Wondering what to do when you come into money? Getting a small windfall or a large sum of money can feel great, overwhelming, or both. (Plus sad if it’s due to an inheritance or settlement.)
It’s normal to have mixed emotions.
But no matter what, it’s smart to take some time to think about what to do before you take action.
Don’t just daydream either. I’m not talking about “if I won the lottery I’d pay off all my debt and buy a new house” type daydreams.
I’m talking…what if you got an extra $250, $1400, or even $100,000 cash? A lot of money that you weren’t expecting, to be sure, but not a sum of money that could last you a lifetime.
You don’t want to look back and have nothing to show for it, or end up like the lottery winners who go broke.
To help you out, here are some thoughts on what to do when you come into money.