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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:
fragolino · 13/04/2023 12:59

Op with a 300k mortgage myself, no way.

That's a huge mortgage.

Anoooshka · 13/04/2023 13:01

I'd not tell anyone about your windfall. Pay off your mortgage first, or maybe move house. With the money left, put some money away for your kids' education. Maybe a nice holiday too. Then save the rest (if there's anything left) for retirement.

I agree with the other posters about not telling anyone. Noone will know if you pay off a mortgage etc. If you start buying new cars and clothes and taking people on holiday, it's likely to cause resentment and ruin some relationships. This happened in my family and the relationships still haven't recovered.

fragolino · 13/04/2023 13:02

Also I don't know how old dc are but it may turn out one or both need private school.
Or masses of extra tutors and help.

You can create a stocks and shares isa for them and a cash isa.

You can also open up a self invest personal pension for them. A sipp. With a few grand invested now that means without adding any more in time that will be a healthy sum for them later in life!!

So I would do all that two x isa for dc. A sipp... Sipp for myself, pay chunk off mortgage and keep some as a cushion in case dc need education support.

raincamepouringdown · 13/04/2023 13:02

Nope

With 3 teens and university costs looming, a mortgage and worrying about retirement ourselves, we would not be telling anyone or 'sharing it out' as you say.

DotAndCarryOne2 · 13/04/2023 13:03

£500k isn’t that much these days, so no, I would be sorting out my mortgage and debts and shoring up my family’s finances for the future.

InsertSomethingMotivationalHere · 13/04/2023 13:04

Nope, fraid not. I'd pay off my mortgage then get my house and garden exactly as I want them. The rest would go in savings with the occasional withdrawal for a holiday/new PC, etc.

MyFaceIsAnAONB · 13/04/2023 13:05

Nope!

Manichean · 13/04/2023 13:11

Don't tell anyone. If you give them any money it may well piss them off that it is not more. It is not a huge amount, just pay off your mortgage and be able to help your kids buy a property when the time comes.

bengalcat · 13/04/2023 13:11

No - I’d keep it - if single pay off my mortgage or consider an upgrade ( all paid for ) and put some aside for the kids . If married then I’d mull over whether I wanted to pay off all the joint mortgage in case we divorced at a later date or keep a larger sum aside

Londontrees · 13/04/2023 13:11

My mortgage is paid off and kids are adult. I would have a new kitchen and bathroom, put some in savings, then I would give my adult kids a substantial percentage of it. Some would be set aside for the grandkids when older.

blobby10 · 13/04/2023 13:12

I wouldn't - having spent quite a few hours pondering how/if I would share a windfall I concluded that it would have to be multiple millions before anyone other than me and my children would benefit! The second conclusion I came to was that I had to actually enter a Lottery draw to be in with a chance of winning any amount but there you go Grin

Coldstarrynight · 13/04/2023 13:13

No. Pay your mortgage off and put some away for the future.

WalnutWhippy · 13/04/2023 13:17

I think that amount of money is just for immediate family; my spouse and children. Over £1m, I might share some with my siblings. Our parents are too well off to need anything from us.

Greengreented · 13/04/2023 13:17

I would pay off the mortgage but ensure various family members got some token amounts, enough to be enjoyable eg £10k so they could have a great holiday, pay off debts, add to their savings etc. I don’t think I could fully enjoy the security of being mortgage free and the other perks if I hadn’t done something like that for others.

frozendaisy · 13/04/2023 13:20

Wouldn't tell anyone.
Pay some mortgage down.
Put some in pension
Split rest into long term investment for both kids.

LemonDrizzleyCake · 13/04/2023 13:20

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).

Which one of these scenarios are you @Legoandloldolls
The one with £500K or the one wanting a share of it?

raincamepouringdown · 13/04/2023 13:24

My guess is OP's relative has come into some money and OP thinks they should be getting a chunk of it....

MaroonCow · 13/04/2023 13:32

raincamepouringdown · 13/04/2023 13:24

My guess is OP's relative has come into some money and OP thinks they should be getting a chunk of it....

The OP is written in such a way to suggest that the other potential beneficiaries don't need or deserve the money as much as OP does.

MelchiorsMistress · 13/04/2023 13:32

With the exact situation you describe, fuck no! £500k really isn’t as much as it sounds. By the time you’ve paid off your mortgage, done any house maintenance that needs doing, set the kids up with a savings account and been on a holiday there would be nothing left.

whoruntheworldgirls · 13/04/2023 13:37

PuffinsRocks · 13/04/2023 10:26

No they sound sorted. I'd pay off my mortgage and save the rest for my children.

This, plus a nice family holiday

CatsAddictedToDreamies · 13/04/2023 13:41

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.

Ditto.

Whichnumbers · 13/04/2023 13:42

No

but Id probably invest the money somewhere safe and provide a succession of holidays and toys, some meals out and do all the mince things with family and friends

HerRoyalNotness · 13/04/2023 13:50

No. I’d pay off my own mortgage and the rest would be for kids college funds (USA)

iaapap · 13/04/2023 13:57

No.

that amount of money is enough to buy a house, or a car or to be put towards a child’s education (university fees are gigantic, or private school) or some nice holidays. It isn’t enough that you’d be buying a yacht or bathing in champagne but it is enough to make one family secure.

the exceptions would be - I’d help child to buy a house if I already owned a house. Or if a parent was struggling on a tiny pension, I’d help them.

500k can be spent very, very quickly. Even lottery winners who get £5 million seem to burn through it in a few years. I’d be very careful if you are receiving 500k and wouldn’t tell anyone.

oachkatzl · 13/04/2023 13:57

Absolutely not. When the mortgage has been paid off, that's 200K left. And to be honest, that isn't as huge amount of money as people think it is. Obviously for someone who has nothing, it's an unimaginable amount of money BUT 200K can be quickly spent. It could go towards supporting the children at university and into investments for later in life.
It's an enormous help, it really is, but it's not life-changing and doesn't mean you can go throwing it around willy nilly and dishing out to all kinds of extended family and friends because it will be gone in no time.

So what's your actual situation OP? Are you the one with the money or are you expecting a relative to pay give you some of their windfall?