The following is a collaborative post by Sarah Deacon
Receiving a huge wad of cash is everyone’s dream. But if you do receive a financial windfall, do you really know what to do with it?
A sudden windfall involves coming into a substantial amount of money you may not have been expecting. It can come from an inheritance, cashing out on an investment spike, property sale, winning a lottery, or a lucrative litigation settlement.
One problem with receiving a large sum of money is that people tend to think that they have much more wealth than they actually do, and that it will last forever. Consider how 78% of NFL career players who earn ridiculously high salaries go broke within three years of retirement. No matter how big your windfall is, if you make avoidable mistakes, you can still end up not achieving financial independence.Continue reading