Have you spent time wondering what you would do if you came into a windfall of money?
The dream can involve buying a giant house, possibly a castle, investing in a foreign car and going on a shopping spree that would make the average romcom montage blush.
So... what do you do with it?
Money Still Means Being Smart
Whether you finally have money because you have strictly saved for it or are swimming in cash due to a very welcomed promotion / inheritance / win, the most important thing to remember is that a new tier of wealth doesn’t mean you can throw Income Organising out the window. If anything a healthy plan is more important than ever. The big difference just might be what is on it.
Money Still Means Planning
Hitting the jackpot literally or through hard work is one of life’s great payoffs. But without properly equipping yourself with the know-how and self control to handle it, new wealth can be a quick trip back to struggle street.
Simultaneously you have more fun and more responsibility.
Extra zeros on your bank balance might also be a time you consider investment. Whether dealing with high-interest savings accounts, stocks and bonds, property, or other types of investment, investing extra income could be an opportunity to generate more income. It’s a way to have your money working for you rather than the other way around.
Money Still Means Living Responsibly
The worst thing you can do when finding yourself in a new tax bracket is to go out and wildly increase your expenses without thought. While signing up for exclusive subscription packages, upgrading to an A-List gym and getting addicted to updating your wardrobe sounds like a lot of fun, and is definitely earned in moderation, absently adding to your spending is only going to return you to the state of ignoring your bank statements or crossing your fingers that a large bill isn't around the corner.
Many experts recommend sitting on your new income for a few months to a year, and letting it accumulate while you set up your plan before engaging in many new activities.
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