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If you won the lottery, how much would you split with your immediate family? (Page 2)
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I'd trim down your definition of "immediate family." Since I have a wife and two kids, I'd keep it to that group which means nothing for my parents or siblings. (My folks are comfortably retired and my siblings both have good jobs, so they're fine.)
With $1 million after tax, I'd probably invest $250K each for each of my two kids which should be able to pay for them to go to good highschools and/or colleges/gradschools by the time they're old enough. Or if not, it should set them up to be able to buy a place to live. I'd invest $400K for my wife and me and I'd set aside the last $100K for fun things--mostly holidays with the fam.
So life wouldn't change that much, but we'd be pretty set for a few big financial responsibilities.
If I won $1,000,000 here is how I would split it after I keep $700,000:
Mom: $150,000 straight up to do as she wishes.
Aunt: $60,000 (I would directly pay off her debts then she can do whatever with the remainder)
3 Younger Cousins: $30,000 each ($90,000 total)
Thats nice of you
My wife gets half.. Everyone else. Nothing. Not unless it was say 10 mil. Then I'd go and pay off everyone's homes and cars in secret, and get trust funds together for the nieces and nephews, but I still wouldn't give anyone but my wife money directly.
Thats sweet
Cool
About a fourth of it. It's part of my plan. Right after that though I'm moving to a place they can't find me.
Same i want to move to a different state
Oh I'm just moving to Canada. lol.
I refuse to leave the usa
A million? Sounds like a bit of a shitty lottery, I'd have to work if I only won that much.
5mil would mean I wouldn't have to work again and I'd consider splitting it.
I'd probably get a new car each for everyone or some other significant purchase, not give them cash.
Dont be ungrateful. A mil is more than a lot of people have
I am aware of that, it just isn't enough to live comfortably for the rest of my life without making careful investments. By the time I have bought a house and put away enough for a couple of kids, that is all of it gone.
I don't consider a mil to be a lot of money, a quick Google estimates it will last 19 years in retirement without splashing out on luxuries. I know it is but a lump sum like that only avoids loans in the future and makes budgeting less stressful.
I think once numbers go above 100k, it doesn't really matter until 5mil, the money will disappear before you know it. I use 5mil as a benchmark for never having to think about money again (within reason). Anything less will easily be spent on day to day life.
If you do budgeting, starting with only 1mil and no assets, how soon do you think you will last without supplementing it with a wage?
I'm not trying to be ungrateful, just considering how expensive everything is and having almost zero current assets.
Oh yea the lotto winnings isn't meant to last long. Just long enough to help out with some bills
Yeah, I need to get a job and be stable before one off influxes of cash become useful.
I'd give my sisters something because they're just starting life and need cash, probably around 50k each so 100k.
I'd give my MIL something because she's helpful.
Id give my partner something because I know he would give me if he was the one that won the lottery.
None...
let's say I won 100 bucks
30 bucks tax...
70 bucks gets divided into 2 parts
investment and upgrade
40 bucks investment
30 bucks upgrade
upgrade means lifestyle upgrade or necessary payments (Including immediate family needs.).
Well i said 1 mill
1 mil
then 30% of it goes to tax
remains 70%
40% investment
30% upgrade
100 is best way to expand the number hen in roundoff situation.
UPDATE:-
1mil - 30% long savings.
remains 70%
40% investment
30% upgrade
I'd probably give a third of it to my parents, in-laws, and siblings. My wife and I would use whatever we needed to pay off her car, buy a house, and whatever other trappings we'd need. The rest would go to our church.
Thats nice
The first thing you should do is send it all to some random guy on the internet that is giving you advice on what to do with it.
DM me for the address.
I'd pay off mine and my family's debt. Invest in my friends business. Put $10k in accounts for my niece and nephew and all my godchildren and make it available to them when they turn 18. Buy my 2 sisters new cars.
Thats very sweet
$1,000,000 (£737,460) is not a lot these days, but lottery wins in the UK come tax free, first thing I'd pay off any debts I have, clear off any Uni debts my my nieces and nephew have and if I give it to them as gifts they cannot be taxed anything left would be put into a high interest account in a building society for retirement.
I'd have to give that some thought if it ever happened. First I'd have to figure out who and how many I was going to share with. But 1 million isn't a lot anymore and won't last long regardless. I'd also have to figure out what I wanted to do with it and needed to do it.
All of them. Because my family has raised me up to this age, for better or worse. They didn't eat, they fed me, they didn't drink, they made me drink, they didn't wear, they dressed me. If a child spends the money he earns in any way by ignoring these efforts of his family (I'm sorry, but) this child is ungrateful, traitor. 🤌🏻
Would not split the money.
Would invest some rentals for them, where they earn monthly profits if the manage them, but couldn't sell.
Most would just waste the money if given to them, this way they have a steady income if they work on it.
Off the top of my head, none. Maybe if they had a need and could not afford.. Maybe would consider taking care of the need. Outside of that... None. But thats just my mindset now.
I see
I'd pay my mom back the money she's lend me, but probably keep the rest. My family is well off and I'd need the money, but I could take them out for a nice dinner or something.
Oh i see
I would search for investment opportunities, so that I along with my family members would benefit if not in near future then in distant future.
Good question, got me thinking😃
Haha yea
They all live in same neighbourhood, if they need any! They can ask. I don't trust my brother with money and my parents has everything. So a dental plan and all that health matters
I would be mad if they asked. I rather offer
Offer my parents! Sure.
My brother! Fuuck no
Bahahaha! Now you all will know what a terrible person I really am. I'd share with my kids and a few deserving elderly people I know. My relatives get zero and that includes my parents. ZILCH.
Its not rude as long as you shared with someone in general
I've been married going on 21 years and my kids are almost grown. My relatives and parents never sent a dime. Private school, uniforms, birthdays, Christmas, a bankruptcy, etc. It's not that they were struggling financially either.
I dont blame you. You shared with your kids and others. Thats all that matters
Depend on the amount if it was just like a 1,000$ then I'm keeping it to myself.
But if I won't like a million, hundred thousand or several million I would obviously share it and make sure everyone got a decent amount.
I mentioned in the description that its $1 mil
Probably around 50,000 a piece.