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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:
80s · 13/04/2023 11:49

If I had a windfall I'd make sure I was comfortable first then give people I liked the amount of cash I fancied giving them.

SquigglePigs · 13/04/2023 11:50

I think we'd give some (£50k or so) to my SIL, pay off our mortgage (£250k ish), redo the bathroom, then tuck the rest away for our/DD's future.

With the info in your OP I'm not sure I'd be inclined to give any to those people.

Dashel · 13/04/2023 11:52

I think it depends on where the money came from. A win from the lottery/premium bonds/competition would feel like all mine but an inheritance left to me from my grandparents that excluded siblings and parents might feel wrong not to share.

If I won a large amount then I wouldn’t tell anyone apart from DH.

Gloriousgardener11 · 13/04/2023 11:53

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

Definitely this !

IncompleteSenten · 13/04/2023 11:55

I wouldn't even tell them I had it!
I'd pay off my mortgage, invest in a good pension and that'd be it practically all gone.

saraclara · 13/04/2023 11:56

Yep, it'd depend how I came into the money. If it was an unfair parental inheritance (I got all the money and my sibling got none) then I'd share it whatever. If it was a lottery win, I'd not publicise it, and I'd get rid of my mortgage and debts.

Pinkplasticbathcup · 13/04/2023 12:01

I’d book a villa some where nice for two or three weeks and throw it open. Maybe buy cheap flights for those of my mates I know are doing it tough. Other than that, no, it would be all ours. 500k, although amazing, wouldn’t actually go that far if you started trying to share it out.

HappinesDependsOnYou · 13/04/2023 12:03

If I won the lottery I would give away some to family and friends that were close and genuine but would keep private how much I had actually won. If I had £500k I would keep quiet and only share with dh and kids. As others have said money resentment and whilst it is a lot of money it can easily be spent once you buy cars, houses etc and I'd rather leave what I don't use behind then give away what I might need in the future

Mañanarama · 13/04/2023 12:04

I wouldn’t tell anyone. Maybe I’d say I’d won £50-100k so I could excuse the amazing holidays I booked and nice meals out treating friends and family etc.

As others have said though, very much depends where you’ve got it from!

daisychain01 · 13/04/2023 12:05

None of the scenarios in your OP should have anything to do with your decision-making process @Legoandloldolls Whether the family/friend is "good with money" or not is irrelevant to what you decide to do with a windfall.

In your situation I would pay down your mortgage, give some to your DC for the future and enjoy the rest to treat yourself and your DH/DP.

People set themselves weird expectations and put themselves under inordinate pressure to distribute money they acquire. Your immediate family comes first every time.

Don't, repeat, Don't tell anyone about money you come into. It won't end well. Keep control of your own life and decisions and don't let anyone try to persuade you otherwise. Enjoy!

Rosula · 13/04/2023 12:07

In that situation, I would pay off debts and the mortgage first and put money aside for the children to help with things like university costs or buying their first properties when they grow up.

mumda · 13/04/2023 12:08

Charity begins at home.
Your own home.

Once you are in a comfortable stable position financially you can decide if you want to help others. But bear in mind money causes envy and hatred even in families.

ShippingNews · 13/04/2023 12:08

Family and friends ? You've got to be kidding ! I wouldn't tell anyone, I'd pay off my mortgage and put the rest aside for my children's future .

JocelynBurnell · 13/04/2023 12:09

£500,00 isn't life-altering but it could be life saving. Much of this would be used by many families just to stand still in the coming decades.

If I had debts, young children, and just under 300k on the mortgage, I would pay off the debts and mortgage. Not having to pay the mortgage every month would allow the family to live more comfortably and not have to worry about increasing food costs, utilities, etc.

The remaining <£200,000 would be saved for a rainy day. For example, if I needed an operation or treatment not covered in the NHS, the money would be there. I could also help towards my children's education if necessary. If I don't use it for a rainy day, it would eventually go to my children to help them save for a house deposit.

.

AlltheFs · 13/04/2023 12:10

No I wouldn’t be sharing regardless.

£2m+ I would. £500k wouldn’t touch the sides here.

I’d pay for some lovely things with £500k for extended family (eg holidays) but no lump sums.

LBFseBrom · 13/04/2023 12:10

Yes I would. I have always shared any windfall (but never had one close to £500,000). However I am retired, not worried about finances and my needs are modest so it is easier for me to share now than if I was struggling with a young family.

Thepossibility · 13/04/2023 12:13

No I would pay off the mortgage, put some in super and get us a newer car each to reliably get us to work for many years to come.
It wouldn't be fair on my DH or kids to give that protection away.
And tbh the people I know who need it would fritter it away on shit, that's how they got in the position they are.

Shelefttheweb · 13/04/2023 12:15

I would pay off the mortgage and other debts and share it with my children by just having more day to day financial flexibility to buy things they needed or enjoyed. I might put some in my pension and keep some for a car when that needed replacing. The rest would help provide a savings buffer should we have a period of unemployment or long term sickness.

I also wouldn’t tell anyone.

AgnesX · 13/04/2023 12:17

I wish.... I'd love to have that problem. I would though, I have two siblings and am godparent to their children.

xogossipgirlxo · 13/04/2023 12:18

Personally, I wouldn't. Especially that I know that siblings etc. wouldn't share with us. 500k isn't life changing amount anyway to be enough for many people.

Turfwars · 13/04/2023 12:19

No, both sides of the family have done very well for themselves - we are the second poorest relation on DH's side and probably poorest on mine. (and still are managing a decent standard of living on our humble income)

I'd buy a house in a beautiful beach location somewhere hot in Europe and people could assume I rent it every year. And I'd upgrade the cars and do up the house.

Wishihadanalgorithm · 13/04/2023 12:23

No. I’d pay the mortgage and, have a few smallish treats such as new bed, sofa and a holiday and then put the rest into savings. I might consider a new car but it wouldn’t be a massive expensive thing.

The security if having money in the bank with no mortgage would be amazing.

JeepersCreeperrs · 13/04/2023 12:27

No. 500k is fuck all in that situ

Doris86 · 13/04/2023 12:27

No I wouldn’t share and I’d keep it quiet. I’d pay off the mortgage/get a bigger house, new car,put a bit aside of the childrens future, nice holiday and save a bit for a rainy day. There wouldn’t be any left to share after that. £500k isn’t really all that much.

ShandaLear · 13/04/2023 12:29

£500k really isn’t that much in terms of life plans. I’d pay off the mortgage and stick the rest in my pension pot. I’d probably give my kids enough for a deposit on a house (say about £30k each) but that would be pretty much it. I wouldn’t tell a soul except my partner. No way would I start handing out chunks to cousins and mates. By the time you’ve done that you’ve diluted the benefit of it so much that all people will end up with is a holiday or a meal out - I.e. frittered away, when it could actually make a real difference to a small number of people.

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