3 important steps to take after a sudden financial windfall

So, you may have recently received a raise at work or perhaps a significant bonus. Maybe you have received a large inheritance after the passing of a family member. Regardless of your situation, if you have recently come into a large sum of money, you are going to want to know how you can appropriately manage it. Take a look at just a few of the several steps you can take to make your money go further.

What are some steps you can take to manage a large amount of money that you suddenly have to deal with?

• Only spend a small portion — If you suddenly receive a large amount of money, it may be tempting to use it for an exciting new purchase. However, you may want to invest a portion of this for your financial future.
• Put it toward future investments — If you have any goals for the future, like purchasing a new home or starting a new business, you may want to put it toward a savings account designated for that goal.
• Invest it in your retirement — Another way to manage your money after a large amount suddenly comes into your life is to put it toward your retirement. You may want to put your money into a Roth IRA or similar alternative so that you can reach and possibly even surpass your retirement savings goals faster.

To avoid making impulsive and frivolous purchases, you will need to have a specific financial strategy. A CERTIFIED FINANCIAL PLANNER™ professional is someone who is qualified to help you create a structured plan for when you come into a large amount of money. 

Talk to a ProVise CFP® professional about how you can plan for a sudden windfall

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid. We are confident that we can provide you with a solid financial plan to prepare for or deal with the event of a sudden financial windfall so that you can help build and protect your wealth.

Are you ready to talk to a professional about what to do about a sudden financial windfall? Contact ProVise today to schedule a complimentary consultation.