I need some help.
Discussion
Ok a brief idea of what I am trying to achieve.
about me and what the craic is:
I came into an amount of money about 10 years ago from my gran, this last 3 months I have finally got access to it, its been invested for me and I now have full access to it, up until the last 3 months I have had nothing from it at all, its all been gathering interest until this point, im still not 100% of the total amount, but its a lot. it was done this way so as not to spoil me apparantly.
I have a full time job, which I will still be doing I have a house and a car and a wife and two kids mortgage bills etc same as everyone else, I will be paying my mortgage and debts off.
The bit I need help with, I have always planned to help some of my mates out when it came to me as they have helped me out in different ways, and I have already helped two out (they havent got it yet and know nothing about it), but now I have a few more I want to help, and cars are not my strong point. I have been a member here for a whilst (about 6 years) but post only occasionaly I think I have just over 1200 posts. I have started a new account as I dont want to get begging emails etc, I have set out an amount I want to spend on my friends and I want your help to spend it on them.
ok 5 friends 200k split between them, its not a strict amount but I dont really want to go way above that.
friend 1. 5 kids and a dog, so a 7 seater, hes always wanted something sporty and I would love to get him something nice, he has a POS vectra thats on its last legs.
friend 2. has a nice house and 2 nice cars and dosent really need anything out of a car, so something silly quick with 2 seats is ok.
friend 3. no interest in cars at all, but he has his class 1 hgv, so I was thinking about an american tractor unit?? where do you go for one, and how much?
friend 4. very similar to 2 except his 2 cars are crap and on their last legs. he has 2 kids he likes the idea of nice sporty cars but hasnt ever got one because he cannot afford to.
friend 5. has an impreza sti and a nice house, no kids, likes sporty cars. I was thinking a 22b but apparantly he thinks there crap?
I plan to pay 1 of my friends debts off as hes really in trouble with it, and I have already got him an omega planet ocean watch which I know he loves.
the other I am going to just give her 10k towards her dream wedding which she never really shuts up about and a pair of diamond earings my wife picked for her to wear on the big day.
obviously the amount isnt massive so its doubtful the cars will be new, so be realistic with prices as I will need to go and shop for these cars. please give me a model and an approx price for each friend.
I really appreciate your help with this, its been playing on my mind for ages.
about me and what the craic is:
I came into an amount of money about 10 years ago from my gran, this last 3 months I have finally got access to it, its been invested for me and I now have full access to it, up until the last 3 months I have had nothing from it at all, its all been gathering interest until this point, im still not 100% of the total amount, but its a lot. it was done this way so as not to spoil me apparantly.
I have a full time job, which I will still be doing I have a house and a car and a wife and two kids mortgage bills etc same as everyone else, I will be paying my mortgage and debts off.
The bit I need help with, I have always planned to help some of my mates out when it came to me as they have helped me out in different ways, and I have already helped two out (they havent got it yet and know nothing about it), but now I have a few more I want to help, and cars are not my strong point. I have been a member here for a whilst (about 6 years) but post only occasionaly I think I have just over 1200 posts. I have started a new account as I dont want to get begging emails etc, I have set out an amount I want to spend on my friends and I want your help to spend it on them.
ok 5 friends 200k split between them, its not a strict amount but I dont really want to go way above that.
friend 1. 5 kids and a dog, so a 7 seater, hes always wanted something sporty and I would love to get him something nice, he has a POS vectra thats on its last legs.
friend 2. has a nice house and 2 nice cars and dosent really need anything out of a car, so something silly quick with 2 seats is ok.
friend 3. no interest in cars at all, but he has his class 1 hgv, so I was thinking about an american tractor unit?? where do you go for one, and how much?
friend 4. very similar to 2 except his 2 cars are crap and on their last legs. he has 2 kids he likes the idea of nice sporty cars but hasnt ever got one because he cannot afford to.
friend 5. has an impreza sti and a nice house, no kids, likes sporty cars. I was thinking a 22b but apparantly he thinks there crap?
I plan to pay 1 of my friends debts off as hes really in trouble with it, and I have already got him an omega planet ocean watch which I know he loves.
the other I am going to just give her 10k towards her dream wedding which she never really shuts up about and a pair of diamond earings my wife picked for her to wear on the big day.
obviously the amount isnt massive so its doubtful the cars will be new, so be realistic with prices as I will need to go and shop for these cars. please give me a model and an approx price for each friend.
I really appreciate your help with this, its been playing on my mind for ages.
It's a great sentiment, but be careful that your friends dont then think they owe you in more ways than they can ever repay you. They're your friends, and you'll be the best judge of it, but a surprise that might be of some magnitude that they're just left dumbstruck might need a bit more interaction
Feel free of course, sounds ace, but maybe hold back on the surprises and have a chat with them about why you're doing it and that you'd like to do it as a thank you rather than a "here, got you this cos I'm loaded". It's not the money that defines you
It's a tricky one to position, best of luck and congrats both on having the money and having good friends you want to thank
Feel free of course, sounds ace, but maybe hold back on the surprises and have a chat with them about why you're doing it and that you'd like to do it as a thank you rather than a "here, got you this cos I'm loaded". It's not the money that defines you
It's a tricky one to position, best of luck and congrats both on having the money and having good friends you want to thank
Edited by andy-xr on Sunday 10th October 10:43
thanks for the input andy, I am confident that I know my friends well enough to be able to do this without getting their backs up.
I have thought about this and discussed it with my best friend at great length, and were both confident it will be ok. the colour of the cars is going to be the main issue I think/hope lol.
I have thought about this and discussed it with my best friend at great length, and were both confident it will be ok. the colour of the cars is going to be the main issue I think/hope lol.
for my friends said:
friend 1. 5 kids and a dog, so a 7 seater, hes always wanted something sporty and I would love to get him something nice, he has a POS vectra thats on its last legs.
It's a TVR Chimaera.. Or something he can take some kids in, perhaps an RS4 estate?
friend 2. has a nice house and 2 nice cars and dosent really need anything out of a car, so something silly quick with 2 seats is ok.
Not sure on this one but a Caterham or TVR Chimaera 5.0. But if he already has two nice cars, I'd be inclined to leave this one for the moment until he needs something...
friend 3. no interest in cars at all, but he has his class 1 hgv, so I was thinking about an american tractor unit?? where do you go for one, and how much?
Not a clue, sorry.
friend 4. very similar to 2 except his 2 cars are crap and on their last legs. he has 2 kids he likes the idea of nice sporty cars but hasnt ever got one because he cannot afford to.
Difficult to know when I don't know what his two cars are, I'd be inclined to get him newer/better versions of what he has..
friend 5. has an impreza sti and a nice house, no kids, likes sporty cars. I was thinking a 22b but apparantly he thinks there crap?
Well, I may as well be consistent, TVR Chimaera....
I plan to pay 1 of my friends debts off as hes really in trouble with it, and I have already got him an omega planet ocean watch which I know he loves.
That will be more helpful than a car!
the other I am going to just give her 10k towards her dream wedding which she never really shuts up about and a pair of diamond earings my wife picked for her to wear on the big day.
Yep, that sounds ok to me.
Well, I think your friends are lucky to have a guy who thinks of them before getting himself something and assuming that your friends will accept. My answers are above.It's a TVR Chimaera.. Or something he can take some kids in, perhaps an RS4 estate?
friend 2. has a nice house and 2 nice cars and dosent really need anything out of a car, so something silly quick with 2 seats is ok.
Not sure on this one but a Caterham or TVR Chimaera 5.0. But if he already has two nice cars, I'd be inclined to leave this one for the moment until he needs something...
friend 3. no interest in cars at all, but he has his class 1 hgv, so I was thinking about an american tractor unit?? where do you go for one, and how much?
Not a clue, sorry.
friend 4. very similar to 2 except his 2 cars are crap and on their last legs. he has 2 kids he likes the idea of nice sporty cars but hasnt ever got one because he cannot afford to.
Difficult to know when I don't know what his two cars are, I'd be inclined to get him newer/better versions of what he has..
friend 5. has an impreza sti and a nice house, no kids, likes sporty cars. I was thinking a 22b but apparantly he thinks there crap?
Well, I may as well be consistent, TVR Chimaera....
I plan to pay 1 of my friends debts off as hes really in trouble with it, and I have already got him an omega planet ocean watch which I know he loves.
That will be more helpful than a car!
the other I am going to just give her 10k towards her dream wedding which she never really shuts up about and a pair of diamond earings my wife picked for her to wear on the big day.
Yep, that sounds ok to me.
My only concern would be can they afford to run the toys?
Jasandjules said:
for my friends said:
friend 1. 5 kids and a dog, so a 7 seater, hes always wanted something sporty and I would love to get him something nice, he has a POS vectra thats on its last legs.
It's a TVR Chimaera.. Or something he can take some kids in, perhaps an RS4 estate?
friend 2. has a nice house and 2 nice cars and dosent really need anything out of a car, so something silly quick with 2 seats is ok.
Not sure on this one but a Caterham or TVR Chimaera 5.0. But if he already has two nice cars, I'd be inclined to leave this one for the moment until he needs something...
friend 3. no interest in cars at all, but he has his class 1 hgv, so I was thinking about an american tractor unit?? where do you go for one, and how much?
Not a clue, sorry.
friend 4. very similar to 2 except his 2 cars are crap and on their last legs. he has 2 kids he likes the idea of nice sporty cars but hasnt ever got one because he cannot afford to.
Difficult to know when I don't know what his two cars are, I'd be inclined to get him newer/better versions of what he has..
friend 5. has an impreza sti and a nice house, no kids, likes sporty cars. I was thinking a 22b but apparantly he thinks there crap?
Well, I may as well be consistent, TVR Chimaera....
I plan to pay 1 of my friends debts off as hes really in trouble with it, and I have already got him an omega planet ocean watch which I know he loves.
That will be more helpful than a car!
the other I am going to just give her 10k towards her dream wedding which she never really shuts up about and a pair of diamond earings my wife picked for her to wear on the big day.
Yep, that sounds ok to me.
Well, I think your friends are lucky to have a guy who thinks of them before getting himself something and assuming that your friends will accept. My answers are above.It's a TVR Chimaera.. Or something he can take some kids in, perhaps an RS4 estate?
friend 2. has a nice house and 2 nice cars and dosent really need anything out of a car, so something silly quick with 2 seats is ok.
Not sure on this one but a Caterham or TVR Chimaera 5.0. But if he already has two nice cars, I'd be inclined to leave this one for the moment until he needs something...
friend 3. no interest in cars at all, but he has his class 1 hgv, so I was thinking about an american tractor unit?? where do you go for one, and how much?
Not a clue, sorry.
friend 4. very similar to 2 except his 2 cars are crap and on their last legs. he has 2 kids he likes the idea of nice sporty cars but hasnt ever got one because he cannot afford to.
Difficult to know when I don't know what his two cars are, I'd be inclined to get him newer/better versions of what he has..
friend 5. has an impreza sti and a nice house, no kids, likes sporty cars. I was thinking a 22b but apparantly he thinks there crap?
Well, I may as well be consistent, TVR Chimaera....
I plan to pay 1 of my friends debts off as hes really in trouble with it, and I have already got him an omega planet ocean watch which I know he loves.
That will be more helpful than a car!
the other I am going to just give her 10k towards her dream wedding which she never really shuts up about and a pair of diamond earings my wife picked for her to wear on the big day.
Yep, that sounds ok to me.
My only concern would be can they afford to run the toys?
I also have the concern that the cars may be too expensive for a couple of them to run, so I was thinking of including a years worth of petrol and insurance etc, depending on what the total cost comes too. they can always sell them and pocket the cash if they want to, ile make it clear it theirs to do with as they wish, keep or sell.
funnily enough I was also thinking an rs4 or 6 for friend 1, I dont want to get him something that isnt practical. I know an a4 and an a6 can be a 7 seater but I didnt know if they did the rs versions in 7 seaters. I may just go for a new a6 tdi avant for him. need some advice.
friend 2, loves fast cars, I was also thinking caterham or ariel atom. again need further advice.
friend 4 has an s plate punto and an x plate focus hatch.
friend 5 may well like the tvr idea, ile look at those now.
Thankyou!
If you want my opinion - it's madness.
Stick the £200k away for your retirement - rather than throwing it away on people who may or may not be friends in the future.
I could understand helping out family - but friends, no - beyond bailing them out with a tenner or so for a few beers when they're skint.
Stick the £200k away for your retirement - rather than throwing it away on people who may or may not be friends in the future.
I could understand helping out family - but friends, no - beyond bailing them out with a tenner or so for a few beers when they're skint.
i would talk to your friends and tell them the lucky postion your now in, and you want to 'share the wealth', some maybe don't want a car and have debts which are not known to you. (pay off some of there debt and they could buy there own car of choice)
it may even create a jealousy i.e why has he got a nice sports car and i only have a practical car.
personally if i was your friend and you gave me a car or something, i wouldn't accept it, it wouldn't feel right, as in it dosent give me a sence of achivement (that i havent worked for that)
it may even create a jealousy i.e why has he got a nice sports car and i only have a practical car.
personally if i was your friend and you gave me a car or something, i wouldn't accept it, it wouldn't feel right, as in it dosent give me a sence of achivement (that i havent worked for that)
theres no letter of wishes, my dad has said to do what I want with it (it was his mum). I have paid for my parents to go on a world cruise and I am getting my dad his dream car as soon as I can find one.
its more than a million, its over 6 and less than 7.
im spending half a million the rest will be going away for my family and our/their future. for the minute we are happy in our home and have no plans to move, we may extend as I would like a bigger garage for my car (soon to be cars
) I dont want my kids to be stuck up little brats so we wont be changing ile be going to work the same and they wont really know until they are older that they will have money when they are older, I really want them to do something with their lives.
its more than a million, its over 6 and less than 7.
im spending half a million the rest will be going away for my family and our/their future. for the minute we are happy in our home and have no plans to move, we may extend as I would like a bigger garage for my car (soon to be cars
) I dont want my kids to be stuck up little brats so we wont be changing ile be going to work the same and they wont really know until they are older that they will have money when they are older, I really want them to do something with their lives.richcorsavxr said:
i would talk to your friends and tell them the lucky postion your now in, and you want to 'share the wealth', some maybe don't want a car and have debts which are not known to you. (pay off some of there debt and they could buy there own car of choice)
it may even create a jealousy i.e why has he got a nice sports car and i only have a practical car.
personally if i was your friend and you gave me a car or something, i wouldn't accept it, it wouldn't feel right, as in it dosent give me a sence of achivement (that i havent worked for that)
I hadnt considered this to be honest. my best friend seems to think as I do it wont be an issue, but maybe I should get them all together and have a chat, or would you do it on an individual basis?it may even create a jealousy i.e why has he got a nice sports car and i only have a practical car.
personally if i was your friend and you gave me a car or something, i wouldn't accept it, it wouldn't feel right, as in it dosent give me a sence of achivement (that i havent worked for that)
Very noble thoughts OP.
Not sure in how it works but could you friends face capital gains tax should they decide to sell the car and keep the cash? I know that if you gift over a certain amount in cash it becomes liable.
I think you're in quite a tricky position as it could backfire and when it comes to things like money, he got this while I only got that etc... it could affect your mates in ways you never thought it might.
Perhaps another way is to make sure that it is kept private between you and each of them as to what you actually do but make it aware that you will be helping out the others.
Best of luck.
Oh - and as musclecarmad has mentioned - £200k is a lot of money - to give away as a gift I'd be looking at having multiples of millions. I suggest before you do anything - speak with a good accountant to make sure that you are fully set up both with future investments and tax liabilities before you put a figure on what you want to give away.
Not sure in how it works but could you friends face capital gains tax should they decide to sell the car and keep the cash? I know that if you gift over a certain amount in cash it becomes liable.
I think you're in quite a tricky position as it could backfire and when it comes to things like money, he got this while I only got that etc... it could affect your mates in ways you never thought it might.
Perhaps another way is to make sure that it is kept private between you and each of them as to what you actually do but make it aware that you will be helping out the others.
Best of luck.
Oh - and as musclecarmad has mentioned - £200k is a lot of money - to give away as a gift I'd be looking at having multiples of millions. I suggest before you do anything - speak with a good accountant to make sure that you are fully set up both with future investments and tax liabilities before you put a figure on what you want to give away.
Edited by Asterix on Sunday 10th October 12:04
for my friends said:
richcorsavxr said:
i would talk to your friends and tell them the lucky postion your now in, and you want to 'share the wealth', some maybe don't want a car and have debts which are not known to you. (pay off some of there debt and they could buy there own car of choice)
it may even create a jealousy i.e why has he got a nice sports car and i only have a practical car.
personally if i was your friend and you gave me a car or something, i wouldn't accept it, it wouldn't feel right, as in it dosent give me a sence of achivement (that i havent worked for that)
I hadnt considered this to be honest. my best friend seems to think as I do it wont be an issue, but maybe I should get them all together and have a chat, or would you do it on an individual basis?it may even create a jealousy i.e why has he got a nice sports car and i only have a practical car.
personally if i was your friend and you gave me a car or something, i wouldn't accept it, it wouldn't feel right, as in it dosent give me a sence of achivement (that i havent worked for that)
As above, you sound like a really nice chap based on what your a doing for your friends,
I would be inclined to speak to them, and perhaps not mention figures but tell them that you want to
help them as a thank you for the help they have each offered you over the years.
speak to them individually they will open up more in a one 2 one situation
You will be surprised.. in a good way
I would be inclined to speak to them, and perhaps not mention figures but tell them that you want to
help them as a thank you for the help they have each offered you over the years.
speak to them individually they will open up more in a one 2 one situation
You will be surprised.. in a good way
Edited by Nash_wrx on Sunday 10th October 12:09
musclecarmad said:
well, this is your grans money and she was a clever person to put it into trust for you.
i would personally say that even though you are the beneficiary you have a duty of care to look after this money as much as you can for her family further down the line so that's your kids etc etc.
now, if you have inherited 15 million then yes a few hundred grand on your friends is nice, but i'd give them all a monetary amount rather than cars etc.
however, if its 'only' a million or so then i'd clear YOUR debts, keep some money in a bank for yourself, enjoy a bit of it and invest some money and consider putting the rest back into trust for IHT planning reasons for future generations of your family but beware of the trust rules that have recently changed - i'm sick of changing trust rules and should be studying this book on my bloody lap.
with money can come more problems so my main thing is to say well done to your gran - you have had a long time to think about it so you aren't going to blow the money, she was an astute woman.
finally, don't blow it on a new depreciating car unless you have inherited true money - how about a countach that you keep for really special days that will remind you of her?
wise words.i would personally say that even though you are the beneficiary you have a duty of care to look after this money as much as you can for her family further down the line so that's your kids etc etc.
now, if you have inherited 15 million then yes a few hundred grand on your friends is nice, but i'd give them all a monetary amount rather than cars etc.
however, if its 'only' a million or so then i'd clear YOUR debts, keep some money in a bank for yourself, enjoy a bit of it and invest some money and consider putting the rest back into trust for IHT planning reasons for future generations of your family but beware of the trust rules that have recently changed - i'm sick of changing trust rules and should be studying this book on my bloody lap.
with money can come more problems so my main thing is to say well done to your gran - you have had a long time to think about it so you aren't going to blow the money, she was an astute woman.
finally, don't blow it on a new depreciating car unless you have inherited true money - how about a countach that you keep for really special days that will remind you of her?
its funny you should mention a countach, it was my childhood wet dream. having sat in one since I dont think its something I would want to OWN to be honest, I have been looking at the Maserati GranTurismo, but they all seem to be auto?? id love a manual, failing that a Ferrari Challenge Stradale F1, graypaul have a stunning one in Giallo Modena yellow with the F1 box.
I think my gran would approve with what I want to do. there will be plenty left for my kids and their future.
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