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Admit it: If a distant cousin won the lottery, you would likely show up at their door to “rekindle” your relationship.
And according to NBC News, more than half of the world’s millionaires have given money to family at an average rate of $313,200 per year in the last five years.
“They are the unsung financial heroes” for many families, said Ken Dychtwald, president and CEO of Age Wave, a research firm. “They’re going far beyond what we might expect.”
However, their “unsung heroism” comes with strings attached. About 75 percent of millionaires will cut off funds if they feel that family members don’t appreciate the help.
And giving money to family members has also been shown to have a few consequences. Issues of dependency and superiority in addition to poor money management have been documented.
So what would you do if you won the lottery? Would you keep it to yourself or share with family?
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