What Is A Windfall?

Posted onJanuary 08/2016By

A windfall, meaning coming into a large amount of money, is something we all dream of. In reality, windfalls do happen, perhaps from a lottery win, a smart investment, or an inheritance. While a windfall is a positive thing, there are many considerations to be made. Receiving a large sum of money can be overwhelming and many people aren’t educated in financial management and can end up mismanaging their new wealth. While many of our first instincts would be to spend, perhaps indulging in purchases we’ve always fantasized about like a boat or a fancy car, you should be careful not to let these instincts take over. If you manage your money properly, there will be more than enough to buy the things you want. First, it’s important to make a financial plan. Here are some steps you can take to make sure your new wealth lasts for a long…

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