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How not to waste an unexpected income?

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Everyone has dreamed of a sudden wealth, but somehow the lucky few rarely succeed in managing the fortune. Sometimes people do become rich unexpectedly, namely, when they win a lottery, get an inheritance or sell a start-up. Unfortunately, legal issues and emotions can distract from meticulous financial planning. Here are some tips that will help you to stay cool and not to blow money.

First, don’t spend all the money at once. There are plenty of deductions and extra payments behind any price tag. Cabriolet, chateau, private jet will require high taxes, insurance and service fees. Be prepared for those additional expenditures for many years to come.

Think twice before investing. It’s a sound determination to multiply a fortune but lack of investing experience may eventually flush the money down the drain. If you want to invest in a friend’s start-up or settle your own business, get some professional advice at first.

Try not to lend money. It is a natural desire to help some family members or friends but beware of vultures and frauds. Someone might have a temptation to get away with the debt, as “you haven’t even earned the money anyway”. Avoid becoming the one in need after giving the money away for charity. Put yourself first. Check your retirement plan, think of all financial goals.

Don’t stash all the money in the bank or under the mattress. It is mentioned above that some precautions before investing might save your wealth. However, investment opportunities of different kinds should be thoroughly examined. If to leave the money idle, in a decade or two a five (or six, or even seven) figure sum will inevitably devalue and shrink.

If you ever happen to hit the jackpot, remember that huge money leads to huge responsibility.

Source: cnbc.com

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