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Would you give monies to family if you became rich?

  1. Jul 24, 2009 #1

    Pengwuino

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    I was watching TV and a commercial for entertainment tonight or whatever came up and they mentioned some nonsense about what michael jacksons family members were doing now (being a mechanic and other crappy jobs), blah blah blah SNORE.

    It did get me to thinking though. If you won the lottery or made a great investment or something that net you at least a couple million ($US), would you spread some of the money to your family? And by family I don't just mean sons and parents, but sisters, nephews, cousins... where would you draw the line? and how much and for what would you be willing to dispense money for?

    To be honest, if i won the lottery and my nephew, who i consider a go nowhere bumb, asked for a car, i'd say no. I mean i'd have more money then I could ever use but I'd still say no. Then again if a cousin or someone asked for money for going to college, absolutely id pay for it. What about you? What would you do with a newly found abundance of cash?
     
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  3. Jul 24, 2009 #2

    Moonbear

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    I wouldn't give it to my family. They are all a bunch of wasteful spendthrifts. If they just stopped buying glittery things they don't need, they'd have plenty of money and plenty saved, so it would just be a waste to give it to them.

    I would put some into a trust fund for my nephew to help pay for college if he goes to college, because the way his parents spend, they won't have anything for him. I wouldn't just automatically give him full tuition though, but more enough that if he works a part-time job throughout college, he can afford tuition, room, board, books, etc...he needs to learn to save from somewhere. If as he grows up, he shows me that he can save money and spend it wisely rather than wasting it on frivolous things, then I'd start helping him out with other stuff along the way...but like the rest of the relatives, his own behavior would determine if he gets anything (he's still too young to know if he'd save or not).

    I have no doubt that I'd have relatives crawling out of the woodwork looking for handouts if I ever won the lottery or came into a lot of wealth in some other way (and they found out about it).

    I'd probably set up some scholarship or fellowship funds though, never giving out full ride scholarships, but always enough to get someone who is coming from a poor background and shows academic promise into a university as long as they help work their way through school too.
     
  4. Jul 24, 2009 #3
    Don't give out the money for their self gratification as they buy a new car, new house and other material things.

    If you give something away you can lose respect in the eyes of many people. Make them work for it. Then they will respect you and more themselves.
     
  5. Jul 24, 2009 #4
    I'd say no, not at all unless it was some emergency (like an expensive surgery) or something that I would give as a gift if I think they deserve it (like you said, paying for college).

    Other than that, no. I certainly wouldn't expect anything out of the ordinary if one of my uncles or aunts became rich and it baffles me why they would expect anything from me.
     
  6. Jul 24, 2009 #5

    Astronuc

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    I'd probably pay off mortgages for a number of family members and friends. I'd put some money in trust for my wife and kids, and then I'd go do various projects in the most wretched parts of the planet. I plan to the last bit anyway once I have my kids established, and my wife secure.
     
  7. Jul 24, 2009 #6
    Penguino,

    The answer is yes, if I came into a lot of money I would be very generous to my family..but I would not just let them live out of my wallet. However I don't consider 2 million to be a substantial enough amount to deserve any more spreading than nice Christmas gifts.
     
  8. Jul 24, 2009 #7

    turbo

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    I would establish trust funds to do modest projects. Why not? Larger funds with poor standards do not perform well.
     
  9. Jul 24, 2009 #8

    lisab

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    My thought also. Two million sounds like a lot, but it's not like you could expect to live a life full of luxuries...especially if you're going to live a long life.

    However, I would give some to my siblings, and perhaps contribute to their children's college funds (or start one :rolleyes:). But I would make clear that this was a one-time gift, with the hope that they wouldn't come to me in the future with requests for more money. But that might be wishful thinking...many of my siblings make incredibly stupid decisions about money.
     
  10. Jul 24, 2009 #9
    I would make a roll of toilet paper out of 100 dollar bills and I'd also have a pile of money in the living room that anyone can roll around in if they wish. And a stripper pole.
     
  11. Jul 24, 2009 #10

    CRGreathouse

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    Yes. I'd give each of my brothers and sisters up to ~$20,000 for college to defray their expenses/pay back their debt.

    But unless the money was more than, say, $2M I'm not even sure it would change my day-to-day life. I certainly wouldn't quit my job; I probably wouldn't move to a better place or get a new car.
     
  12. Jul 24, 2009 #11
    How are you going to sow the bills together to make toilet paper?
    Child labor?
     
  13. Jul 24, 2009 #12

    Pengwuino

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    Yes, this is the correct answer to this thread. I don't know why you all thought I was looking for your opinion.

    I probably shouldn't have put down a couple million considering there are parts of the country where that's not even enough to retire well off. I'm thinking more of money that you is just complete excess

    Now that I think about it, I think I'd throw money at anyone I know or is in my family who is hard working and responsible. That's all I need to justify it. I think everyone knows at least a few people who are hard working that haven't really done anything bad in life but aren't in careers that can make them rich or they might not even have ambitions to be rich. To me its better then a scholarship because you're putting money on someone you don't know who may or may not be responsible or hardworking. With my thinking, it's rewarding someone who already deserves it. But that's just me.
     
  14. Jul 24, 2009 #13
    I would probably take care of my moms parents whom she mostly ignores unfortunately. I always feel sad when I visit them. I would probably give some to my parents and other grandparents too. And maybe my aunt. That's pretty much all of my family that don't already have plenty of money themselves.
     
  15. Jul 24, 2009 #14

    Ivan Seeking

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    Not a good day to ask. :biggrin:

    I would probably set up trust funds so that all of the kids in the family can go to college [of course that may not be necessary if Obama gets his way]. Obviously I would make sure the folks and older members of the family were taken care of, but beyond that, I don't think I would have any problem spending it - some for me, some for good causes.

    This, however, would be an absolute requirement for me.

    Maserati-919.jpg

    Maserati-MC12-Corsa-921.jpg

    Of course, one of these might work okay.
    https://www.youtube.com/watch?v=pm6gD6r3-cw
     
  16. Jul 24, 2009 #15
  17. Jul 24, 2009 #16

    Ivan Seeking

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    Note that I modified the question to ask what I would do with a couple hundred-million. :biggrin: Two-million wouldn't be enough to change life signficantly - I wouldn't throw money away if I only had a couple of milllion.
     
  18. Jul 24, 2009 #17

    Pengwuino

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    Maybe we're talking about the superball lottery or a good california lottery :biggrin:
     
  19. Jul 25, 2009 #18

    Office_Shredder

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    I'd definitely help out my parents. The rest goes to hookers and blow
     
  20. Jul 25, 2009 #19
    First thing, I'd never let my family know. I'd be happy to help my nieces and nephews with school tuition. If my parents or aunts and uncles couldn't support themselves in their old age I would make sure they weren't abandoned. The only person in my family who I would seek to help is my uncle in Arizona. He's been helpful to me since I was a child and never asked for anything in return. Whatever he needs from me is his.

    I know my family too well. They would come asking for important things like help with the mortgage or medical bills or school or whatever. If I give it to them they will be happy for the moment. Then they will take the money they would have spent on those things and blow it on something else. If I don't give it to them then they would be bitter and spread hateful gossip about me that I don't care about their basic needs. I'd rather help strangers because they can't guilt me about it.

    I like moonie's idea about a scholarship for the poor. That is a stellar idea to me. I'd keep enough money so I can live modestly for the rest of my life. I don't want fancy cars or huge houses or expensive things. My only extravagance would be traveling. I'd spend quite a bit of money and time doing that.
     
  21. Jul 25, 2009 #20

    Evo

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    I would definitely give money to family. Of course who and how much would depend on the amount. First would be my kids, if I could set them financially so that instead of looking for a career to put food on the table they could pursue their life's dreams, Hell yeah!! If I won a LOT, I'd do the same for my siblings. I don't need millions sitting in a bank when I can make life better for others.

    If I won hundreds of millions (this is of course fantasizing that I get it all in a lump sum), I'd give MIH, Zooby & Tsu a million because they are good people. Cristo, Hoot and Kurdt would also get a million because they are hardworking students and I love them. Hmmm, I'd probably give a million to each member of our chat group because they entertain me. Zz would get a million to buy disney pins. Arildno would get a million because he's my history loving Norweed. Ack, I'm running out of money and I haven't gotton to the other mentors, admin, tiny-tim, turbo, marcus, cyrus, well, maybe not cyrus :tongue:... I just want to help out everyone.
     
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