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Money - what would you do? Hypothetically.


exdragon

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After watching Syndicate last night (group of workmates won £18 million on the lottery), we were discussing how we would apportion some of the winnings to the family. So, say you (on your own or with one partner, no syndicate) won - for the sake of argument - £20 million, how would you share it with your family?

On one hand, one daughter/son in law/granddaughter and on the other, one daughter/four grandchildren and three partners/four great grandchildren.

I don't mean giving money to charity, cats homes or whatever - just your immediate family.

As I said, totally hypothetical, unfortunately!

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interzone55

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Here's my plan for a decent sized win.

Pay off my sister's mortgage

Give a wedge of cash to the parents of my 4 god-children to be invested until they're 18

Buy a nice, but not lavish, house with about an acre of land for dogs to run wild.

Buy a nice, but not flash car.

The bulk of the cash to be invested wisely & securely so as to provide an annual income.

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spuds

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alan14

Didn't that young dustbin man think something like that, and still ended up on the dole :O)

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Flak999

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The first thing I would do is ensure I had opted for no publicity whatsoever!

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buteman

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Not sure about the car,But would probably trade the wife in for a newer model.

Keep the central heating on 24/7 during the winter.

Never ever had much money to spare but you learn to live with what you have.

I think just seeing the family alright would be the High point.

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john bunyan

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Allocate a relatively small part of the capital for update house, car etc. Hire for a short period somebody to fend off all begging letters. Invest principal to yield income. Use that to pay off grand children's upcoming University fees,provide modest help for older children and grandchildren to have modest housing. Then see how much to allocate to a charity or two. I would only live a bit better than I do now; I have no wish to "live it up".

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interzone55

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spuds

If the young dustbin man you're refering to is the person I think you mean then ending up on the dole is probably a consequence of spending lots of money on drugs, lurid gold jewellery and cars to crash on the track he excavated in his back yard.

I'm a little more sensible than that...

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Joseph Kerr

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I have thought this through to a possibly unhealthy degree.

Firstly, I second the no publicity idea!

I would buy myself a home outright. Somewhere local. Due to mobility issues it would be a decent sized bungalow and it may need some work. There may be the option of building. though I've no experience of managing such a project.

Speaking of property, my parents' place is not the best, mobility wise, so I may insist on having them chloroformed* and move them to a suitable property.

I would then do some things for family and friends, before looking into charities.**

What to do fro which family and friends and whether to make any stipulations is something I find difficult, especially with one person who is not known for financial sense, or indeed having money, or observing the law, or staying clean and sober...

One thing I may do is "pay" myself X amount a month and leave the rest in savings, perhaps using some now and then if need be. It would be a comfortable amount to cover essentials, bills and luxuries.

It may well make a big difference if the amount was 1 million or 10, though it may not. I struggle to conceive if such amounts and the interest they would accrue once initial spending is done.

*This is a joke, based on the fact that they have made quite clear that they have no intention of moving again.

** I have not read the link on the tax implications of gifts.

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Joseph Kerr

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I may, money depending, buy a "get away" or two. I only have one in mind and its in the UK, but would cost into the 100,000s (wouldn't anywhere, I guess).

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caccy

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First employ a very good accountant to find out how to give the maximum amounts with minimum tax to our children, grandchildren, and other members of the family. Treat them all to the holiday of their dreams (whatever that maybe). Go on lots of holidays. Pay for 1 year's town C*mas lights.

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Toneman

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I see "The Scream" is up for sale, anyone have it on their list?...

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