Would you give monies to family if you became rich?

[Pengwuino]

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?

 

[Moonbear]

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.

 

[waht]

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.

 

[MissSilvy]

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.

 

[Astronuc]

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.

 

[junglebeast]

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.

 

[turbo]

I would establish trust funds to do modest projects. Why not? Larger funds with poor standards do not perform well.

 

[lisab]

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.

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 ). 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.

 

[Cyrus]

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.

 

[CRGreathouse]

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.

 

[Pinu7]

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.

How are you going to sow the bills together to make toilet paper?

Spoiler

Child labor?

 

[Pengwuino]

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.

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.

 

[TheStatutoryApe]

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.

 

[Ivan Seeking]

If you won the lottery or made a great investment or something that net you at least a couple [hundred] million ($US), would you spread some of the money to your family?

Not a good day to ask.

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.

Of course, one of these might work okay.
https://www.youtube.com/watch?v=pm6gD6r3-cw

 

[jobyts]

With 2 million in hand, one would still need to borrow money to buy this car.

http://www.edmunds.com/new/2008/bugatti/veyron164/100961529/prices.html

 

[Ivan Seeking]

With 2 million in hand, one would still need to borrow money to buy this car.

http://www.edmunds.com/new/2008/bugatti/veyron164/100961529/prices.html

Note that I modified the question to ask what I would do with a couple hundred-million. Two-million wouldn't be enough to change life signficantly - I wouldn't throw money away if I only had a couple of milllion.

 

[Pengwuino]

Note that I modified the question to ask what I would do with a couple hundred-million. Two-million wouldn't be enough to change life signficantly - I wouldn't throw money away if I only had a couple of milllion.

Maybe we're talking about the superball lottery or a good california lottery

 

[Office_Shredder]

I'd definitely help out my parents. The rest goes to hookers and blow

 

[Huckleberry]

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.

 

[Evo]

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 ... I just want to help out everyone.

 

[Hootenanny]

Cristo, Hoot and Kurdt would also get a million because they are hardworking students and I love them.

You're too kind Evo!

And too be honest, I think cristo goes on vacation far too often to be working hard

 

[DaveC426913]

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.

Here's a revealing question:

What if your nephew asked for money for college?

 

[cristo]

Cristo, Hoot and Kurdt would also get a million because they are hardworking students and I love them.

Aww.. thanks Evo!

And too be honest, I think cristo goes on vacation far too often to be working hard

That's probably true.

As for me, my family's tiny and my aunt and uncle are pretty well off anyway, so the answer's quite easy: yes, I'd give money to my parents and my brother!

 

[Pengwuino]

Cristo, Hoot and Kurdt would also get a million because they are hardworking students and I love them.

How'd she find out I was lazy?

What if your nephew asked for money for college?

I'd require that I'd pay the college directly...

 

[wrongusername]

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.

Why?

 

[turbo]

I have the winning numbers for tonight's $88M Powerball drawing. If you don't hear from me after tonight, you'll know why.

 

[Office_Shredder]

I have the winning numbers for tonight's $88M Powerball drawing. If you don't hear from me after tonight, you'll know why.

Because the mob whacked you and stole your ticket?

 

[turbo]

Because the mob whacked you and stole your ticket?

Probably. Jimmy knows where I live. I'll hide in a hunting camp or an abandoned trailer for a few days.

 

[Pengwuino]

Because penguins whacked you and stole your ticket?

Corrected.

 

[rootX]

I would consider people in the following order:
1) Spouse (for securing future)
2) Kids
3) Parents (including in-laws)
4) My dog
5) Myself (for securing future)
6) Siblings (not cousins)
7) Friends
8) Charity

It might change as I grow.

 

[GeorginaS]

I wouldn't give money, per se, to my family. Well, my family, immediate family, consists of my parents alone. They're not great with money, so I'd put a chunk into some sort of fund that sent them a nice piece of money every month so they'd stop worrying about stuff. Same thing for my best friend and her wife. I'd pay off their mortgage and then have some mechanism send them a monthly installment. Then they could stop worrying too.

If I gave either a big hunk, odds are they'd be in trouble before long. Well, maybe not my parents. Possibly they'd not outlive a large enough chunk of money.

My cat and favourite charities already have funds set up for them if something happened to me. I figure I'd top them up.

 

[BobG]

I wouldn't give a dime to my kids. Next thing you know, they'd be on PF posting things like, "How do I convince dad not to throw me out of the house because I won't get any job".

I'd leave it all to my dog if I die before her. My dog always likes me. Of course, I've never told my dog to get a job, either. I wonder if there's some correlation.

 

[Pengwuino]

I wouldn't give a dime to my kids. Next thing you know, they'd be on PF posting things like, "How do I convince dad not to throw me out of the house because I won't get any job".

So he was YOUR kid! Can't you let your kid moap around debating the philosophical implications of working at home depot?

 

[DaveC426913]

I would consider people in the following order:
1) Spouse (for securing future)

Uh. Hello? Your money is her money.

(And you'd better share it equally willingly, or she'll divorce you and take half anyway.)

 

[DaveC426913]

Husband walks in front door.
Wife: "Honey, I just won the lottery! Pack your bags!"
Husband: "Wow honey, that's awesome! Just one thing, am I packing for the mountains or the coast?"
Wife: "I don't care! Just get out!"

 

[GeorginaS]

Husband walks in front door.
Wife: "Honey, I just won the lottery! Pack your bags!"
Husband: "Wow honey, that's awesome! Just one thing, am I packing for the mountains or the coast?"
Wife: "I don't care! Just get out!"

Feel the love.

 

[Jimmy Snyder]

No way. I won the million dollar prize in the mega powerball lotto cash5 last year. I had a choice, $1 a year for a million years, or a lump sum payment of $19.95 which I took. My brother-in-law got wind of this and immediately asked to borrow $5 for his septuple by-pass surgery. What do you know, he skipped the surgery, died and gave the money to my sister who won't pay it back because she says I can't prove I lent it.

 

[anubis01]

If I won the lottery I would by my parents a house, pay off my siblings debt and help out two of my mother’s cousins who I have a good relationship with.

Rest of the money will be spent in the following order

1)Death Ray
2)Hookers
3)Second Death Ray
4)Ferrari

 

[Office_Shredder]

anubis, you get the Ferrari, and you don't need hookers. Save yourself some cash

 

[jobyts]

So, nobody plans to pay any tax?

 

[Pengwuino]

So, nobody plans to pay any tax?

The government usually decides that paying taxes on your winnings/earnings isn't really an option that you get to choose :)

 

[cristo]

So, nobody plans to pay any tax?

On my multi million lottery prize? Erm.. no thanks!

 

[wrongusername]

Note that I modified the question to ask what I would do with a couple hundred-million. Two-million wouldn't be enough to change life signficantly - I wouldn't throw money away if I only had a couple of milllion.

Two-million isn't enough to change life significantly? I thought somebody with a doctoral degree in engineering couldn't make much more than 2.5 million or so during his lifetime.

 

[turbo]

Two-million isn't enough to change life significantly? I thought somebody with a doctoral degree in engineering couldn't make much more than 2.5 million or so during his lifetime.

If you have been quite conservative and have saved all your life and have a few hundred K socked away, are you going to start spending like a drunken sailor just because you've hit a $2M jackpot (much less in a lump-sum, less taxes)? I wouldn't. I would build a pole-barn to dry fire-wood in and store my tractor, and maybe set up a trust fund for educating the young 'uns in in the family. Maybe a few grand to build a roll-off-roof observatory for my 'scope. What else could I need? Not want, but need? Maybe trade in my 14-year-old pickup truck (used for landfill runs/recycling) for one that is only 5 years old or so... Maybe build a nicer greenhouse to start vegetables in...

 

[turbo]

I would probably also fund an animal shelter. I love dogs, and so many are being abandoned in these hard financial times. My nephew and his sister's husband showed up today to estimate some cabinetry, and he brought his dog along. That sweet boxer will lick you to death if you let him. His little stub of a tail wags continuously, and though today is the first time he met me, after I roughly scrubbed his neck, ears, etc. I was his newest best pal. He didn't jump on me or act out, but if I reached out to scratch his ears or pat him, he'd instantly try to lay kisses on my hand.

My neighbors' dog is half German shepherd and half pit bull, and when he sees me coming he runs around barking and searching frantically for something that I can throw from him. His toys range from cute little squeaky things to lids off 5-gallon buckets (joint-compound frisbees!) and it doesn't matter what it is as long as I will throw it for him. If I ignore him (teasing), he leans against my legs, looks up at me and whines (Nobody every throws anything for me!). Then when he brings back the projectile, he drops it at my feet, acts unconcerned, and then tries to snatch it away before I can grab it. What a sweetie!