Budget Nerds

#114 - How to Handle a Windfall


Listen Later

Many of us approach YNAB from a position of scarcity, at least at first. We don't have enough money to do all the things we want to do, and we're living paycheck to paycheck. Giving every dollar a job and working through the 5 Questions helps us gain clarity about what our money needs to do for us, and finally get our financial life on track. But what if you have a surplus of money fall into your lap unexpectedly?

 

Windfalls are wonderful, sometimes life changing, but they can be stressful too. Especially if you haven't done the work of getting clear about your priorities and giving your dollars a job, suddenly receiving a large sum can be overwhelming and intoxicating. Ben likens windfalls to a poker concept called "winner's tilt." Players who are winning and watching the action through a tall stack of chips often end up playing more loosely and taking more risks. In theory, they should be playing with the same strategy as what won in the first place, but overconfidence and the security of playing with a large bankroll leads to riskier play.

 

Luckily the YNAB method works for windfalls too! When you know your priorities, and you have a plan for your money, it's much easier to handle a windfall without frittering it away or stressing about doing something special with it. In today's episode, Ben and Ernie discuss windfalls they have received in their life and lessons they have learned from the experience.

 

 

Follow Budget Nerds on YouTube

Budget Nerds Livestreams: https://www.youtube.com/@YNABofficial/streams

Budget Nerds Episodes: https://www.youtube.com/channel/UCuIUGmbCDklkDCDm-cQqv2g

 

Share your YNAB wins with Ben and Ernie!

[email protected]

 

Get your tickets to YNAB Fan Fest 2025! Coming to San Diego, Minneapolis, and NYC. Tickets are ON SALE NOW:

YNAB.com/events

...more
View all episodesView all episodes
Download on the App Store

Budget NerdsBy You Need a Budget

  • 4.8
  • 4.8
  • 4.8
  • 4.8
  • 4.8

4.8

107 ratings


More shows like Budget Nerds

View all
The Jesse Mecham Show by Jesse Mecham

The Jesse Mecham Show

1,072 Listeners

The Stacking Benjamins Show by StackingBenjamins.com | Cumulus Podcast Network

The Stacking Benjamins Show

1,981 Listeners

A Slob Comes Clean by Dana K. White: A Slob Comes Clean

A Slob Comes Clean

2,446 Listeners

Afford Anything by Paula Pant | Cumulus Podcast Network

Afford Anything

3,524 Listeners

Clutterbug - Real-Life Hacks and Tips to Declutter, Organize and Clean your Home Fast by Clutterbug

Clutterbug - Real-Life Hacks and Tips to Declutter, Organize and Clean your Home Fast

2,023 Listeners

ChooseFI by ChooseFI

ChooseFI

5,086 Listeners

NerdWallet's Smart Money Podcast by NerdWallet Personal Finance

NerdWallet's Smart Money Podcast

750 Listeners

Frugal Friends Podcast by Jen Smith & Jill Sirianni | Backyard Ventures

Frugal Friends Podcast

1,187 Listeners

Get the Hell Out of Debt by Cloud10

Get the Hell Out of Debt

225 Listeners

The Money Love Podcast by Paige Pritchard

The Money Love Podcast

423 Listeners

Financial Coaching for Women: How To Budget, Manage Money, Pay Off Debt, Save Money, Paycheck Plans by Vanessa and Shana | Budget Besties | Bougie On A Budget | Dave Ramsey Fans

Financial Coaching for Women: How To Budget, Manage Money, Pay Off Debt, Save Money, Paycheck Plans

235 Listeners

Inspired Budget by Allison Baggerly

Inspired Budget

300 Listeners

Beginning Balance by Jesse Mecham

Beginning Balance

68 Listeners

Catching Up to FI by Bill Yount & Jackie Cummings Koski

Catching Up to FI

328 Listeners

Budget Effect: How to Budget, How to Pay off Debt, Save Money, Live on a Budget, Improve your Money Mindset on a single income by Erin Britt | Budget Strategy Coach

Budget Effect: How to Budget, How to Pay off Debt, Save Money, Live on a Budget, Improve your Money Mindset on a single income

55 Listeners