Whether it’s an unexpected inheritance, a lottery win, or large bonus, that influx of money is exciting!
In this video, our Founder and President Calvin Goetz walks through the considerations to take when handling a sudden financial windfall.
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0:00 Intro
0:28 Don’t Make Any Rash Decisions
0:36 Assemble Your Professional Team
0:46 Clear Out Outstanding Debts
0:53 Think Long-Term
1:02 Treat Yourself Responsibly
1:09 Consider Giving Back
1:28 Outro
This content is provided for informational purposes only. It is not a guarantee of future success, is subject to change, and is not intended to serve as the basis for an individual’s financial decisions. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Strategy Financial Group does not provide specific legal or tax advice. Please consult with a qualified professional for guidance on your individual situation. Investment advice is offered through Strategy Financial Services, LLC, a registered investment adviser. Insurance and annuity products are offered separately through Strategy Financial Insurance, LLC.”…(read more)
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Handling a Sudden Financial Windfall
Receiving a sudden financial windfall, whether it’s a large inheritance, lottery winnings, or a substantial bonus, can be both exciting and overwhelming. While it’s tempting to immediately start spending the money on luxurious items and extravagant experiences, it’s crucial to approach the situation with careful consideration and planning. Here are some steps to help you handle a sudden financial windfall responsibly and effectively.
Assess Your Current Financial Situation
Before making any decisions about how to use your windfall, take a good look at your current financial situation. Consider factors such as any outstanding debts, emergency savings, retirement savings, and investment accounts. Understanding where you currently stand financially will help you make informed decisions about how to use the windfall.
Establish Clear Goals
Once you have a clear understanding of your financial situation, establish specific goals for the windfall. Do you want to pay off debt, invest for the future, purchase a home, or take a dream vacation? Setting clear and measurable goals will help you prioritize how to use the money effectively.
Seek Professional Financial Advice
Consider seeking advice from a financial planner or advisor. A professional can help you create a comprehensive financial plan that aligns with your goals and helps you make the most of your windfall. They can also provide guidance on tax implications, investment options, and wealth preservation strategies.
Pay Off Debts
If you have outstanding debts, consider using a portion of your windfall to pay them off. Start with high-interest debts such as credit cards and personal loans. Eliminating debt can provide you with long-term financial security and peace of mind.
Build an Emergency Fund
It’s crucial to have a financial safety net in place for unexpected expenses. Consider setting aside a portion of your windfall to build or bolster your emergency savings fund. Having a cushion of cash readily available can help you weather any unexpected financial challenges in the future.
Invest for the Future
Consider using a portion of your windfall to invest for the future. Whether it’s in stocks, bonds, real estate, or retirement accounts, investing can help your money grow over time and provide long-term financial security. Work with a financial advisor to develop an investment strategy that aligns with your financial goals and risk tolerance.
Enjoy Responsibly
While it’s important to use your windfall wisely, it’s also okay to use a portion of it to indulge in some of your dreams and desires. However, be mindful of overspending and create a budget for discretionary expenses. Consider setting aside a specific amount for experiences or purchases that bring you joy without compromising your long-term financial well-being.
Stay Grounded
A sudden financial windfall can be life-changing, but it’s essential to stay grounded throughout the process. Avoid making impulsive decisions and take the time to carefully consider how to use the money in a way that aligns with your values and long-term financial goals.
In conclusion, receiving a sudden financial windfall can be an incredible opportunity to improve your financial security and achieve your long-term goals. By approaching the situation with thoughtful consideration, seeking professional advice, and setting clear goals, you can make the most of your windfall and create a secure financial future for yourself and your loved ones.
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