Artwork

Inhoud geleverd door rich & REGULAR and REGULAR. Alle podcastinhoud, inclusief afleveringen, afbeeldingen en podcastbeschrijvingen, wordt rechtstreeks geüpload en geleverd door rich & REGULAR and REGULAR of hun podcastplatformpartner. Als u denkt dat iemand uw auteursrechtelijk beschermde werk zonder uw toestemming gebruikt, kunt u het hier beschreven proces https://nl.player.fm/legal volgen.
Player FM - Podcast-app
Ga offline met de app Player FM !

Ep 154: Why you need a plan for unexpected "windfall" money

40:59
 
Delen
 

Manage episode 407557172 series 2988856
Inhoud geleverd door rich & REGULAR and REGULAR. Alle podcastinhoud, inclusief afleveringen, afbeeldingen en podcastbeschrijvingen, wordt rechtstreeks geüpload en geleverd door rich & REGULAR and REGULAR of hun podcastplatformpartner. Als u denkt dat iemand uw auteursrechtelijk beschermde werk zonder uw toestemming gebruikt, kunt u het hier beschreven proces https://nl.player.fm/legal volgen.

In this episode, we’re discussing how to manage a windfall, whether it's a sudden influx of money from investments, bonuses, or unexpected events. We share our personal experiences with windfalls and the importance of splurging and treating yourself to experiences. We emphasize the need to resist the urge to act quickly and instead create a wish list and categorize priorities. We also discuss the importance of waiting and considering tax implications, as well as managing expectations and right-sizing giving.

This episode also explores the cognitive benefits and financial muscle developed through lump sums and highlights the power of compounding interest and its role in accelerating financial plans. We also discuss how to handle large salary bumps or side hustle success and the need for preparation and planning, whether you should seek professional help for financial advice, along with customizing financial decisions based on individual circumstances
Links:

Takeaways:

  • Splurging and treating oneself to experiences can be a valuable part of managing a windfall.
  • Resist the urge to act quickly and take time to create a wish list and categorize priorities.
  • Consider the tax implications of a windfall and plan accordingly.
  • Communicate and manage expectations with others who may have expectations of your windfall.
  • Right-size your giving and allow yourself to experience the windfall before making promises.
  • Careful planning is necessary when handling windfall money to ensure it is used effectively and does not cause unintended consequences
  • Lump sums can provide cognitive benefits and develop financial muscle, allowing for long-term thinking and intentional decision-making.
  • Understanding the power of compounding interest can help accelerate financial plans and shorten the time needed to achieve financial goals.
  • Making progress on financial goals is fulfilling and can provide a sense of freedom and security.
  • When experiencing a large salary bump or side hustle success, it is important to have a plan for the extra income and consider seeking professional advice.
  • Customizing financial decisions based on individual circumstances and having a clear purpose for income are key to making informed choices.

Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.

Join our email list
to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life.

Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by Forbes
If you would like to learn more about investing, check out our newest class, Making Money Grow

  continue reading

209 afleveringen

Artwork
iconDelen
 
Manage episode 407557172 series 2988856
Inhoud geleverd door rich & REGULAR and REGULAR. Alle podcastinhoud, inclusief afleveringen, afbeeldingen en podcastbeschrijvingen, wordt rechtstreeks geüpload en geleverd door rich & REGULAR and REGULAR of hun podcastplatformpartner. Als u denkt dat iemand uw auteursrechtelijk beschermde werk zonder uw toestemming gebruikt, kunt u het hier beschreven proces https://nl.player.fm/legal volgen.

In this episode, we’re discussing how to manage a windfall, whether it's a sudden influx of money from investments, bonuses, or unexpected events. We share our personal experiences with windfalls and the importance of splurging and treating yourself to experiences. We emphasize the need to resist the urge to act quickly and instead create a wish list and categorize priorities. We also discuss the importance of waiting and considering tax implications, as well as managing expectations and right-sizing giving.

This episode also explores the cognitive benefits and financial muscle developed through lump sums and highlights the power of compounding interest and its role in accelerating financial plans. We also discuss how to handle large salary bumps or side hustle success and the need for preparation and planning, whether you should seek professional help for financial advice, along with customizing financial decisions based on individual circumstances
Links:

Takeaways:

  • Splurging and treating oneself to experiences can be a valuable part of managing a windfall.
  • Resist the urge to act quickly and take time to create a wish list and categorize priorities.
  • Consider the tax implications of a windfall and plan accordingly.
  • Communicate and manage expectations with others who may have expectations of your windfall.
  • Right-size your giving and allow yourself to experience the windfall before making promises.
  • Careful planning is necessary when handling windfall money to ensure it is used effectively and does not cause unintended consequences
  • Lump sums can provide cognitive benefits and develop financial muscle, allowing for long-term thinking and intentional decision-making.
  • Understanding the power of compounding interest can help accelerate financial plans and shorten the time needed to achieve financial goals.
  • Making progress on financial goals is fulfilling and can provide a sense of freedom and security.
  • When experiencing a large salary bump or side hustle success, it is important to have a plan for the extra income and consider seeking professional advice.
  • Customizing financial decisions based on individual circumstances and having a clear purpose for income are key to making informed choices.

Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.

Join our email list
to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life.

Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by Forbes
If you would like to learn more about investing, check out our newest class, Making Money Grow

  continue reading

209 afleveringen

Alle afleveringen

×
 
Loading …

Welkom op Player FM!

Player FM scant het web op podcasts van hoge kwaliteit waarvan u nu kunt genieten. Het is de beste podcast-app en werkt op Android, iPhone en internet. Aanmelden om abonnementen op verschillende apparaten te synchroniseren.

 

Korte handleiding

Luister naar deze show terwijl je op verkenning gaat
Spelen