Although financial windfalls may be unexpected, when they do happen, there’s a lot to consider.
I’ve been fortunate enough to meet with clients who have received a financial windfall through family inheritance, a redundancy payout, selling off part of a business or even winning a lottery!
An unexpected windfall can be a real stroke of luck. With careful planning, a lump sum of money can truly make a difference to both your day-to-day life and your future.
At first it can be quite overwhelming to think about all the options available to you, hence why thorough planning is essential.
When I meet with clients in this position, there are three things I encourage them to do:
- Take a breath. Take three to six months to really think about your individual goals and aspirations and work out what this money means for you and your family before making any hard and fast decisions.
- Educate yourself. It’s important to consider all of your options and do your research.
- Get a great team around you. Make sure you have the right people on your side. A great advisor, accountant and lawyer can make this process as easy as possible for you, whilst always having your best interest at heart.
You don’t have to go through this process alone. Many advisors at Viridian are experienced in this area and are equipped to help you get the most out of your financial windfall.
Reach out today to start the conversation.
Clint McNally is an Executive Advisor at Viridian Advisory.
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