What To Do With a Windfall

A windfall is money that comes to you suddenly, often unexpectedly. This could be an inheritance, settlement, lottery winnings, or even stock in the form of a company IPO. Today, Shanna Tingom of Heritage Financial Strategies and Jon Gay discuss what to do with a windfall, and some very costly mistakes to avoid. 70% of people who come into large sums of money lose it within a few years! If you know a windfall is coming, be honest. For example, if you're anticipating an inheritance, talk to those relatives while they're here so that you're all on the same page. Next, it's vital to have a team in place to help you with this money. This can include a financial advisor, attorney, CPA, and more. Lean on their expertise. And keep things quiet! Only tell your team members and close people that you trust. The last thing you want is to be under siege from people asking for money. If you're dealing with a current or future windfall situation, or have any questions related to your financial future, you can always reach out to Shanna and her team at Heritage Financial Strategies at https://www.heritagefinancialaz.com/