing out depends on how old you are as I'm 30 so I would want it to last . It would have to be quite a few mill before I'd share it out.

GETTINGLIKEMYMOTHER · 13/04/2023 11:34

I don’t think I’d even tell the sort of relatives you describe.

I’d quietly pay off the mortgage and any debts, and (safely) invest much of the rest - IMO stocks and shares ISAs are good, with a little left for a few treats, plus an accessible rainy-day fund.

MsFogi · 13/04/2023 11:35

No! Plenty of people get that sort of inheritance and I don't see them sharing it out (nor would I expect them to) - it is not a huge amount. £500mil lottery win I'd probably share some out!

AndrexPuppy · 13/04/2023 11:37

In your situation, no. There wouldn't be enough left after you'd cleared the mortgage, sorted the debts and put nest eggs aside for yourselves and the children.

TempNCforthis · 13/04/2023 11:37

RobinaHood · 13/04/2023 11:26

In your scenario, I'd pay off the mortgage and debts, then give the others a token amount.

But one of the people mentioned has paid off their mortgage and has £50K in savings. Why should the OP give them anything?

AndrexPuppy · 13/04/2023 11:39

I actually agree with pp in that even if you didn't have the mortgage and/or debts, I'd still advise keeping it under your hat.

Littlegoth · 13/04/2023 11:39

I wouldn’t tell anyone! I’d pay off the mortgage and a chunk into mine and DP pension, and anything left into savings.

500k is a life changing amount - for our family. I don’t feel that it’s so much that I would be dishing it out.

GobbieMaggie · 13/04/2023 11:39

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

Exactly what I would do,

Jagoda · 13/04/2023 11:41

God no, not with £500k I probably wouldn’t tell anyone at all.

Littlegoth · 13/04/2023 11:42

For reference I’m in the same position as you. About to have my second child, 300k on the mortgage, and a credit card. Anything left will give me the chance to give the kids a leg up when it comes to University, or driving lessons and a car, or a deposit for a house, or not having to live on beans and toast in my retirement. So no. I wouldn’t share.

Alarae · 13/04/2023 11:43

I wouldn't ever disclose the amount, or tell a lie and say a much smaller number, but after paying off the mortgage (250k) and some house renovations, would probably book two big country houses with pools, games etc for breaks away with each of our extended families.

Realistically 500k wouldn't go that far with us anyway after paying off the mortgage and doing house stuff, so there wouldn't be much to go around anyway.

Ilkleymoor · 13/04/2023 11:44

I would sort our house out and improve my pension and savings for son, some treat holiday for us. That would leave enough to get a flat for my dad so he has secure housing. My siblings would be delighted by this and not expect anything even though none of them are well off.

Schnooze · 13/04/2023 11:46

It’s enough to make you comfortable if you spend it wisely. It’s not enough to give away or be frivolous with.

imnotthatkindofmum · 13/04/2023 11:47

No. I might gift each family member something but it wouldn't be a "share"

My mortgage is 380,000 (plus early repayment fees) the rest would be kept for my children's future.

MaroonCow · 13/04/2023 11:49

Well as PPs have said, it really depends on how you came into the money and what your connection to the other person is.

Since you have the choice, I guess you're not legally required to share. Since you're asking, I'm wondering what the back story is and what the other person/people would say if they had to make a case for it.