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Money can BE the problem rather than the solution
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Congratulations! You just came into a windfall. The source could be anything:

  • Bonus
  • Big raise
  • Large tax refund
  • Inheritance
  • Sale of an asset
  • Unclaimed property
  • Lottery win (doubtful, you are more likely to be struck by lightning)

Used wisely, this new money can do much to create financial security for you and your loved ones. Used poorly, it can be the source of problems for a long time to come.

Many professional athletes, entertainers, lottery winners and others who suddenly come into wealth later find themselves bankrupt.

Why?

Wealth creation is related to behavior rather than income.  Those unsuccessful managing a little bit of money are unlikely to be successful managing a lotta bit of money.

This is an opportunity to:

  • get out of debt
  • strengthen your Emergency fund
  • increase your retirement funding

 The sharks are likely circlingIt is important to take your time.  Resist hasty, emotional decisions and you won't have anything to regret.  It's okay to spend it if you are well on your way to achieving the above. We doubt you will. That is not how the disciplined and informed manage opportunity. 

 

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