What If You Come into a Windfall of Money?
By Allan Hoffman
Monday, February 08, 2010
Recently a retired firefighter in Asheville won the Lottery. He walked away with millions. But you should not peg your financial future on something like a lottery ticket,
However, what if you come into a windfall of money- like an inheritance or life insurance pay out.
• First set aside enough money to cover federal and state taxes.
• Give to a charity, especially if the windfall boosts your adjusted gross income.
• Don’t rush to change your lifestyle.
• Be smart investing. Put most in a secure fund - if you are young, put the rest in more risky funds and if you are older, choose safer funds.
• Finally, do some soul searching, do you want to change your whole life style, or just live better they way you are.
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