Your guide for managing a financial windfall

Getting a financial windfall can come from various sources such as an inheritance or winning a lottery. A financial windfall might change your life and present you with a lot of financial opportunities, however, if you don’t utilise it wisely it may create unpleasant moments. Therefore, it is important to have a plan in place that will help you manage your money well to avoid making bad financial decisions.

It is important to understand that managing large amounts of money is not easy, while the first instinct for most people would be to reward themselves with a car, a big house, holiday, or shopping, it is important to first define your short and long-term goals to ensure that you use your financial windfall to achieve financial freedom. ADVERTISEMENT CONTINUE READING BELOW We often underestimate the responsibility that comes with inheriting a large sum of money. Preparation is crucial.

A financial windfall can come with difficulties and risks in addition to being a life-changing moment. Your happiness and future financial situation might be greatly impacted by how you handle your money.As a responsible integrated financial services provider, we encourage customers and their families to get sound financial advice from their private advisors to help them manage, save and invest their wealth.

Establishing a savings goal is the most important consideration when managing a windfall. Being honest with yourself and assessing how your financial position was prior to the windfall needs to be carefully considered, together with your level of financial literacy, to establish the need for integrated advice. ADVERTISEMENT: CONTINUE READING BELOW Ilse Smuts is Business Development head at FNB Retail Cash Investments and Yashika Rambujan is FNB Private Banking regional head KZN.

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