Ask Away Blog: What To Do If You Come Into Money

What To Do If You Come Into Money

Friday, January 3, 2020

There are times in life where we sometimes can come into money, maybe from an inheritance, a great investment, or something as simply as winning the lottery. So what should you do with that money, aside from contacting an attorney and a financial advisor? Well, here are some great ways to use it.

Become Debt Free

Obviously if you’ve stumbled into some significant money, you should relieve yourself of your outstanding credit card debt Take care of yourself first by ensuring you get into a better financial situation. If you owe back taxes, get those paid up. Set some money aside for savings and investing and then you can see what you’re left to work with and start doing bigger things! At the end of the day however, paying yourself first by making sure to tie up loose financial ends is the best thing you can do for yourself today and in the future.

Give Back

Philanthropy is a great gift to our world from the people in a positive to give. Maybe you’ve always said that if you could, you’d open a rescue for animals, or pay off layaway at a local store. Some philanthropists use their money to start scholarships for colleges and universities. There are so many great ways to give back with your money but it all depends on what aligns most with the person you are. Take the time to really think about what you want to do and how you want to give back.

Start Something Big

Take after Matt Redhawk, who used his persistence to become a successful entrepreneur. Consider starting up a business that’s been your long time dream. If you now have the funds to do it, this may be the time! Perhaps you and a business associate have been talking about branching off and starting your own business but you just never had the funds to invest in it. This is a great opportunity for you to grow as a person and as a business. Investment costs are usually what hold people back so when you finally come into money, this can alleviate the only thing that ever made you hesitant in the first place. Obviously before you do anything you should have a plan in place, speak to others in the field, and talk to a financial planner and attorney to make sure you’re doing everything correctly.

Invest It

Investing your money with a financial advisor can really get you more back in the long run. Make sure to diversify where you invest and have regular meetings with your advisor so you can monitor the health of your investments. Investing is basically another form of saving since it’s still your money and it’s going to grow on it’s own if the markets are good and you are investing it correctly.

No matter what you decide to do with your money, be smart about it and think in the long term. Don’t get caught up in the fun and blow it on silly purchases that won’t pay you in the future. Be smart and you won’t regret it!

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