Suddenly coming into a nice chunk of money is something that
many people dream about. And, while it may seem like an impossible fantasy, it
actually does happen to a great many people each year. That means it could
happen to you! Whether you inherit money, win the lottery, or unearth and sell
some expensive collectible, it’s natural to get excited about a sudden increase
in money.
Wait a While
First things first, don’t spend your money! That probably
doesn’t sound fun at all, but if you wait a while before touching your money,
you’ll get used to having it. You will also be forced to really think about any
potential impulse purchases- purchases you might later regret- before you make
them. Experts advise waiting for six months to a year before spending even a
dime and using the time to make financial and investment plans.
Get Professional Help
Speaking of experts, why not get a little professional help?
There are financial pros who are paid to help you make smart plans about what
to do with your money. Interview and meet with potential financial advisors
until you find one who is a good fit. Look for someone experienced and
professional and, ideally, who doesn’t charge commission. Commission rates can
be pretty steep if your investments pay off.
Get Caught Up
While investing your money is smart, it’s also important,
when possible, to pay off a few delinquent bills that are hurting your credit
score and making your life harder than it has to be. Catch up on your mortgage,
pay off credit card debt, or finally get caught up on those student loan bills.
While paying bills with your money may not be exactly what you want to do,
you’ll save a lot in terms of late fees, fines, and other charges when you make
smart choices- choices that will benefit you more in the long run and that will
make your windfall so much more.
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