'I kept son's £47k lottery winnings - I'm retiring early and enjoying my life'
A dad has sparked a debate after admitting he pocketed his son's £47,000 lottery winnings - only giving him a portion of it after six years. He explained how he bought his now teenage sons, Sam and Scott, lottery tickets knowing they were legally too young to redeem them themselves.
As luck would have it, Sam's, now 17, ticket won a secondary prize of $60,000 (£47,000). Taking to Reddit, the dad said: "Six years ago, I ran to the gas station to buy some cigarettes. I decided to also buy a lottery ticket for everyone, just for fun. It was a blast.
"We all talked all night about what we would do with our winnings, where we would go, etc. I mean, this was all fantasy anyway, right? But I specifically told my kids that they would have to share their winnings, and they would have to put it away for college first and foremost. Well, wouldn't you know it, Sam's ticket won.
"Of course, it's actually my ticket, and I had to claim it. It didn't win the jackpot, but after taxes, we walked away with $60k. I sat them both down and explained that I was going to save it all for college, but we could celebrate/splurge a little. They absolutely wanted a gaming system, and my wife, Wilhelma, insisted on a family vacation that was much needed. We all agreed on this, and saving the rest.
He ended up spending around £800 ($1,000) on a gaming system and a bunch of games for his sons - and booked a family holiday to Disney World. He added: " The boys don't even like Disney, but it was always Wilhelma's dream to go so we went - another £3,950 ($5k).
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"Last year, Sam wanted a car. Wilhelma was pretty tired of chauffeuring them around anyway, so I agreed and spent 'his' £3,000 ($4k) on a car. I pay the insurance, registration, and maintenance under the agreement that he takes over driving Scott to his stuff as well. Wilhelma had no complaints about any of these purchases."
Since the day the money landed in his bank account, the dad started investing it and has now managed to "grow it to £78,000 ($100k). He said: "Sam is starting college in a few weeks, and we figured out a plan to stretch his £26,000 ($30k) over the four years. While looking at the portfolio, Wilhelma noticed it was at $100k and asked how. I told her I invested the £47,000 ($60k) and grew it to £78,000 ($100k).
"She then asked why we're only giving Sam $30k when it should be $50k. I said no, the other $40k is mine. I managed this account, I made the investments, I did all of the work. Plus I paid for all that other stuff through our other savings. The $40k stays and I'll keep investing it.
"If the boys need the money, it's there, but if not I'm gonna eventually retire a little early with it. She thinks I'm stealing "his" money since I wouldn't have been able to invest it if I didn't have it to begin with. I say it's always kinda been my money, and I'm still giving him the $30k I promised him since the beginning."
Wanting to know whether he's in the wrong, he has taken to social media to ask users for their thoughts. In response, one user said: " That's completely fair and reasonable. You get something, your kids get a headstart, you all got a vacation out of it. Just an all-around fair way of handling things."
Another user added: "You managed the account, but it was his money (and his capital) that allowed you to do it. An investment adviser wouldn't get all the money I earnt with my money. Why would you?" A third user said: "So yes legally it’s your money. But, you gave that ticket to your son with a couple of stipulations. That’s fair. Obviously, you made some good investment decisions to allow it to grow, but it would be unfair of you to take that money out to have an early retirement without asking your son.
"Your son believes that’s his money. And instead of using his money to pay for the car and vacation (etc), which you told him you would do, you decided to use your own money. He followed your agreement and you did not. I would explain the situation to him."
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