Highlights of today's show:
- Why comparing others' situations to ours is not productive
- What are financial windfalls?
- We can get anxious when getting a large sum of money
- Our first thought is to spend, spend, spend
- Also need to do other things besides spending
Ever receive a large sum of money that was unexpected? Maybe an inheritance, a bonus at work, or even an insurance settlement. It's funny; I've seen it time and time again where we have a plan with our money and we know where it is going each month. But when we get a financial windfall we get anxious and feel we have to spend it on things immediately. In the end we have nothing to show for it.
Today on the show we discuss what to do with a financial windfall. It is important to enjoy your money and spend it on things you want, but it is also important for you to have a plan with it and do other things with the money such as give, invest, and save for your future. Spending $10,000 in a few months might feel good in the moment, but if you instead save some of that money as well, over time that investment can become the gift that keeps on giving.
Overall, it's important to be balanced in what you do with a financial windfall and have a plan with your money, just like any other money you would earn monthly. Because if you don't, often times it will all be gone and you will have wondered where it all went.
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If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.