Is this what you sound like when unexpected money comes your way? Maybe just a little?
What should you do with a large windfall, like an inheritance, or winnings?
My answer to that question is: to further along your financial goals, WHATEVER they may be.
There are people who work diligently, month after month, who are paying down their debt… and they they receive a cash windfall. So what do they typically do with it?
THEY BLOW IT!
They treat the windfall money DIFFERENTLY than they do the money that they earn simply because it came from a different SOURCE. WHY IS THAT?
Usually.. the person feels that the windfall was a gift.. a gift they didn’t earn, they somehow feel like they didn’t deserve it, and so they spend it.
It is any wonder why people who win the lottery end up broke again?
The better thing to do.. it to treat ALL money the same.. regardless of where it came from. Take the windfall and PLUG it into your financial goals..
If you’re currently saving for a car.. take the windfall and add that to your savings..
If you’re trying to pay off a credit card… take the windfall and pay off your credit card.. and maybe the next one too.
Should you spend any of it on yourself?
Sure.. why not?
Take a small part of the windfall and treat yourself.. and put the rest into your plans..
The problem is spending ALL of it.
What kinds of windfalls happen in your life?
Work Bonuses.. Tax Returns.. Inheritances.. Insurance Claim money (after the repairs are done)… Radio Contests.. the list goes on…
Money can come to you unexpectedly… you deserve it.. but don’t sell yourself short by blowing it.
Have you ever BLOWN it with a windfall? What did you buy?
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