Are Prepared for a Financial Windfall?

A financial windfall is a large amount of money that an individual or business comes into unexpectedly.

What would you do with a financial windfall? It’s a question I’ve read or heard a lot lately. Considering the Mega Millions jackpot had recently grown to $1.337 billion, it’s safe to say most of us have thought about what it would be like to win. What would you do first? Would you take the lump sum or the annuity?

While winning the lottery is far from likely (odds were around 1 in 303 million), it’s never a bad idea to consider what your future may bring. Unfortunately for us, the lucky winner of the Mega Millions jackpot was from Des Plaines, IL. Back to reality right?

Fortunately, a windfall isn't limited to lottery winnings; it could include: inheritance, property sales, employee stock options, business sales, investment returns, and gifts may also qualify.

Here are some tips to keep in mind, should you come into a windfall:

• Assemble Your Team - When facing a windfall of any size, it’s wise to secure the services of an attorney and an accountant who specialize in tax law. They can help manage your newly found wealth while your financial professional (that's me) works with you to create a short, intermediate and long-term strategy.
  
  
• Keep it to Yourself - It's unfortunate, but there are those who would love to separate you from your money by any means possible. You can avoid some of these scammers by only discussing your finances only with those you trust.
  
  
• Plan to Give - As word of your luck spreads, you may get financial requests from friends, long lost relatives, or charities. Speak with your financial team about gifting strategies or how much you can donate annually. You may even want to consider forming your own charitable foundation.

Are you actually likely to win the lottery? No. But it never hurts to be prepared. If you win, you need a plan. If you don't win, you need a plan.

Luck is not a plan and hope is not a strategy. Let's talk about your financial goals. We help your money live as long as you do. We make financial advice more accessible and more affordable.

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https://calendly.com/gowdyfinancialgroup/30-minute-consultation

Let us customize a Financial Freedom Plan to help you reach your financial goals. To get started, fill out your Financial Coaching Profile by clicking on the link below:

https://www.gowdyfinancialgroup.net/financial-coaching-profile

To Your Success!