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Getting a financial windfall in your 20s can feel like a dream, but it doesn’t guarantee that your life will be great. In fact, a lot of people who come into a big sum of money, especially when they’re young, end up spending it all in just a few years and don’t have anything left.
This frequently happens to lottery winners, who end up destitute when they could have been set for life. What can you do to avoid this kind of problem? It’s important to make your money work for you, and create a plan that helps you hang on to the majority of it, so you can grow even more wealth for the future.
If you’re not experienced with managing larger sums of money, financial counselor Gina Knox recommends working with someone who is. Knox received a large windfall in her 20s, and has since started counseling other people in that same situation. This helps her stay on track, and also makes it easier for her to share what she’s learned to protect the financial health of others who end up in her same situation.
It can be all too easy to make big purchases that aren’t really needed, and can feel disorienting when you’re not used to having much. But learning how to manage that money wisely is the first step toward potentially increasing the value of it exponentially over time. Even if you plan to invest all of it and let it grow, though, some investments are riskier than others.
By working with a financial counselor or advisor, you can find the support you need to make good choices with the unexpected money. That doesn’t mean you can’t (or shouldn’t) spend any of it to pay down debt or buy something you want. It just means that making smart and strategic financial decisions with a windfall at a young age can have a lot of value for you in the long run. Handling it with care, and getting the right advice, can help you reduce future regret while still enjoying some of what you received.
The estate planning process includes all steps required to protect your assets and lifestyle
during your lifetime and then ultimately transfer your remaining wealth to beneficiaries…all
based on your specific goals and terms.Contact us today to learn more!