So You’ve Come Into Some Money! …What Happens Next?

The dream for all of us is to suddenly come into a little money (hopefully without any of your relatives having to die in order for you to inherit). We all have dreams of what we’d do with the money if we got a sudden windfall – but if it actually happens to you, what on earth should you do next?

You've Come Into Some Money

Should You Tell Your Family?

There’s nothing that can create divisions between usually happy families like money, unfortunately. If you have come into some cash, then it’s great to be able to treat your loved ones – depending on how much you have, you could take your family out for a nice dinner, or maybe even put some money into your niece or nephew’s college fund. But you should make sure that you don’t tell anyone exactly how much you have, and you should also make sure that no one expects anything from you.

What Should You Do With The Money?

First of all, it’s important to make sure that you’ve paid off any outstanding debts that you might have. The credit card debt, if you have any, should come first – this will be a huge weight off your mind and will also stop you from having to fork out vast quantities of money on interest. The next thing that you should spend money in is your children’s education – save for their college years. Finally, depending on how much you have, pay off as much of your mortgage as you can.

What Should You Splash Out On?

Remember that there’s nothing as valuable as experiences. Of course you should enjoy your money and there’s nothing wrong with a great quality coat or bag that will last you for a long time that you couldn’t previously afford. But you should bear in mind that objects won’t bring you as much satisfaction as you might think they will. Instead, consider spending some money on a nice vacation with your family or on a family day out to create memories that you’ll have forever.

Should You Talk To A Professional?

Generally the answer to this is always ‘yes’. If you’re having mental health problems, talk to a therapist. If you’re having money problems talk to a financial expert like Blueprint Wealth Financial Advisors. The great thing about experts is that not only do they know their stuff, but they can also give you impartial advice that your friends and family might not be able to. You can trust the opinions of people who talk about money and investment for a living.

What Should You Invest In?

The best thing to invest in is generally property. Although being a landlord is a big responsibility, owning property means that you’ll always have money coming in – your investment has bought you a wage as well as a property. Make sure that you choose carefully depending on the type of property you’re investing in. If you’re buying a family home make sure there are good schools nearby and if you’re investing in a bachelor pad make sure it’s in a good commuter spot.