WWYD: Have Windfall, Will Share… But How?
So I’m having a peaceful Saturday, and a friend, let’s call her Peitho, calls me up to tell me that Southwest is having a special on Las Vegas flights through its fare notifier service called Ding. Fares from Oakland to Las Vegas were selling for $25 each way. The offer would last for the next two hours only, and Peitho offered to split her room with Zac and me. Since Zac had never seen Vegas before, I figured, heck! Just buy the tickets, enjoy the bargain and work on my tan in Vegas.
I’m not much of a gambler. I never really spend more than $80 for gambling on a Vegas trip. I still couldn’t help but wonder, what if I hit a million dollar jackpot? I’m not expecting to win anything, but shocking things happen everyday, so it’s good to be prepared for the unexpected.
Sharing some of that jackpot would be one of many things I would do with the money. There are a few people in my life that could benefit from a cash influx, but how would I rank them? Would it be fair to everyone if I simply gave money I intended to share to charity instead? It’s a purely hypothetical situation, but intriguing nonetheless. Queercents readers: What would you do if you had a financial windfall and wanted to share the money?
The obvious thing here is that a million dollars is a lot of money, but it’s not an eye-popping amount. It clearly isn’t enough to allow a person under 30 to retire. In some places in this country, it just barely covers the purchase price of a house.
I have simple financial goals: self-employment, owning a home and a comfortable retirement. I have a plan to reach those goals. A financial windfall almost seems like a complete hassle because I would have to build a totally new set of goals around handling sudden wealth, which I know nothing about. The horror stories I’ve read about lottery winners makes me think a financial windfall is maybe best kept a downright secret.
Don’t get me wrong. I’d be happy to suddenly have a million dollars. I’d have to share that money one way or another, but I’m just not sure of the best way to do it. Hopefully you have some points to share.
I would definately keep it a secret. People may wonder if you are living a little better than you did before, but at least they won’t be pestering you to solve their financial problems.
I’d keep a secret too. Other than sharing the wealth with a few close friends & family members — treating them in some way and adding more $ to my charitable contributions, I’d use the money to further my financial goals (oh that & take a killer vacation).
If people are that desperate to get in on your windfall they need to examine their emotional relationship to money & my relationship with them (and my financial goals) shouldn’t be the laboratory.
Fun question!
You could share some with Peitho, for sure! Even if it’s just the entire cost of her flight and hotel.
And you’ll probably be sharing some of it with Uncle Sam. Thanks, Dude!
I’ve heard you’re just supposed to put your money somewhere safe and don’t make any big decisions for at least a year.
You’d have to learn all new tax laws for your new level of wealth probably. That could affect the timing of your sharing.
I’ve heard that many lottery winners give all their close relatives $10,000 a year for whatever the relatives want to use it for, and that’s it. So they don’t have to deal with the begging.
I would definitely give a large amount to charity, because those people need it a lot more than people I know.
You could also share by throwing a big party either at some fancy restaurant or some exotic locale. Just think of a one-time thing that would seem special.
I don’t think I have the kinds of friends or relatives who’d ask me for money, but I’ve been thinking lately that I would like to have a little fund for that sort of thing, even as a person with no windfall. I already tell people I lend money to that I don’t lend money if a previous loan is still outstanding. And I have enjoyed giving money when it’s either for a once-in-a-lifetime opportunity (like joining the rest of the family on an exotic trip) or it can get them out of a fix (such as first and last month’s rent on a new and cheaper place closer to work where they can get rid of their car).