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“AITA For Spending My Son’s Lottery Winnings?”: Dad’s Story Splits The Internet
Parenting while managing the family’s money can be challenging, especially when your children are old enough to think that they know what’s best for them. They might end up choosing instant gratification over, say, saving for a college fund, long-term investing, and other boring but financially responsible things.
A dad turned to the internet for advice after a disagreement in his family on how he had used his son’s lottery winnings. He bought a round of lotto tickets for the entire family, and the one his son drew won a large sum of money. So, the dad secretly invested it, and it ended up paying off. However, people disagreed about what to do with the new, now even larger sum. Scroll down for the full story and to read the net’s divided opinions.
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It’s questionable to give a teen a huge sum of money without any supervision
Image credits: Iain Watson (not the actual photo)
So one father was second-guessing his choice to invest the money his son “won”
Image credits: Julia M Cameron (not the actual photo)
Image credits: Mikhail Nilov (not the actual photo)
Image credits: FinancialSecretary9
Working out who owns what in a family can be difficult
Image credits: Anna Shvets (not the actual photo)
This story manages to cover a very interesting combination of ethical questions. First and foremost, how does ownership work in a family? Obviously, nearly anything a parent buys for a child is, legally, the parent’s property, since most kids don’t have their own income. This is doubly true for something like a lottery ticket, which only the purchasing adult could redeem in the first place.
This is perhaps why many did side with the dad. Having different family members scratch off the ticket is fun, but the author, who is legally an adult and bought it, has to be the one to pick up the money. Nevertheless, most parents tend to avoid playing the “Do you know who actually owns things?” card unless it’s absolutely necessary.
First and foremost, it can really drive a wedge between the child and the parent. It’s not like it’s the kid’s fault they don’t have income, and this just exacerbates the usual juvenile frustration with not having all the rights and privileges of an adult. As many parents know, it’s even worse when the child in question, like in this story, is a teen.
A college fund is a big deal in the US
Image credits: Pixabay (not the actual photo)
On the other hand, there are some obvious and less obvious reasons for the father to hold on to most of the cash. First and foremost, a college fund is legitimately the main way many young adults avoid being in debt until much later in life. The average annual cost at a private institution in the US was $33,500 in 2017. This was seven years ago, so you can bet your bottom dollar that it’s higher now.
As shocking as it sounds, the entirety of these lottery winnings wouldn’t cover the entire four-year degree, depending on where this young man aimed to go. However, seeing as it’s been invested well, that money has been grown effectively. A college fund is no small deal; it can and will give this young adult a head start in life, which he will only truly understand when discussing people’s college debt a decade later and realizing how lucky he was.
All in all, this money can be a teaching moment for the son
Image credits: Vika Glitter (not the actual photo)
There is also a “hidden” downside to just handing over the money. The dad has more than one kid. Anyone with siblings will be well aware that your brother or sister winning the lottery might be the worst thing possible. The jealousy, FOMO, gloating, etc., might cause a lot of inter-familial strain that the author was quite clever about avoiding. Indeed, by spending some of it upfront, he negated the usual downside of investing, the lack of instant gratification.
Of course, the real question is what he should have done with the earnings from investing it. All in all, holding on to them is by no means bad. He quite generously offered to manage the money for his son for free, something that he will struggle to find later in life.
The dad answered some questions in the comments section
A few readers sided with the father
Some thought he was in the wrong
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What do you think ?
marcelo D. 1 month ago
He's 100% an AH, and frankly only an idiot would think otherwise. It's easy to invest money when you get the winnings, but the loses go to someone else if something goes wrong. Also, since when does "managing" entitle you to 100% of the earnings of investing?
StrangeOne 1 month ago
You said it better than me. The whole thing feels like he's being greedy but trying to save face.
Load More Replies...
Debby Keir 1 month ago
If you used 'your own money' (actually family savings) to buy the car etc in order to keep the money invested, then son desrves the interest that you made on the car price, less the car price. Can't have 2 bites of the cherry - using family money and then taking all the interest....
BK BigFish 1 month ago
Father "bought them tickets," made a promise about the winnings, and kept it. According to the YTA, if he had just put the money like an idiot under his mattress, spent the $5K, and given his son $25K, then he's NTA. He is not his investment manger, he is his father - he is not "entitled to 100%" he is pretending that his son won the lottery, and he can distribute it as he wishes. Let me note that he has paid for 100% of his son's living expenses from birth to college, so this is not an arms-length transaction between equals.
Jonas Fisher 1 month ago
I'm lost with the YTAs. The kid won $60k. He knew it would be shared. He has seen the family spend money on things, at least a couple of major expenses he asked for. Now, after all that, he's still getting $30k. I really think this whole issue boils down to OP's using the word "mine." OP isn't "keeping" the money. He's leaving it in investments, which benefits everyone.
Fellfromthemoon 1 month ago (edited)
So, what amount did he pay 'out of pocket' instead of the lottery winning? Let's say it was 6.000 USD (10% of the winnings). Then 10% of the money is 'his'. On the other hand, he talks about "early retirement" in 20(!) years, if no family emergency forces him to send this amount. If OP has an 18-year-old son and 20 more years to work, that means the early retirement comes after 36-38 years of work, if his oldest was born when OP was 16-18. Retirement after 40 years of work is definitely not 'early'. (I deduced this number from OP's claim of always being the sole breadwinner.) Again, if there is no family emergency in the following twenty years - meaning OP saving that extra 40.000 for rainy days may mean his sons can have a family, buy a home or start some sort of business after college with paternal help. Last, but not least: if OP is the sole breadwinner, then that amount of money may mean the lifeline for OP and also, for 'Wilhelmina', when OP falls ill or gets injured. EDIT: it is about the practicality, not the moral or ethical judgement, but if I were one of OP's sons, I would prefer to let my parents have some money to abandonning my studies to help out my parents when an emergency arises.
Roberta Surprenant 1 month ago
Became a father at 16? Nope, much more likely at about age 20.
Load More Replies... Nota Robot 1 month ago (edited)
He reserved the money and the proceedings for his children. I agree with his wife, even though his son is OK with it.
Roberta Surprenant 1 month ago
Legally, a minor has NO lottery winnings as it is illegal for them to play.
Charles Coffey 1 month ago
Winning the lottery was never something I dreamt of. My name is Charles Coffey, a retired Royal Bank of Canada (RBC) . I dedicate more than four decades of my life to Canada's largest Bank. I served as RBC executive vice president of government affairs and business development before retiring in 2006.but this win gives me the opportunity to sustain and support the causes i have championed for decades. This is the fact concerning my winning. I saw a comment online about how Dr Marcus helped her to win the lottery. I said let me give this a try. I contacted him, we talked and all the necessary things were done. To be honest I never believed in spells. The following week he directed me to go get a ticket, i went to purchase the winning ticket from a shell gas station on Yonge street. the next day i was filling up my car at the gas station when i went inside to grab a chocolate bar and check my lotto max ticket on my surprise i won $25,000,000 drmacusspellcaster@gmail.com Is a life changer
marcelo D. 1 month ago
He's 100% an AH, and frankly only an idiot would think otherwise. It's easy to invest money when you get the winnings, but the loses go to someone else if something goes wrong. Also, since when does "managing" entitle you to 100% of the earnings of investing?
StrangeOne 1 month ago
You said it better than me. The whole thing feels like he's being greedy but trying to save face.
Load More Replies... Debby Keir 1 month ago
If you used 'your own money' (actually family savings) to buy the car etc in order to keep the money invested, then son desrves the interest that you made on the car price, less the car price. Can't have 2 bites of the cherry - using family money and then taking all the interest....
BK BigFish 1 month ago
Father "bought them tickets," made a promise about the winnings, and kept it. According to the YTA, if he had just put the money like an idiot under his mattress, spent the $5K, and given his son $25K, then he's NTA. He is not his investment manger, he is his father - he is not "entitled to 100%" he is pretending that his son won the lottery, and he can distribute it as he wishes. Let me note that he has paid for 100% of his son's living expenses from birth to college, so this is not an arms-length transaction between equals.
Jonas Fisher 1 month ago
I'm lost with the YTAs. The kid won $60k. He knew it would be shared. He has seen the family spend money on things, at least a couple of major expenses he asked for. Now, after all that, he's still getting $30k. I really think this whole issue boils down to OP's using the word "mine." OP isn't "keeping" the money. He's leaving it in investments, which benefits everyone.
Fellfromthemoon 1 month ago (edited)
So, what amount did he pay 'out of pocket' instead of the lottery winning? Let's say it was 6.000 USD (10% of the winnings). Then 10% of the money is 'his'. On the other hand, he talks about "early retirement" in 20(!) years, if no family emergency forces him to send this amount. If OP has an 18-year-old son and 20 more years to work, that means the early retirement comes after 36-38 years of work, if his oldest was born when OP was 16-18. Retirement after 40 years of work is definitely not 'early'. (I deduced this number from OP's claim of always being the sole breadwinner.) Again, if there is no family emergency in the following twenty years - meaning OP saving that extra 40.000 for rainy days may mean his sons can have a family, buy a home or start some sort of business after college with paternal help. Last, but not least: if OP is the sole breadwinner, then that amount of money may mean the lifeline for OP and also, for 'Wilhelmina', when OP falls ill or gets injured. EDIT: it is about the practicality, not the moral or ethical judgement, but if I were one of OP's sons, I would prefer to let my parents have some money to abandonning my studies to help out my parents when an emergency arises.
Roberta Surprenant 1 month ago
Became a father at 16? Nope, much more likely at about age 20.
Load More Replies... Nota Robot 1 month ago (edited)
He reserved the money and the proceedings for his children. I agree with his wife, even though his son is OK with it.
Roberta Surprenant 1 month ago
Legally, a minor has NO lottery winnings as it is illegal for them to play.
Charles Coffey 1 month ago
Winning the lottery was never something I dreamt of. My name is Charles Coffey, a retired Royal Bank of Canada (RBC) . I dedicate more than four decades of my life to Canada's largest Bank. I served as RBC executive vice president of government affairs and business development before retiring in 2006.but this win gives me the opportunity to sustain and support the causes i have championed for decades. This is the fact concerning my winning. I saw a comment online about how Dr Marcus helped her to win the lottery. I said let me give this a try. I contacted him, we talked and all the necessary things were done. To be honest I never believed in spells. The following week he directed me to go get a ticket, i went to purchase the winning ticket from a shell gas station on Yonge street. the next day i was filling up my car at the gas station when i went inside to grab a chocolate bar and check my lotto max ticket on my surprise i won $25,000,000 drmacusspellcaster@gmail.com Is a life changer
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