Business
A "windfall" sounds great, right? Coming in to money suddenly? Well, the National Endowment for Financial Education estimates that 70 percent of people who come into sudden money deplete it within just a few years.Today, Shanna Tingom of Heritage Financial Strategies breaks down what to do with a windfall. This includes:Planning ahead if you anticipate a windfallBe honest with yourself and family members you trust. But don't force a conversation with someone who doesn't want to discuss it.Get a strong team in place - this includes a financial advisor, CPA, and estate planning attorney.Table immediate spending and make a wish list.Keep quiet about your situation, except to your financial team.Consider putting someone on that team in a "gatekeeper" role if you're worried you'll have trouble saying no to people.Finally, listen to that team - respect spending boundaries, save appropriately, and learn from the mistakes you'll inevitably make.For help with your retirement future, reach Shanna at Heritage Financial:https://www.heritagefinancialaz.com/