Sharing "windfall" with family

[Anonymous]

Since you only have one infant nephew, I would keep the money in your account for now and let it grow. You can even create a separate account within your Vanguard account to segregate the money and let that pot grow on its own.

The reason I say to wait is that you might end up with more nieces and nephews. You can deal with college once you know the total number and spacing.

Also, a big family vacation is a great idea but nobody wants to take a trip of a lifetime with a baby. In 10-15 years, that money will have grown and a family safari with all your siblings kids will be so much more fun and memorable.

[Anonymous]

I guess we know why you are chaotic.

[Anonymous]

Anonymous wrote:I guess we know why you are chaotic.

+1

[Anonymous]

OP, you stated that you just got word, but also that the money is saved. Which is it?

[Anonymous]

Anonymous wrote:How about paying for a big family vacation- African Safari or something?

yes - this - great idea

[Anonymous]

Anonymous wrote:

Anonymous wrote:I just got word that a significant amount of money will be coming my way and I would like to share it with my (both older) siblings. To provide background they're both married and successful engineers, homeowners with nice cars, and great careers. I'm the single sibling that lives a chaotic life and enjoys every minute of it! ...

All that being said, I'm considering 10k for each of them and then 10k towards my only infant nephew's college fund....


As far as what I'm doing with the money? Nothing but letting it sit in my Vanguard brokerage account. I dont own a house, I have a car that's paid off. I'm comfortable but don't need more and (if you grew up poor) spending money needlessly terrifies me. Weird situation, but one that's not going to change my life much.

You're an aunt to 1 infant. Never know if there will be more...You don't own a house/condo/coop so unless you live in a great deal on a rent controlled property in NYC then don't give the $ to the sibs. Ge a place of your own. So give 5k to the nephew s 529 or a nice amount for 1 to the parents - noote if you itemize deductions on federal 4k is deductible in VA. Varies per state so gift to parents then to 29 might be good.

op is male

[Anonymous]

too many vague comments to make any real comment.
what does chaotic mean?
how much are we talking about?

[Anonymous]

I’m in a similar spot OP - just received a substantial settlement from a lawsuit. Both my siblings are more successful than I am. I gave them both 15k and told them that this was a blessing for me and it makes me happy to share it. They can do anything - college fund, a fun splurge, whatever - and if they really don’t want it they can donate to the charity of their choice.

[Anonymous]

Anonymous wrote:I just got word that a significant amount of money will be coming my way and I would like to share it with my (both older) siblings. To provide background they're both married and successful engineers, homeowners with nice cars, and great careers. I'm the single sibling that lives a chaotic life and enjoys every minute of it! Neither one of them *need* money to say the least lol

I've been thinking about how I can share this with them. All of us are estranged from our parents and my siblings have honest to God been incredible with the examples they set. We grew up fairly poor and they're 100% the reason I didn't end up in the poverty cycle. I wouldn't be where I'm at in life without them carving the way.

All that being said, I'm considering 10k for each of them and then 10k towards my only infant nephew's college fund. I know they'll do all they can to say no, so is there a creative or sentimental way I can ensure they know I am doing this with no expectations? I'd love to hear your stories, all I can find is nightmare scenarios online!


As far as what I'm doing with the money? Nothing but letting it sit in my Vanguard brokerage account. I dont own a house, I have a car that's paid off. I'm comfortable but don't need more and (if you grew up poor) spending money needlessly terrifies me. Weird situation, but one that's not going to change my life much.

Dear God, please share with your siblings. Every bit helps when you have children.

[Anonymous]

If I was given 10k I would just invest it, not enjoy it. If I had a windfall I would invite everyone on a great vacation - it’s my fantasy once a year when I play powerball. But seriously if you don’t own a home/condo do that first.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Save your money. Your successful siblings aren’t going to want to bail you out if life takes a downturn for you financially. Put aside money to gift your nephew and any future nieces/nephews at significant milestones if you want to be generous.

Aren't you the selfish prick going through life? What an a... Nice gesture Op, I wish I had a sibling like you.

I agree with the PP. The OP doesn’t give the impression of being financially savvy. She shouldn’t be giving money away to older, stable siblings with houses, jobs, and spouses when she has none of those things herself. I would never accept money from my sibling is this was the situation.

[Anonymous]

Anonymous wrote:OP. You’re awesome. My DH and I grew up with very little. We are now financially successful and very generous. I’m amazed at how cheap people are. Especially those with a lot more money. It’s nice to see people like you still exist. Good luck!

Does OP have more money than his siblings? Doesn’t seem so.

[Anonymous]

I’d be ok with some in a college fund but if you needed it more than I did I’d decline.

[Anonymous]

10K wouldn't mean anything to me and I think I make about as much as an engineer / dual income couple.

[Anonymous]

Whatever you do, make it equal amounts. Don’t make a separate gift to nephew. Trust me.