When you come into a cash surplus from a company bonus, a tax refund, an inheritance or something similar, you might find yourself having to decide what to do with the money you receive. So, what do you do when you're faced with this difficult question: What to do with surplus cash: pay down debt, spend or invest?
Did you know that most people who win the lottery lose their winnings within 5 years? In fact, 70% end up bankrupt.
Why would that be?
Well, it’s because they don’t know how to answer the question asked here regarding what to do with surplus cash. As a result, they make their investment and spending and gifting choices on their own with no guidance at all, and are surprised to discover how quickly millions can disappear.
So, let’s start there. Depending on the amount of your cash surplus, consider consulting with one or more trusted advisors on what to do with the extra money. We often act as objective counsel for our clients, so feel free to call to discuss options.
If it’s not a large sum, but you still want to make sure you are doing the right thing with the extra cash, consider these factors:
Finally, if you’ve got all that handled, consider a trip with your family of origin or your chosen family that will build and strengthen family bonds. Before you go, be sure to come in and meet with us for a Family Wealth Planning Session to ensure all of your ducks are in a row, in case anything happens while away.
If you are ready to plan for your future wealth, start by sitting down with us. We can walk you step by step through creating a legal plan that will help you make great decisions during life by looking at what happens in the event of your death. Schedule online.
My goal is to be your trusted advisor who helps you make the very best personal, financial, and legal decisions for your family throughout your lifetime. I want to help you not just now, but also when you can’t be there so that I can help guide your loved ones through a difficult process.