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You Received a Windfall. Now What?

Have you recently received an unexpected windfall? Have you considered what to do with it? Whether your windfall camefrom an inheritance, a lucky scratch-off ticket, or an unexpected bonus, it provides you with a great opportunity to improveyour overall financial situation. Here are some things to consider to help you maximize the opportunity at hand.

Determine your tax implications

  • Consult with a tax professional to determine your tax liability and ensure you have enough set aside to cover any taxes you may owe.
  • Avoid future penalties and fines by paying these taxes on time.

Pay off debt

  • Do you have any lingering high-interest debt from student loans or credit cards? Consider paying those off first and then re-evaluating any remaining debt.
  • Once you have fully paid off any debt, consider what you plan to do with your newly freed up cash flow.

Save some

  • If you do not have an emergency fund, now is the best time to start one. Set aside enough to cover at least three to six months of living expenses.
  • Once you have funded an emergency fund, consider contributing to your retirement accounts or adding to your savings accounts.

Earmark a little for fun

  • Set aside a small portion of your windfall for enjoyment.
  • Take your family on a small vacation or treat them to a nice family dinner at your favorite restaurant.

Take your time

  • Think about how you want to spend or invest your windfall. Do you need a new vehicle? Do you have any home improvement needs? Focus on your top priorities before buying luxury items.
  • Consult with your family and ensure you are clear about your priorities for the money.
  • Talk to your Stifel Financial Advisor about where to park your windfall as you determine how to use it.

Create a plan

  • Create a list of your long-term goals and begin forming healthy financial habits now.
  • Evaluate your risk tolerance and align your asset allocation with it.
  • Work with your Stifel Financial Advisor to create (or update) your financial plan to ensure you are on track toward achieving your financial goals and objectives.

Asset allocation does not ensure a profit or protect against loss. Stifel does not provide legal or tax advice.

You should consult with your legal and tax advisors regarding your particular situation.

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