I always struggle with the give money to family aspect. I know that sounds horrid but money has massive potential to muddy relationships. in a way I'm glad I never win anything (big amounts) as it's easier.
dh's mum for instance, would really benefit from a cash windfall. but then she's so poor at managing her own money (always spends it all on rubbish/everyone else who she feels bad saying no to) that I'd be hesitant to hand large chunks over.
and where do you draw the line? here's $500k each to help you along a bit. how would you be able to say no if they asked you for another $500k down the track if things went wrong for them.
I just feel like it has the potential to turn into you being the free bank and resentment etc would build.
I'd rather buy them specific things they need, eg: fix up mil's house for her, buy my parents a new car each etc etc
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11-01-2016 06:16 #31
You have just won $50 million....
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11-01-2016 06:43 #32
We'd see a solicitor and get letters drawn up to whoever we wanted to help stating an anonymous family member wanted to share their winnings. We'd act like we got the same letter!
11-01-2016 07:25 #33
We would buy a property with lots of horses, travel the world, buy a few investment properties, set up trusts for our children and have fun!!
We would also buy our siblings a house and give our parents some money. Our best friends would also score something.
We do have one sibling we wouldn't really feel comfortable doing something for but we would. He is 30 odd, one kid, lives with his feral inlaws, never had a job, no intention of ever having a job. Feels like we would be encouraging his lazy life.
11-01-2016 07:42 #34
11-01-2016 07:44 #35
DH and I talk about this a lot. I guess we're hopeful that one day it would happen haha.
We would buy a house. Nothing exorbitant and probably just in the next suburb over with enough land for a pool and a tennis court.
We would upgrade our cars. Again, nothing exorbitant, although DH would love a mustang haha.
Would give some money to in laws. As BIL is only 19 and has wanted for nothing so has no concept of the value of money, his would go into a trust until he was 30. We would much prefer to not even tell him a) it was there or b) how much was there as he doesn't know what it's like to work hard for the money you earn. It's not like ILs are rich, far from it but they never say no to him. Don't want him to feel like he was getting a free ride in life. I would probably put some in a trust for my 3yo nephew (say $50-100k) for when he turns 21. Would help him get a good start in life.
We would look at purchasing an investment property.
I would continue to work as I love my job, but might cut down my hours. DH would definitely quit his because he hates it, but would then be able to finish a course he's been stuck on for a few years and not been able to finish. He would love to start up his own business too.
Majority would then be invested in some way. DHs grand plan is to generate enough income off the investments to be able to afford our lifestyle (rates, bills etc) without having to actually work for it. This would then mean our wages would be extra play money and we would then use that to create a nest egg have holidays etc.
As we have no kids nothing at this stage would be set aside, we would do that as they came along (which we intend to anyway) into an account where they earned high interest and had access to when they turned 21. Wouldn't tell them it was there. Would still expect them to to chores, work for pocket money and look for a part time job somewhere. Would just be a surprise on their 21st birthday.
11-01-2016 07:55 #36
I would probably sit on the news awhile and not even tell DH. I would seek out a good financial advisor. Once the money came through I would surprise DH by buying him a supercar as my way of telling him.
11-01-2016 08:40 #37
11-01-2016 09:39 #38
11-01-2016 10:30 #39
Maybe great aunt Ethel who was estranged from the family died and left inheritance to everyone. If they died, people shouldn't be looking for who won.
11-01-2016 10:37 #40
I would tell H I won $10 mill.
He is so very crap with money... if I told him $50 mill he would seriously spend it in a year.
Buy a house for us- 5 bed near the water (perhaps Five Dock) with 2.5 bath and a pool.
Send $1 mill to my parents AND pay off their mortgage.
Give H $1 mill to give to people he wants.
Plan other property purchases and investments.
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