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" Should" you Win the lottery- would you borrow money out to friends if asked?

Topic closed. 62 replies. Last post 3 years ago by sully16.

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Pita Maha's avatar - 940d8157 d1fb-4f70-a715-6ad04d915489.jpg
SW Florida
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August 11, 2013
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Posted: January 22, 2014, 1:20 pm - IP Logged

Nice knowing you think it a good question MrC- it dawned on me that should one win, are they prepared beforehand on the possibility of being put in that situation?  One can always say " don't call me, l will call you"- however we talking about " friends" and l am sure there have been cases where so called friends have become " enemies" simply because the lottery winner has not complied with their wishes or demands.
I read a story once of a " friend" of a lottery winner who asked the winner to help her pay off her mortgage by giving her a check, well the winner went online and investigate this situation and it turned out that her friend's house had been paid for, when she asked her friend " why did you lie to me?"...the person asked " what- you spying on me now?"
That severed a decade old plus relationship. ..all over mistrust & lies.

I think it's guaranteed that you would lose some friends if you won a large jackpot.  Some might just feel like you're too posh for them now and drift away.  Others would expect you share your lucky windfall with them (since you didn't earn it), and if you don't for whatever reason (even really good reasons), that would at least strain the friendship, if not end it totally.

There is the gift tax to worry about, so willy-nilly throwing money around to everyone who asks is stupid.  The IRS will give you a nasty surprise if you're not aware of it.

    alligator's avatar - Lottery-029.jpg
    New Member
    Panorama City,CA
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    January 22, 2014
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    Posted: January 22, 2014, 2:21 pm - IP Logged

    why not dude? depends on how much to win and how much do you need?

      noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
      Bay Area - California
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      December 12, 2012
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      Posted: January 22, 2014, 4:12 pm - IP Logged

      why not dude? depends on how much to win and how much do you need?

      Perhaps you could start off by defining what is " how much & your need" as well so one can see where you coming from...and l don't mean California since that's obvious Gator.

        BuyLow's avatar - palm tree.jpg
        Florida
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        Posted: January 22, 2014, 6:11 pm - IP Logged

        With a substantial win (100 Million plus) I would give my few real friends a years worth of their current salary up front (to give them the opportunity to quit their jobs if they were unhappy and chose to do so) and then I would fund a trust for them (2-5 million each) where they could only touch 20% of the principal every 3-5 years or so but would get income yearly from the trust and they could help direct how it was invested. 

         

        With a lesser win it would depend on the amount.  But likely, something like 13k one time per person in their family as to incur little or no taxes.  So mom, dad, 2 kids (52K).

          MADDOG10's avatar - smoke
          Beautiful Florida
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          Posted: January 22, 2014, 6:32 pm - IP Logged

          This is what I would do.. I would offer to pay a bill off for them but never handing out cash. They give me the bill, I give them a paid receipt.

          Good solid advice..  They could give me their mortgage and tax bill, I'd give them the deed, and I'd pay their property tax for a year.

                                                       

                                                         "  When Injustice Becomes Law, Resistance Becomes Duty "

            helpmewin's avatar - dandy
            u$a
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            Posted: January 22, 2014, 6:50 pm - IP Logged

            Yes i don't call it (borrow or lend) i call it GIVE Love

              rdgrnr's avatar - walt
              Way back up in them dadgum hills, son!
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              Posted: January 22, 2014, 7:20 pm - IP Logged

              Have limited friends and only a few close relatives, depends on the dollar amount that was asked to be borrowed.

              No No

              "...depends on the dollar amount that was asked to be borrowed."

              I love ya man...

                Saylorgirl's avatar - Lottery-065.jpg
                Indiana
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                June 13, 2012
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                Posted: January 22, 2014, 7:25 pm - IP Logged

                Yep, me too.  Lost both my friends AND the money most of the time.  They really weren't friends to begin with, don't guess.  They start resenting you and some have asked for more money.  "Good money after bad".

                I agree with you it is easy for them to want to "borrow" money but they always resent it when you ask them to pay it back.

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
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                  Posted: January 22, 2014, 7:37 pm - IP Logged

                  With a substantial win (100 Million plus) I would give my few real friends a years worth of their current salary up front (to give them the opportunity to quit their jobs if they were unhappy and chose to do so) and then I would fund a trust for them (2-5 million each) where they could only touch 20% of the principal every 3-5 years or so but would get income yearly from the trust and they could help direct how it was invested. 

                   

                  With a lesser win it would depend on the amount.  But likely, something like 13k one time per person in their family as to incur little or no taxes.  So mom, dad, 2 kids (52K).

                  "I would give my few real friends a years worth of their current salary up front..."

                  I love ya man...

                    rdgrnr's avatar - walt
                    Way back up in them dadgum hills, son!
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                    Posted: January 22, 2014, 7:39 pm - IP Logged

                    Good solid advice..  They could give me their mortgage and tax bill, I'd give them the deed, and I'd pay their property tax for a year.

                    "They could give me their mortgage and tax bill, I'd give them the deed, and I'd pay their property tax for a year."

                    I love ya, DOG...

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                      NASHVILLE, TENN
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                      February 20, 2006
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                      Posted: January 22, 2014, 7:53 pm - IP Logged

                      "My brother is a dope head and has been in and out of rehab many times.  My sister is a crack whore.  My son is doing 10 to 20 for armed robbery.  My daughter is a stripper in Las Vegas.  If I won't give money to them, why should I give money to you!"

                       

                      I have the above printed and stored in my wallet.  When I win the big one, this is the reply I will make to anyone who asks for money.

                        Avatar
                        Baton Rouge, LA
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                        Posted: January 22, 2014, 10:29 pm - IP Logged

                        I certainly would not. Watch courtroom shows and you see why it's a bad idea to lend people money or put them on your cell phone plan.

                        Prisoner Six

                        "I am not a number, I am a free man!"

                          sully16's avatar - sharan
                          Ringleader
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                          Posted: January 22, 2014, 10:48 pm - IP Logged

                          It would depend on how much I won, I would help family, I got everything I need, all I want is enough to retire so I can spend more time, cooking, gardening, travel.

                          Did you exchange a walk on part in the war ?

                          For a lead role in a cage?

                           

                                                                      From Pink Floyd's " Wish you were here"

                            weshar75's avatar - Lottery-042.jpg
                            Mcminnville, Oregon
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                            Posted: January 22, 2014, 11:24 pm - IP Logged

                            I have helped family in the past and they never have paid me back so when I win I am going to help them after I am done with the my own spending.  So it won't be for a while.  Got to get to the strip club and the liquor store first.  Awesome!-weshar75

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                              rdgrnr's avatar - walt
                              Way back up in them dadgum hills, son!
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                              Posted: January 22, 2014, 11:30 pm - IP Logged

                              I have helped family in the past and they never have paid me back so when I win I am going to help them after I am done with the my own spending.  So it won't be for a while.  Got to get to the strip club and the liquor store first.  Awesome!-weshar75

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                              "Got to get to the strip club and the liquor store first.  Awesome!"

                              LOL

                              I think that's called the Jack Whittaker System, weshar.