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Coming Into Money? Would you like help managing the risks and must-dos?
You've recently discovered that a significant amount of money is on its way to you, or might even be sitting right now in your bank account. Maybe it's coming from an inheritance, or else it could be something like a lottery win or insurance payout.
Most people might think it's exciting, but you're realizing you've got some mixed feelings about it. It's pretty common to be happy and relieved that you now have more money, and to be stressed out or worried about how you're going to handle it, too.
You've got choices that you probably didn't have before to make positive changes to your finances. If you're like many Americans, you've got debt of some kind. Should you pay off all or a portion of it? If you have kids, should all or a portion be set aside for college in some way?
Or instead, maybe this is the time to buy the larger house you've always wanted. Launch your own business and stop working for “the man." Travel the world. Take a work break for a little while.
Money that comes in suddenly is often spent, seemingly, just as suddenly. But you don't want to lose all the money you've just come into. Fortunately, you can plan how to work with your windfall without spending it all right away. By avoiding the mistakes that others make and choosing the right options, you have the chance to make dreams come true.
But what are those options and what are the mistakes that lead to all that money slipping right through your fingers? The challenge you're now struggling with is that you don't know what you don't know. The causes of sudden wealth are generally pretty similar. But the right way to handle it varies from recipient to recipient, according to your own circumstances, desires, and needs.
Sources:
1 - https://www.irs.gov/faqs/interest-dividends-other-types-of-income/gifts-inheritances
2 - https://www.irs.gov/taxtopics/tc419
3 - https://www.irs.gov/pub/irs-pdf/p4345.pdf
4 - https://www.bbc.com/worklife/article/20181024-you-can-win-a-billion-and-go-bankrupt
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Risk Disclosure: Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future results. This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. Consult your financial professional before making any investment decision. For illustrative use only.
Global Hill Wealth Advisors LLC is a registered investment advisor located in the State of Connecticut. Additional information about Global Hill Wealth Advisors LLC and its advisory persons is available on the SEC’s website at www.adviserinfo.sec.gov by searching with the firm name or with CRD# 316075.
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By Mansoor Ahmad
5
44 ratings
You've recently discovered that a significant amount of money is on its way to you, or might even be sitting right now in your bank account. Maybe it's coming from an inheritance, or else it could be something like a lottery win or insurance payout.
Most people might think it's exciting, but you're realizing you've got some mixed feelings about it. It's pretty common to be happy and relieved that you now have more money, and to be stressed out or worried about how you're going to handle it, too.
You've got choices that you probably didn't have before to make positive changes to your finances. If you're like many Americans, you've got debt of some kind. Should you pay off all or a portion of it? If you have kids, should all or a portion be set aside for college in some way?
Or instead, maybe this is the time to buy the larger house you've always wanted. Launch your own business and stop working for “the man." Travel the world. Take a work break for a little while.
Money that comes in suddenly is often spent, seemingly, just as suddenly. But you don't want to lose all the money you've just come into. Fortunately, you can plan how to work with your windfall without spending it all right away. By avoiding the mistakes that others make and choosing the right options, you have the chance to make dreams come true.
But what are those options and what are the mistakes that lead to all that money slipping right through your fingers? The challenge you're now struggling with is that you don't know what you don't know. The causes of sudden wealth are generally pretty similar. But the right way to handle it varies from recipient to recipient, according to your own circumstances, desires, and needs.
Sources:
1 - https://www.irs.gov/faqs/interest-dividends-other-types-of-income/gifts-inheritances
2 - https://www.irs.gov/taxtopics/tc419
3 - https://www.irs.gov/pub/irs-pdf/p4345.pdf
4 - https://www.bbc.com/worklife/article/20181024-you-can-win-a-billion-and-go-bankrupt
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Risk Disclosure: Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future results. This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. Consult your financial professional before making any investment decision. For illustrative use only.
Global Hill Wealth Advisors LLC is a registered investment advisor located in the State of Connecticut. Additional information about Global Hill Wealth Advisors LLC and its advisory persons is available on the SEC’s website at www.adviserinfo.sec.gov by searching with the firm name or with CRD# 316075.