If I were Filthy Rich
By Beginning_Lifeguard7+68 How do you give people life changing money without screwing up their life too?
There are so many stories of lottery winnings destroying peoples lives. If you won the lottery how would you share the wealth without destroying loved ones live's too?
Recent responses
+41 @SprayImportant7486 I already know who I would give money to. And my thought is to set it up in a trust, invest the money into dividend paying stocks and they get paid the dividend payout. That way it is enough money for them to be comfortable but not enough that they could destroy their life with. Plus they get quarterly payments so they can’t blow it all, cause it will always be paying out.
+16 @johnfro5829 I have a friend that won the lottery years ago modest amount but life-changing money. What he did was he put money in a trust for his two siblings with high yield savings. They would get a small amount on their 18th, 21st, 25th, 30th, and finally 35th birthday. There's a clause to provide money for college and they must maintain a certain grade average. If they get married and have children and the children is proven to be theirs biologically they would have a 25% boost on their birthdays other than that the final payment happens on their 35th birthday and The trust would be folded in. He also put a clause where they can get the money a year early if they go through money management and investment classes in the local college and pass with no less than an "A" or equivalent and present the trustee of transcript of proof which will be verified. There is a provision provide a certain amount of money should they want to buy a house on their 21st birthday provided they have proven full-time employment. For his parents he basically paid off all his mother's debt and his mother's mortgage. His father wasn't a good dad an abusive alcoholic narcissist type so he didn't give him anything except paying off all his debt and telling him never to contact him again. The extended family he gave them nothing since they basically stood there while his dad was being a piece of crap using his mom and siblings as bongo drums for his fists. I know for a fact he did anonymously pay off the debt of certain people that were close to him and about four people's mortgages that were under 90k. And he set up an anonymous college fund for two children of local police officers that were murdered a few years back. I think the key from his method is like anonymous payments or in a trust that gives staggered payments so it doesn't get blown at once..
+12 @CdnWriter Hmm. Assuming I had the money to do it, I would set up some type of corporation/foundation and hire all my friends and relatives to "work" there for $50,000 a year. That's free money for voting "yea" or "nay" to donating $10,000 to charity X or Y or Z each month. They'd get some money for "working" and we'd have fun giving money away. I don't think a "free" $50,000 will screw up people's lives too badly but more be a bit of a hand-up to their lives.