Many people tend to think only about how they’ll spend a windfall. A moment of pause can prevent hasty decisions that seem like good ideas in the moment and also save you from regret later. Both grief and joy can influence the decisions you make with your incoming assets. Whatever shape your windfall takes, a wise first step is to take a breath.Įither of these scenarios is accompanied by intense emotions. When a financial windfall comes along, there are two possible scenarios: You’ve likely suffered a personal loss or won a substantial sum of cash through something like a contest or lottery. The following eight tips can help you manage a financial windfall of any size-from an inheritance or other source-with confidence. The good news is that you can plan for an impending financial windfall today so you’ll be prepared in the years to come. While “wealth” is something that looks different for everyone, a sudden influx of assets will undoubtedly have an impact on your life and goals.
An estimated $68 trillion will change hands, with the country’s aging population transferring those assets to charitable endeavors and their heirs. According to a recent study by Cerulli Associates, there’s a massive transfer of wealth poised to happen in the U.S.
