Hypothetically win a £100k on a gameshow

ivrytwr3

ivrytwr3

ivrytwr3

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So daughter has only gone and got herself on a TV gameshow! As much as we'd love her to win the £100k top prize, the reality is, most likely not :) But it got us thinking, if your kid were to win that amount of money, what would your thoughts be?

Having this discussion at work, some are of the opinion, that family comes first and they would want them to divide it between immediate family, others are saying it's their winnings and they should keep it all, a great start to their life.

We have 2 kids roughly same age and both at Uni, parents pay for accom fees and a weekly spending amount. We also have a small amount on the mortgage and a small amount of debt. It would be nice if she could help out with that, but yeah, this definitely caused a divide at work and actually got quite heated with people's opinions!
 
Keep it and put it towards her first house, kids these days are going to find it harder and harder to own property. Would be a great start to her life.

My mate won a ford focus on deal or no deal about 20 years back. Sold it as soon as he could. Not really the same, granted. Also worked with a lass who was on millionaire hot seat and got her first question wrong so was booted off. Can't remember it exactly but the answer was so obviously Keanu Reeves but I guess if you don't know, you don't know.
I have no more irrelevant quiz show related anecdotes.
 
ivrytwr3 said:
So daughter has only gone and got herself on a TV gameshow! As much as we'd love her to win the £100k top prize, the reality is, most likely not :) But it got us thinking, if your kid were to win that amount of money, what would your thoughts be?

Having this discussion at work, some are of the opinion, that family comes first and they would want them to divide it between immediate family, others are saying it's their winnings and they should keep it all, a great start to their life.

We have 2 kids roughly same age and both at Uni, parents pay for accom fees and a weekly spending amount. We also have a small amount on the mortgage and a small amount of debt. It would be nice if she could help out with that, but yeah, this definitely caused a divide at work and actually got quite heated with people's opinions!
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I'm assuming she's over 18 which means legally the money is fully hers to do with as she pleases.

You've also not really said which side of the coin you sit on - only that it would be nice if she contributed to some of your debt. Is there an expectation there or just a nice thought? If she did offer would you genuinely decline it?

IMO unless a parent is absolutely desperate - eviction/repossession of the home, then any major earnings should be fully there.

As a side question, if she earned a small bonus at work (say equiv to 2 months salary) would you expect any additional contributions?
 
Josh said:
If I won something I’d split it with the kids, if my kids won something I’d consider it theirs to do with as they please/want/need.

Unless we’re talking mega millions then I’d be expecting them to retire me!
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Yep exactly, very different when there's more money than they could ever spend.
 
You'd put into the market, let I grow at an avg of 10% and she's a millionaire in 10-15 years. Can then pay of the mortgage and will have made far more money than using it as a house deposit.


Anything else is short sighted and a disservice to your daughters future really.
 
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slinxy said:
Ermmm.. if she won 100k it would be her money, no one else’s.. :)

I would stick it in a junior isa account and let the amount compound till she needs to buy a house. Granted you can’t put all the cash in there in one year. Just put as much as possible per year and the rest into a general stocks and shares account.
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She's over 18, so her CTF was moved to a LISA, but yes, save.
 
Semple said:
I'm assuming she's over 18 which means legally the money is fully hers to do with as she pleases.

You've also not really said which side of the coin you sit on - only that it would be nice if she contributed to some of your debt. Is there an expectation there or just a nice thought? If she did offer would you genuinely decline it?

IMO unless a parent is absolutely desperate - eviction/repossession of the home, then any major earnings should be fully there.

As a side question, if she earned a small bonus at work (say equiv to 2 months salary) would you expect any additional contributions?
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Money can easily create animosity and strain families, seen this too many times. Mmmmm, where do i sit? We have always treated both kids equally, that way we cannot be accused of favouritism. I think, we would continue to pay Uni accom and weekly spends to both to keep it equal, but it would be nice if she would pay off £10k for us - that would clear everything for us, mortgage included, say £5k gift to her brother, take mum, dad, brother and nan and grandad out for a meal (£200) and i would help her invest/pay off student loan/enjoy the rest.

But ofc, i am on the fence it would be her money to with as she pleases. She listened to advice about her CTF and we were able to put some in a LISA, some in a fixed saving account and she took some for spends at Uni.
 
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If anyone young wins a sizeable chunk of money, if they don’t use it for buying or putting on a deposit for a property, then they are fools.

I had a DOND 1p member who shopped at my previous work. Giorgio. Lovely sweet guy who passed away 5 years ago
 
Sadly £100k isn't even that much anymore, sure it's a great start in life, particularly if you are young and use it wisely, but they use terms like "life changing" I mean it's not really us it?

If I could buy a mansion and a yacht, buy a large business and retire on coke and hookers at 24, that's life changing.
 
If I won £100k, we got about £30k left on the mortgage, so £70k.

Mrs needs a new car, her 15 year old Ford Fiesta is starting to get to that point...so that's, what £10k for a decent used car?

That leaves £60k, give £30k each to both kids for house deposit/and or university (and even that doesn't really cover it).

Gone, just like that.
 
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