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February 2012 Moms
MrMrsandBaby
member
Here is a silly fun one...
MrMrsandBaby
member
If you won the lottery - a large amount, like more than you could spend, would you loan or give money to friends and family? I know we have all thought of this!
I would give a set amount to my family (mom/dad and siblings) one time but wouldn't give them any more after that and I would not give a single penny to anyone else. I think that anyone who asks for money would automatically go on my "black" list...I can see some family members coming up with some sob story about how they are in need of money and will pay me back, blah blah blah.
I would give a big portion to charity and then just invest the rest and make sure we spent wisely so that Allison would never have to worry about money.
This discussion has been closed.
Re: Here is a silly fun one...
This is a fun one! Especially since I'm nearly bored to tears at work.
A friend of my mom's won the lottery once, and literally went bankrupt because he gave/loaned so much money to his friends and family. I wouldn't want that to be me!
I think I'd do something similar to MrMrsandBaby - give a set amount, one time.And then I'd tie the rest up in charitable donations, trusts, etc. so that it couldn't be guilted out of me. I would fo' sho' buy a farm, too, or at least 50+ acres, and set myself up for the apocalypse (I kid, I kid!).
We have talked about this lol. Our four best friends ( two couples) are drowning in student debt just like us. We would pay off their (good) debt so they would then have their own money to buy houses etc. Actually if it was enough more than maybe 2 million, we would buy them houses too ( houses are pretty cheao her, you can get a decent one for $300000.
We would finish buildng our church ( it is moving at a snails pace due to capital). We would then create a collage fund for Evie and any other kids, because student debt ruins your life. We would give a bunch to charity, but I don't neccessarily have one picked.
I know DH would continue to work, because he likes it, but I could stay home with her. DH woul want to go back to University just for fun, because he is a geek like that!
And last but not least, I would get my PPB diaper bag!
It would really depend on the amount of money we get. If it's a couple million, I would probably give some to immediate family members and that's it.
If we got an amount over $50 million we would still do immediate family with a larger set amount of money, but I would probably do a set amount of at least $5,000 to extended family. Our families are pretty close and no one is any where near rich. Most are lower middle class to middle class so I couldn't imagine having all that money and not giving them some. I could see us giving each of our siblings $500,000, eventhough DH has 7 siblings and one is estranged. We would probably give set amounts to our really close friends, because we consider some of them family.
The rest would go into investments, paying off debt, trust funds for DD and any future LO's and probably quite a few chairites. It would take quite a while to iron out all the details though.
That is not cheap! We got our house for 50k! You can buy a pretty dang big house for 300k here!!
Right! I was thinking the same thing...DH and I found our "forever" house and it is $325,000 with over 10 acres of land! If only we had the powerball money, we could afford it!
I guess "cheap" is relative isn't it!
DH and I talk about this more than I would like to admit, haha. We would like to buy houses for all our immediate family members, especially his parents to coerce them into living closer. We would absolutely pay off all our debt first and gift half of it between family, closest friends and charities. We would go on an vacation in Europe since DH has never been and do our best to save the rest.
Damn...y'all are crazy generous. I guess I've just seen too many times what money does to a (my) family and I don't want to deal with that again. I wouldn't buy anyone a house but i think I would pay off what they have (my parents/IL's) and give them money so they could get a new one. DH and I talk about it all the time!
For my siblings, I tossed around paying for their college debt (of the three of them, only one went to school) but that wouldn't fly so I am thinking it would just be a set amount...maybe $100k. I know my family, they would be lazy, spend stupidly (is that a word?) and then ask for more.
One time gift it is! I wish IL was one of those states where you didn't have to go public if you win...
Oooh....I so wanna win the lottery!!!!
I would never loan money to friends or family. I would only give money as a gift, but I would probably do it in a different way than cash (unless the person I would be gifting it to would really need cash).
- For my parents, I would probably send them on a once--in-a-lifetime trip and give my mom the money she needs to retire now instead of in a few years.
- For my in-laws, we would pay off their mortgage, get them out of debt, and try and give them a little something they could use to retire.
- For siblings, I have no idea what we would do. My brother and his family would get something. I'm not sure what DH would want to do for his siblings, if anything, because they are exactly the type that would expect something and not be grateful for it.
- We would get DH's grandmother her own place and round the clock care so she didn't have to live in a nursing home.
For us:
College fund and trust for Ben
Make one or two indulgent purchases when we first win (amazing trip, new car, a new house..).
Put the rest in savings/investments and set ourselves up with a budget and "salary" that would last us until we were 100 yrs old.
Donate a hefty sum to charity, especially the small local ones near us that are always struggling.
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DH and I have talked about this, and he wanted to buy our immediate family members a house, so that they are mortgage free. I lean more towards the, give them all a set amout of money or whatever. That way they can use it as they need. I think it would probably get sticky trying to decide who to give money to, because I have more immediate family, DH has no siblings, but is close with his aunts and uncles, and I am not. Good thing it will probably never happen, since we would be in some heated discussions, I imagine.
I seriously would probably set up a family compound on my land, buy out the land of some of the old geezers around me, and let whoever come live there that wanted to, as long as they would help out with the crops and animals, etc. I would invest/save the rest for college funds, just in case funds, etc.
ETA: I would also give some to charity, but I would really love to use some of it to foster/adopt some kids at my compound.
Hmm - it depends on who wants what. DH's parents - in a heartbeat. They gave me money, paid for my phone and car insurance, and gave me a roof over my head and food in my tummy for nothing while I was only DATING their son. They paid for 80% of our wedding, buy Hayley all sorts of things. So if they ever needed money - we would absolutely give them whatever we needed, even if it were all of it.
My family...I would give them some. DH would fight me on it. He doesn't agree with how they do things and how they spend money. But I couldn't turn my cheek to them.
Friends - only our close ones - yes.
Charity - yes. DH already gives a percent of his paycheck to charity (comes right out every pay) and we have very little.
We would probably invest and make sure Hayley had enough for college and her future. We would also set aside enough for 3 other children to have potentially the same future.
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