I won the lotto, should I tell my relative that gifted me the ticket?

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Welcome to Money Confessions, where You’re in Good Company community members submit their dilemmas to be unpacked by Maddy and Soph.

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Hey ladies,

In desperate need of some advice…

A few months ago, a relative gifted me a lottery ticket for my 28th birthday. I still can’t quite believe it but it has turned out to be the most valuable gift I have ever received… I won $30,000!

The question I have is, should I tell them that I won?

On one hand, I want to share the amazing news with them. It turned out to be an incredible gift after all! But on the other hand, I almost feel awkward telling them that they ticket they bought ended up winning so much money... I know that technically the money is mine, but I can’t help but feel a little guilty and that I should be sharing it?

Please let me know your thoughts!

Sincerely,
Actually-won-the-lottery xx

We’re rounding out this series of newsletters with undoubtedly our favourite dilemma to date!

We just had to poll the YIGC community to find out what you think… And if you were to follow their advice, 66% think you should keep the news to yourself. Say nothing!!

One community member suggested the following…

The first question here really though is do you owe them anything? To which the answer is no. Unless you had a written or verbal agreement at the time the lottery ticket was gifted that you would share any winnings, the relative doesn’t have any entitlement over the money. The ticket is a gift and just like a relative wouldn’t likely ask for half of the bunch of flowers back that they gave you, they also can’t really ask for the money.

But then we come to the decision of telling the relative… you need to ask yourself, why am I telling the relative? Are you telling them because you intend to share some of the earnings? Because in this case, go ahead! Or are you telling them because you want them to know it was a great gift? If the latter is your reasoning, then there needs to be sensitivity around the communication. To navigate this decision, we have listed a few considerations below…

1. Relationship: consider your relationship with the relative who gave you the ticket. How would they likely react to the news? Would they expect a share of the winnings or be genuinely happy for your good luck? Predicting their reaction may help guide your decisions (i.e. if you don’t want to share but you think they will ask for a portion, then the decision is easy!)

2. Your financial goals: have a think about how the $30,000 could impact your financial situation. Are there debts you could pay down, or financial goals that this money could help you achieve? Balancing your own financial needs against the desire to share the news is an important consideration.

3. Potential impact on family dynamics: consider how your decision could potentially impact broader family dynamics... Is it likely if you tell the relative that gifted you that other family members will become aware of the win? Could the potentially differing opinions of other family members complicate the situation unnecessarily? Understanding the ripple effects within your family circle could help to guide the best approach to take.

We’d be lying if we said that writing this, we weren’t starting to think it might be simpler to keep the news to yourself!

If you do decide to share, there are a few options for how you could approach this…

1. Understand your boundaries: if you feel uncomfortable sharing the full amount or if you anticipate potential misunderstandings, you could consider expressing your appreciation for the gift without divulging the exact amount won.

2. Communicate with sensitivity: if you decide to share your win, approach the conversation with sensitivity. Money is an emotional topic, and there is honestly some potential for frustration, regret or resentment! So focus on your gratitude for the gift.

All in all, there is no right or wrong answer and you need to do what makes you feel most comfortable. Maybe the safest bet is just to buy them a lottery ticket in return?! Who knows, might win them $1 million ;)

Good luck and a big thank you to our YIGC community member for sharing this dilemma… Not going to lie, we’re highly invested in how you navigate this one so would absolutely love an update!

Tune in to the final episode of season 2 of our Taboo Money Chats tomorrow with The Daily Aus co-founder Sam Koslowski. This one is juicy… we discuss the money chats he’s having in his boys group chat, how much he spent on his wedding, and what he pays himself as a founder!

Until next time!
Maddy and Soph x