The Four P’s of Managing Windfalls (Unexpected Money)
(The need for financial education.)
- Plan
- Lessons from others.
- Gross minus net (consider tax implications)
- Pause and assess the situation.
- Park the money in a liquid interest earning account and think.
- Define goals--short, intermediate, long term. (Emergency fund, fun, retirement, education, estate planning.
- Proceed with caution
- Pay off debts, especially high interest credit cards
- Ponder offers for professional help
- Proceed cautiously
- Ask questions of would be helpers
- How to select a professional planner/advisor.
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