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!
 
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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Quite nice in media city!

Had a chat in the car on the way down here. I asked her thoughts on what she would do if she won the £100k. Give us £30k, her brother £5k (spooky!), put some into her Lisa, take us all on holiday.

It was a nice hypothetical situation and it was nice to hear her thinking of us all and not just herself.

Of course it could have all been b0llocks as she said she would take the £1k if she gets that far!
 
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Mmmmm, not sure, everyone's situation is different, what if the parents were in the brink of repossession and that £30k would keep them from being homeless? Too many variables to say carte blanche you would hand back immediately.

Fortunately, we would also refuse £30k too, it was just nice to hear her say that.

Anyway, all hypothetical, but it's all been fun so far! Let's see what tomorrow brings.
 
Not the best start, the Producer asked if anyone has any nuts on them, daughter said she has a packet of ginger nut biscuits her bag :D
 
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dowie said:
I don't think you've really thought this through, how much is your house worth or your equity in your house?

Like the average UK house price is close to 300k and if you've got a small amount left on the mortgage then presumably you and your wife are already wealthier than she is ergo I'm not sure why you'd expect anything.

I think sharing some prize money with a sibling is a nice thing to do but help with your mortgage??? WTF???

Think about it a bit more - suppose she buys a flat or house herself and uses that as the deposit - she'll probably have a larger mortgage than you. Her mortgage repayments will already be higher than yours so if you actually expected some help with your mortgage then all you'd be doing in reality is expecting her to take on larger repayments to alleviate your already smaller repayments. Why should she do that?

Like I can understand a massive windfall in the form of a 7, 8 or 9 figure lottery win -> share cash with family. But this isn't that, this just puts her into a nice positon but still likely less well off than you. I could also understand that if parents were poor, living in rented accommodation/no assets and a bit of debt then paying off the debt would be nice, or taking everyone on a holiday etc..

But parents as home owners and the notion that a daughter with no home of her own would split a mere £100k to help with the mortgage when she'll have a much larger mortgage of her own to deal with just seems farcical.
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We're not 'expecting' anything. It was a hypothetical question and it was a nice show of her character when she considered her parents, grandparents and brother - I worry that the yoof of today are very self centered.
 
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Haggisman said:
If one of my kids won a large amount of money through luck, and didn't consider sharing it with their siblings, I'd be pretty disappointed in them. Fairly sure that wouldn't happen though, because we've raised them to be kind and considerate of others - unfortunately we may have inadvertently done them a disservice, as this is an alien concept to many people in the modern world - certainly wish I was more of a **** to people, life would be a lot easier! :(
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Exactly my take on the situation.
 
dowie said:
Why would they be self-centred for not giving an absurd gift in this situation - surely it's the other way around, it would be very self-centred/entitled for anyone to expect such a thing in the first place.

This has nothing to do with the "yoof of today" as the question concerns the parents and their potential entitlement.

Giving something to a sibling, sure, but to parents who are already wealthier than her in this particular situation (to help with their mortgage payments) at the expense of her own future mortgage payments - it's just absurd. The entitlement is very much on the part of any parents who'd entertain or expect such a thing.
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You're determined to make a nice situation, not a nice situation - not biting I'm afraid.

Enjoy the moment you Grinch :D
 
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dowie said:
It's only a "nice situation" if you're ignoring reality/not applying any basic numeracy. Otherwise, it's just some irrational entitlement and you'd be the Grinch here! :)
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Irrational entitlement? I've never mentioned anything about entitlement - come on Dowie, you're better than this.

Still not biting.
 
dowie said:
It's the whole premise of the thread. You mentioned the "yoof" being self-centred when it seems the reverse is true here.
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I said in this thread, not to her, that it would be nice that if she won big that she would consider gifting an amount to her immediate family at no point was this a demand or an expectation.

When I asked her what she would do with a big win, she said she'd take us on holiday and gift an amount to get brother - I thought this was thoughtful.

Of course it is her money, but that means it is her choice to do with as she sees fit and if that means she wants to spend a bit on her family, then that's her choice.

You really are getting offended on her behalf.
 
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dowie said:
I wasn't under the impression that it was a demand, my point still remains.



Nope, you started a thread with an open question, I've given you an answer and seemingly you don't like it. It's no good soliciting opinions if you're going to kick off like this when you don't like some of the opinions.
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Don't like the answers? Kicking off? I think you're reading a bit too much into this and you also think people on the internet opinions matter to me - they don't, not even a little.

This was just a fun thread, water cooler conversation, "oooh, what would you do if you won the lottery? " etc. A really thin conversation which you are reading far too much into. You've posted your thoughts and I appreciate that, but we can't all have the same opinion.

Chill dude - let's just shake hands and move on.
 
dowie said:
I'd say the same to you re: claims of getting offended, calling people names etc. I think you're reading into it too much.

It was a straightforward argument about basic numeracy and entitlement.
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It's also hypothetical, arguing over non-existing money that we haven't robbed our daughter of - yet :D

I 100% see your point, parents with minimal mortgage looking to take money from daughter who isn't even on the housing ladder yet.

But the thing is, we haven't took anything. I have just said I thought it was a thoughtful gesture of her to offer.

Were going in circles, you obvs have a strong opinion about this, but I promise you, we're not stealing our daughters non-existent cash.
 
dowie said:
I never said you had "took" anything.



Not particularly, you just keep on quoting me about it for some reason, you literally asked for opinions and yet when you've got one you don't like here you are replying to me multiple times about it.
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You're reading stuff that isn't there, you must be a bundle of joy at parties - I'm out.
 
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