Work convo that is now a post.
Poll because ozbargain, but I'm curious too if you'd split it differently, eg more to parents or poorer family.
Me personally, probably aim at <$3m total so approx 250k pp.
You Win a $20m Jackpot, How Much Are You Giving to Family and Friends?
900dollaridoos on 23/04/2022 - 16:21
Last edited 23/04/2022 - 16:30
Last edited 23/04/2022 - 16:30
Poll Options
- 3820.
- 32<$10k pp
- 3<$25k pp
- 13<$50k pp
- 26<$100k pp
- 29<$250k pp
- 62<$500k pp
- 117<$1m pp
- 42>$2m pp???
Comments
where you going to get 10%?
Thats close to $30M in 10 years.
All in on VDHG
"I won $5mil, I'll give you (2 subs + parents) $700k each." I'm the poorest in the fam anyway 😂
This is something I've given thought to. I would put funds aside for my grandkids' education, and something for my son as well - he's financially savvy and will use it wisely. I'd gift some to my sister because we've shared so much all of our lives. 10% to charity. And the rest? Mine. Invest, retire, live off the proceeds (NEVER spend it all - don't kill the goose that lays the golden egg!)
This question has been asked before. I would pay off the mortgage of my parents, and my partners sisters, give each of his nieces and nephews a house deposit, nothing for my sisters as they are plenty rich anyway, and pay off my friends' mortgages and my own. I would probably tell them I came into an inheritance or something. Whatever is left can go in a term deposit or other safe investment to live off the interest. If there is a lot left maybe some holiday homes in other cities and they can be airbnbs when I don't want to stay there
I'd buy a big steak for all my family. That costs about 20 million nowadays.
I would not give anything away to family. I'd live exactly the same as now and donate investment excess to charities of my choice.
I'd not give my parents any directly as they're terrible with money, but I'd ensure that had the best nursing home care etc (my dad is 94 and currently in hospital, unlikely he'll live at home again). The rest of my family can get flapped, they're all crazy religious and basically disowned me when I became atheist. (My parents are too, but didn't disown me.)
I have 4 close friends I'd look after to varying degrees, because of things like age, some are already home owners etc.
All up, I figure I'd be giving away ~4 million. I don't plan on telling anyone how much I won, it what I'm giving to others, though.
Buy/pay out homes for immediate family and two close friends ($4-5M)
$2M in investments to top up super.
Remainder to set up study/research scholarships, comission art/music and to my favourite charities.
This depends on, apart from your level of generosity, how old you are.The older you are the less interested in wine, women and song and big shiny expensive stuff you probably are. Plus you have less remaining years to fund. So in my case, I would give away $12 million minimum. For real.
Funny, wrote my reply then came back to read others. Yours stood out as it worked out that $12m was the amount I put for giving to/ investing for family.
Great minds think alike.
Fools rarely differ.
Not that I'm a Chuck Feeney or anything. If it was only $1 million I would keep nearly all of it. But I'm generous after my own selfish needs are met and $8 million would be more than enough for my selfish needs.
https://www.forbes.com/sites/stevenbertoni/2020/09/15/exclus…
Don't tell anyone thats just bragging and can creat jealousy don't dramatically change your style of living. Get financial advice invest the lot give yourself time to consider your options and if you want to give something to family give them something from the earnings. That way it's not just blown.
Many people who win go out buy a top house, car trips etc and end up in financial trouble within a few years.
If you do have to give away money it should be a evenly split. I have a couple of siblings that have worked hard and have been careful with there money and I have a brother in law and sister in law who constantly make bad choices with their money and with money they have inherited blown through it. It was enough for a excellent home deposit yet they bought cars went on holidays and still rent. Yet complain about not being able to afford a house?
Even if you do give an even split it can creat jealousy the poorer one may say why did you give to the well off sibling that much as they already have a house etc.
Money does things to people you don't expect. Don't tell anyone.Invest the lot! Having said that my wife would tell everyone in about 10 seconds and split it up in weird ways.
$1m each to mum (may reduce hers to $500k as their house is nearly paid off), 2 sisters, 2 friends and boyfriend (would more likely be $200k, mostly because I just don't think he could find a way to spend much more and I'd pay for everything anyway) there goes $6m (or 4.7m).
If she had any use for it, I'd split the rest 50/50 with my dog. I'd buy a house for two other friends on the down low ($1.2m combined - 1 regional, the other waiting for their $500-600k house to be built) who I haven't known for 20 years, but I'm quite fond of.
I'll keep about $1m to play with. That will get me a house and life for a little while. I will get some investment advice and invest the other $11.8m (or $13.1m). If I have kids I will put $1.5m each in trust. When I die I will leave everything else to charities.
After travelling for a while, I'll do volunteer work to satisfy my desire to do something productive - I may travel as part of that too. As part of this I may also donate while alive, from the $11.8/$13.1m, but probably not more than half.
No way family and friends will know I won lotto. Plenty of ways to help people out without revealing the win. I wouldn't even tell my wife (or at least tell her a much much lower number).
If she's reading, she'll know the amount is much higher than any amount you tell her :-D
don't have to tell her the same week I won. My wife doesn't read any of that stuff anyway. She is not good with money, I don't want to impose limits on her, just tell her to be reasonable and responsible in her spending but she can't do it and insists I impose limits on what she can spend otherwise she will spend everything she has access to plus a little more.
My workmate won lottery, they got divorced, kids died of drug overdose. Money brings out the worst in people. No one except my partner would know.
Probably 1 mil each to my 3 siblings and parents.
With the remaining, I’d buy a small bit of land, build my dream house and put aside enough specifically for all house related bills, maintenance and taxes (~$3mil maybe to cover build + long term). Then figure out how much I’d need to live a very comfortable and quiet life, keep part of that in a lower risk investment, the rest as cash in savings accounts to live off. (Around $8 mil all up for house plus my living expenses)
Remaining ~$7m go to higher risk investments to try build it up further.
Depending on how it goes, my siblings and niblings will occasionally get more money for emergencies, with the balance being divided among them plus a few charities when I die (not having kids or spouse of my own). Hopefully it’ll mean they’ll all get a much larger payout further down the track.
60% for Me n Mrs.
20% for Me. From which I would set up my direct family (folks n sister) i.e. pay all their bills mortgage etc which would leave enough for a car each. Best mate will be taken care off also.
20% for Mrs of which she sorts her family as above.Some investments would be taken from our 60% then look to sort out our own house in this ridiculous market. Property elsewhere perhaps yet will see.
Nice trip planned to all places we have wanted to visit. Business or First depending on carriers that fly those legs - yet hopefully using points from cards that have accrued during our sorting out of others. Donations to charities that are aligned with medical concerns from family passed and present as well as others that are on our radar.
Some toys will be purchased then rest of it stashed.Aside from direct family - would not be advertising it to people. Likely that family members would not know the exact amount either.
Probably still keep working to see what it's like working out of choice not requirements, yet also acutely aware I am a person who 'currently' can enjoy not doing much at all! So will be good to have the option to continue or do something random (or ideas that have come and gone and come again) or just spend my days helping others by volunteering.
There will be many traps and pitfalls that will arise from the windfall. So it's matter of sitting on it for a week or so, gathering thoughts & ideas and trying to stick to it and not let teenage us take control 😊
I'd probably start selling gift cards at a 50% discount on Ozbargain to people who make meaningful contributions to the site.
I've noticed people who are given a heap of money they didn't work for have less respect for it than the people who have earnt it themselves.
I would rather donate money to my local animal shelters than give a cent to anyone.
Buy a house for each of my kids and rent it to them for 1.- a year, so that their partners can't access the value when they leave.
Invest the rest in real estate, shares, gold and term deposits.
Tell no one.
Good idea!
A free house to live in allows them to make their own wealth with whatever they do with themselves.
And YOU keep the house and its protected, so win/win.Except they will expect more.
For me, no point being happy alone. There's more to life than just money. I'd be giving quite a big chunk of it away to my closer family and friends. Those that I know are good friends.
You'll never really know what you'd do until you'd have to do it.
Set up a trust fund and they can get payment from the interest/dividends, no point giving someone a million if they dont know how to use it wisely or they will just ask for more and more.
Tell Gina Rhinehart. There's $4 billion + in her family trust and with four children, they want their share of a billion dollars each and she won't give it to them despite them saying they want to spend it in their lifetime…
I will wake up and realize it's a dream.
The number one rule of inheriting/winning something significantly big is you never tell anyone. Doesn't matter who they are, money changes people tenfold.
I believe it actuality amplifies who they really are tenfold. Ppl who try to impress buy even more extravagant things, the stingy become even more stingy, etc
Imagine the OzBargainer who wins the lottery,
but still continues to surf OzB for the thrill of the discount, haha
$0. As soon as anyone knows, people view you differently most of the time.
I would help, but I wouldn't tell. People would suddenly start planning like the $20m is part of their life plan as well as they automatic would feel entitled to it.
Obviously immediate family members thinking of how to help them without them knowing is probably better.
If your immediate family members all don't have any debt, and own a house, the next best thing is to help cover their life expenses, then at least whatever they earn they suddenly have a larger disposable income. When you think about it, if you didn't have to worry about bills at home etc and any money you earn you can spend on whatever toys you want, I think that's quite fulfilling
Literally zero.
My children would ultimately get it, but hopefully only after it becomes significantly more than $20m.
I'd buy a house nearby so my parents can move close to my brother and I and our kids (with our own individual partners I just realise how this read lol). Give my brother enough for a decent deposit on a reasonable house. Pay off my own house and then invest the rest safely while adding the max to my super for a few years just in case. Keep enough out to live comfortably but not crazily. With the house paid off I could work part time and live a chill life.
I've thought about this before!
I would give a million to my parents and inlaws. Then pay off the sibling's mortgages or if they don't have a house then I'd buy them one.
A significant portion into some investment and then the rest will be for living a comfortable life until the investments mature.
I can't take the money with me when I die but I can at least make my immediate family live comfortably though without worrying too much about money.
I would tell my family and would give them a small portion each (As I have limited family that I can trust 100%), but I wouldn't tell my friends
Nice to dream… firstly, I will not let anyone know.
I would set up a trust account to deposit regularly small amount for my poorer family members(this can be just the interest from a large deposit of around 1m). Set up a deposit/shares for my son which he can withdraw a couple thousand fortnightly for the rest of his life (I want him to work and be independent). Also help out my parents, not that they need it. I will use the rest to pay out my debt and deposit it, and enjoy the interest for the finer things in life, spoiling my wife.No one should know even Mrs (make a will for Mrs & kids obviously). Put portion in shares for divi, some rentals for cashflow, farmlands etc … not necessary in Aus. Then patiently planning how to use the massive extra income properly. And yeah, celebrate with one or two cold so I could show up @9 next day
Don't tell anyone. Pay off any debts. Invest. Then give out a percentage of the earnings each year.
I'd put 10m into investment properties across Australia. This portfolio will continue to grow over time so that way my partner and I won't have to work and can spend time with kids. and 1-2m into shares.
Family members will have won prizes from one of those random competitions. I'd buy a nice place (not too posh) to live in and I wouldn't tell my kids. I want them to value money and continue with their education.
Zero
All my family is dead, and I have no friendsHalf to charity then I guess?
I haven't made a will out yet. I am 64 & falling apart; I have been on a disability pension since I was 40. I have a son, but I have not seen him in over 39 years, so I can't make a will out to him as I think he changed his name; anyway, I don't know where he is. I don't have a daughter as she died before birth; my wife had cancer of the womb. My son is to someone else after we drifted apart after the death
Houses for some of my family, some fun dollars for those who are better off.
I know someone who won 40 million on the jackpot lottery and bought all he kids houses and gave her best friend 5 grand. Might have just punched her in the face.
5 grand is better than zero!
5 grand means you weren't really a friend.
id say expecting someone to give you money means youre not much of a friend…
And ^ this ^ here is the reason you don't tell anyone when you win the lottery.
Family and money do not mix, especially large sums like that
Watch all the wolves come out for you, with their sob stories
Worse yet, from now on, you will be seen as 'the bank' and these people will expect handouts for the rest of their lives, because "youve got enough (money)".
Yep!
Don't tell them $20mil! Tell them $5mil, or even less.
You tell them the lot, they'll expect the lot.
Apart from a lump sum to pay off immediate debts. I'd put it all into a trust and set up payments for myself and family. I'd lock the funds down so they can't be accessed easily/quickly.
Sharing is the reason why I want win over $30M :P
But, I want to pay back my "life debt" to my parents, as well help my brother, before giving it to friends who have stuck by me for 8+ years and actively messaged me during lockdowns.
But, for the remainder of the funds, the biggest thing I will not do is quit my job - I actively enjoy what I do and I am determined to make a career that I can look back and be proud of. I'll spread the funds over various accounts and trusts so I don't touch it until I absolutely need it, and buy a modest house that looks like I could afford without the lottery.
None (of the lump sum received).
All into a 60/40 or 90/10 ETF.
Would be clearing payments over 1 million gross per year, before taxes.
I would give money to family at my own discretion.
I'd give to charity the max amount per year to make my taxable income 0
Start developing properties until the market no good, then buy acrage in Sydney, build a hangout for friends to visit, that should be enough for them.
0 for friends cause I dont have any (they cost money).
Some for needy members of immediate family.
The rest I would spend on NFT's, hail the future!!!!!!!!!
I have five siblings, including a disabled sister who lives in government housing - I would buy her a townhouse in a nice area, in my name (as she has been swindled out of much less before) and she could live there rent free for the rest of her life. My other siblings are doing about as well as me, the ones that have a mortgage and have worked hard I would pay out for them but also tell them that they are never to ask for a dime from me every again or tell others that I did it for them. I believe they would respect that.
One brother that blew his inheritance on trash and just wastes money would need to turn his life around a bit first before I would offer the same to him - I know it would lead to negative outcomes for him long term and there are greater lessons in learning how to live within your means, investment mentality and avoiding instant gratification.
For me, I would keep working part time as I genuinely like my career and it adds to my character. But I would buy a lavish house, somewhere nice on the water, and take lots of holidays/time off. I would tell my friends that we are loaded up with debt for the house to diffuse any perceptions and continue to do what I do now and use OzBargain …
It would probably be needs based.
Probably pay off mortgages for friends and family. Do kitchens etc.
Then you have, for the rest of your life, the misery Olympics right in your life in every relationship. Even with strangers..
Invest it all in sugar.
First you get the sugar, then you get the power, then you get the women.
Maybe put some into Springfield Elementary too
Too many ugly ugly Children, not worth it
Tell my loved ones I won a different lotto (like Jackpot Lotteries)…. with a much lower winning amount.
$20,000,000 is too high to tell the truth and too many hangers on and resentment later on when people inevitably need more money.The only one that would know the truth is my wife, and between us we'd determine how much we would give of our "$5,000,000" win.
We'd tell everyone "a third to pay off house, a third to live off, and a third for all family & friends".Telling people you've won something explains the generosity, but no way I'd tell everyone exactly how much.
A $100,000 gift is awesome in anyone's world.
But if you've won $20mil, people will definitely look at you like "is that it?".
Nope…. no one knows the truth but my Mrs. Investments, trust funds etc.
Money changes people. I want to affect the lives of loved ones around me and NOT have them coming back for more.
There was a great post on reddit by a guy who provided professional services to winners that went into all the pitfalls. Essentially winnings become a pain in the ass if public.
Short version tell no one and change your mobile number. Set a small portion aside into cash spinning investments and the profits are available to friends and family for support but you outsource the decision making to a body that assesses written applications for help. Someone doesn't like that 30% or whatever of your win is invested to benefit them them they don't really deserve the help.
change your mobile number
Why? (Asking for a friend)
The post goes into it better but the argument goes you need time to think and get your stuff together free of all the fuss and requests for help and demands that escalate. It went into the stat's for increased likelihood of even violence and murder by family.members, harassment by authorities (pulled over in your new car by a jealous or opinionated cop) etc. So go off the radar on a holiday where you can't be reached and think clear headed and make some decisions before putting them into place and reappearing. Otherwise you won't get even one day to enjoy the win before hands come out and resentments grow and begin to fester. Well written and worth Googling post. Covers aspects you don't really think about. It should bring you joy and freedom but for many it ruins their lives and relationships with all the baggage it brings.Then the money is gone in a few years if you aren't careful as well as the social network you think of as "your life".
Yeah okay thanks.
I think I read that post many years ago on one of the finance subs, about getting a "windfall".Didn't remember about the phone number, I thought it'd be something like an employee in the telco redirecting SMS to steal your money lol.
Think about your family as far as say cousins. Would you rather they be angry they couldn't ring you for a couple of weeks or because when they asked you for money and you looked them in the eye and said "No"?
Even if "No" is just while you make up your mind, the resentment is already growing. Alternatively you could send out a group message about your phone needing repairs/I'll be offline and no one thinks anything of it untill they get your new number. All the hangers on and old workmates or casual acquaintances just wash out of your hair for a bit.
the reddit post is a repost of this
https://www.ar15.com/forums/general/-/5-749519/?page=1
good read for those who do win.
One of the rules in life is to never give money to anyone. If you really want to help them there will always be other ways that don't involve giving them money.
Very little, more to charity. As long as you have a stableish job, most people here are well off enough already.
i wouldn't give any money, but I would buy my friends and family things that they need. e.g.. a new house for my parents, a new car for my friends, etc…
I would buy Mooncoin for $20 million and give them to all my family members. Soon lambo for all.
We would keep the news to ourselves and certainly wouldn't be doing cash handouts. If my parents needed something or even wanted to just go on a nice holiday, I'd probably let slip that we could cover it (not concerned about them getting greedy, they don't even let us pay for lunch). Definitely wouldn't tell the wife's parents. We'd probably buy a decent house and replace some old furniture and appliances, otherwise I'd throw a bunch into ETFs and super, and put a good chunk away for a rainy day. Would probably look to drop my workload down 2-3 days a week too and splash some cash on some new hobbies to fill the rest of the week.
The rule of thumb with $20m is you fake your own death…
Invest $10 million which will give me around 4% per year to live on for the rest of my life while it's growing at around 4-10% a year to keep up with inflation. Spend $5 million on house, holiday homes, cars, shopping etc etc. Give $5 million to family but not cash. Pay their home loans off, invest into trust funds for their kids which will be available when they get to a certain age etc. No one needs $20 million to live, it’s way too much money.
More for the distant family and friends, I'd buy a nice holiday villa at a tropical resort. My gift would be for them to use that as a holiday destination when ever they want (within reason). Perhaps upgrade their flights, meals etc when they go depending on closeness of relationship.
That way you everyone has an opportunity to get something that they did not have before while not getting cash directly from you.
It is something that you could use yourself and is also a good long term investment.
Don't want to be a bummer, but you should win the jackpot first lmao, then think about it. The chances of you winning is very very small.
Mathematically:
The probability of correctly picking 7 numbers regardless of order from 45 is 1 in 45 million. That's more than the number of people in all of Australia!
The probability of correctly picking 7 numbers regardless of order from 47 is 1 in 62 million!I think I have won the jackpot with cryptocurrencies (my wealth has increased way more than $20 million from it), so I will think about it for a minute…hmmm..$0 per person.
I've given $0 to my extended family and friends. Why would I when they could have won as well? If they entered crypto the same time as me, they'd have millions too. Teach someone to fish they eat for life, give them fish, they eat for a day. Of course my immediate family has benefited from an increase in lifestyle luxuries, but I've not given anyone just cash.
With the amount of money people spend on the lottery, they are better off buying the equivalent amount in Bitcoin and other major cryptos like ETH, ADA etc and just forget about it for 3 years. You'd more likely to have more money in the end.
Not financial advice, don't listen to a random guy on the internet. You do whatever you like with your money.
20 Mil would be enough for me to convert that digital number into real wealth that can be experienced and enjoyed. No point really having a great lifestyle if my friends and family are too burnt out and busy trying to make ends meet to be good company.
What does “real wealth” mean? Are digital numbers not “real wealth”? The digital numbers in my online banking not “real”?
I’ve restructured my holdings so it’s generating cashflow, it’s multiples more than my day job.
I would say real wealth is something that improves your standard of living.
If it's generating cashflow sounds like you've done that.
I believe there's many people out there, (maybe even your extended family and friends that you're critical of) that may have more real wealth, I'd measure, mental heath, physical health, family and healthly family relations, time, lifestyle, friends and more as real wealth before digital numbers. But certainly your digital numbers are beneficial and could be converted increasing those things.@tonka: It has definitely improved my standard of living.
I'm set, I can retire now if I wanted to.
I'm just laughing at all the idiots paying for overpriced property. While I'm just sitting pretty with my popcorn.
I get a lot ads on youtube from "property gurus" trying to sell "financial freedom" to me via property. Hilarious, I laugh so hard at them when they come up.
Agree completely. Interesting people would neg this common sense thinking.
Very tempted to neg so I can qualify as an interesting person.
lol
never give money to "poor" family members, give to those in your family in need. My granddad learnt it in a hard way….
Interesting how these hypothetical questions are always centred around a winning $X in a jackpot or lottery rather than creating a business and through hard work and perseverance earning $X.
People seem to be able to imagine themselves winning a lottery against extraordinary odds but never winning through their own extraordinary effort.It would be interesting to know the odds of making $20mil from scratch through hard effort though. Say by age 40. I would expect there must be risk, so a fair chance of failing and then being perceived as one of the irresponsible deadhead relatives?
The odds are approximately zero for the type of person to worry about what other people will think rather than taking action.
What I want to know is, when you win the Lottery, say… the jackpot of $40M
I heard that the lottery organization tries NOT to give you that whole amount, at once.They may make an offer like $2M over the next 20 years (maybe they are hoping you die, ha)
or some other offer, which is not the winning amount.
Basically, they don't like to pay up.Is this true ?
Does anyone know this ?
How soon does the money get given to you,
or can any normal, ordinary bank account handle such big deposits?Nope. They give you the whole amount at once.
The USA will tax you big if you take it in one hit but not in regular instalments. Australia gives it to you in one hit but will assist with free financial advice.
It would be very hard not to tell family members.
They would wonder how I am living in a $5 million house and wearing Chanel head to toe lol
I'd have to lie and say I won less.I caught a snippet of a show on tv where some bloke won the lottery and didn't tell anyone. To account for his wealth he pretended to be some kind of business hotshot for decades. Sounds like hard work to me. How did he convince anyone? Did he have an office and stay in there for long periods of time? I don't know.
Do you remember what the show was called?
I saw an episode of SBS Insight on winning the lottery.
my family is just mom, dad and my partner. I have 2 friends that I want them with me for the rest of my life, so I would keep this 5 people always next to me. would not give them money but would pay everything for them to have a good life.
10m would be my emergency money that I would never touch but leave invested with 10%pa
9m would be towards business, would never use everything into 1 business but would try to start one with just 1 million and keep the 8 in case I have to start over, but would never stop working till I own a company that is listed on ASX.
my dream is an Aventador but I would only buy one when I become able to make enough money to pay for one.
.5m would go into self-development
.5m would go towards having enough money to survive till business starts to make money.