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

[Legoandloldolls]

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).

Nope, not enough to share around like that, particularly in those circumstances with mortgage and debt. If I won the euromillions then yes, that's very different.

I'd help my parents out a little but not my siblings purely because there is no way they'd help me. Instead they'd rub it in my face

Nope definitely not extended family or friends. Maybe something for immediate family depending on circumstances.

I'd pay off the mortgage, or at least £250k of the mortgage. Then I'd put £75k into savings for the kids for a house deposit etc.

Then I'd use the £50k for something that was needed (kitchen upgrade) or for future holidays, cars. And I'd buy myself a few nice bits.

Me too. It is isnt a lot of money in the grand scheme of things after paying off 300k mortgage

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

If that was me then no I wouldn't. I'd consider it my money first, then my children's. £500K only sounds like a lot if you are naive about money.

Same.

I might take my closest girlfriends away on holiday, maybe. But otherwise, no, it would have to be Euromillions amounts of money for me to start changing other peoples lives .

For a windfall of £500k -

First of all, I would pay off all my debts - mortgage, cards etc. And set aside a chunk for forthcoming expected large financial outlays e.g. if I had a child about to go to university then a suitable chunk for them.

Only with what was left over would I start sharing the rest around. Exactly how that would work would depend on how much was left, but I think it it was at least £100k left over I would expect to give about 10% i.e. £10k to charities, and and another 10% would be shared directly with close family - although I might do that by subsidising a big holiday together rather than handing over actual cash.

I wouldn't even tell them. Pay off the mortgage, lump sum in pensions (me and DH), savings for kids. That's it basically gone.

You state the financial position of your family members, but you haven't described what the relationship is like?

I think the sequence should be pay off debts, pay off mortgage, put contingency fund into savings, put nest egg away for children. If there’s any left throw a party, or give a small amount to each family member if you want to.
Sadly, 500k doesn’t go far today in terms of housing and future proofing, though it sounds a large sum.

No. It’s not a massive amount in the grand scheme of things.

On that amount, maybe a couple of token gifts and a chunk of money to one relative who is really struggling financially.

I know it sounds like a lot but we'd want to buy a house, clear some financial commitments and make sure our immediately family was secure.

No, 500k wouldn't go far in London where my DH is from, or the other (non UK) crazy expensive city I am from. But I would certainly help people out with holiday treats or paying fully for their education etc

Doubt op will be back probably just a lazy journalist

Tell no one. Do what you wish with it but avoid flashing it around. It will not go that far but will breed envy and entitlement in others.

Having re-read the OP, I think you are right.

Jeez, he/she can just ask ChatGPT and not waste our time.

£500k would allow me to pay off my current mortgage of £375k, finish renovating my house which would take another big chunk of funds, maybe pay off buy to let mortgage, and then have some tucked away to give financial security and to help our children at some point get on the property lady after uni etc. So no wouldn't be gifting sums of moeny away to estended family and definitely not ever friends, friendships change over time and no way would I gift funds to friends unless I was very, very financially secure. £500k is a lot of money but for most people doesn't really go that far. In the above example, my husband and I could then use our income (instead of paying off mortgage and rennovating house) to make large pension contributions and could potentially retire a few years earlier and more comfrotably than we otherwise would. Or reduce the hours we work now. It would give us some options.

Firstly, I would only consider giving money to family - not to anyone else.

Secondly, I wouldn't offer it for the sake of offering. I'd offer it if a family member had a specific need for it.

The money would be used to pay off my mortgage and carry out home improvements, and any remainder would go into my retirement fund.

I know someone who won a similar amount and they told no one at the time.
They paid there mortgage off and one of them was able to leave work.
They had a fabulous holiday somewhere ( told people who asked that one of them had received a bonus at work)
Then kept the rest but treated people when they could

All the "they was..." pretty OTT too.

I also wouldn't tell them if they don't already know. I'd pay off the house, put away some for the kids when they want their own house, and spend the rest on holidays and good time as a family.

Depends on the scenario and whether they knew or not.

If it was something like a lottery win they I wouldn't say a word and carry on living as usual but pay off debts and save rest for nuclear families future (pensions + children's house deposits/education etc). I would only directly share a lottery win if it was beyond the amount that would make my immediate family financially secure for life.

If it was an 'unfair' inheritance from a narcissistic relative that had decided to play favourites and cause hurt from beyond the grave then I would share it with whoever would normally expect to inherit (e.g. sibling).

I wouldn’t give any to friends. I would give my kids an occasional amount, maybe enough to pay for a holiday or something.
I might need it in the future for care.

This might sound selfish but I wouldn't help anyone. I wouldn't tell anyone infact.

Whilst it's an amazing windfall it's not a life changing sum of money when you compare it to lottery winners etc. It's definitely not enough to be doling out.

I'd pay off my mortgage etc and put the rest in a good savings account. Maybe invest depending on financial advice.