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You just hit the jackpot. Now what?
8-20-14It happens all the time, people hit the jackpot playing the lottery, by an inheritance, or some other financial windfall.  Now what do you do?  You don’t want to blow it but the temptation is there.  We put together some tips for you so you get what you are looking to out of it.
  1. Don’t tell anyone.  As soon as people hear that you have a huge chunk of money, everyone will come knocking.  Even your “cousin” that you haven’t heard from in 25 years and you aren’t even sure how you’re related will try to be your best friend.  Best thing to do is keep your windfall to yourself.
  2. Figure you what you want.  Make a list of goals that you would like to use this money for.  If you are looking to take that exotic vacation, put that on the list.  If you want to help out with your favorite charity, put that on the list.  If you are planning on buying a house, put that on the list.  Resist the immediate temptation of just going out and spending.
  3. Pay off your debt first.  The moment you become debt free you will feel a whole lot better without that stuff running through your mind.
  4. Save, save, and save some more.  Make your money work for you.  Find out what financial plan works best for you and your needs and do it.
  5. Contact a financial planner.  We are here to help you navigate through all the legalities of windfalls.
Gaining a windfall is not the time to be impulsive, it’s the time to take a step back and define your financial goals.  Jeffrey Gelinas can help you with any questions you may have. Content provided by Transformer Marketing.
Shawna Kreis
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