How to Prepare for a Windfall

Step-by-Step Guide

1. 1

   Step 1: Don't discount a few hundred dollars...or even an extra hundred dollars.

   If it is not in your usual income, it is extra and can be helpful.
   
   Pay a bill, treat yourself, buy a gift...whatever you like.
2. 2

   Step 2: Remember nothing is guaranteed.

   Do not spend the money before it is in your pocket.
   
   With the ever changing economy and unforeseen events that may occur the quantity of money you receive may be less then expected. , Brainstorm all of the things that you need to accomplish that you couldn't do without the money such as travel or pay down debt. , The assistance they may be able to provide in prioritizing your spending may be invaluable as they will be able to see the situation more rationally. , Large sums of money can grow even larger if invested correctly.
   
   Look into such investments as; Retirement Savings, Education Savings, IRAs, and Pensions. , When you have received your windfall, call whichever debtors that you have decided to pay towards and get a payoff, or just send them an extra payment.
3. 3

   Step 3: Start creating a list of possible ways to use the money.

4. 4

   Step 4: Discuss the potential windfall with trusted friends.

5. 5

   Step 5: Consider investments.

6. 6

   Step 6: Gather together all of your debt information.

Detailed Guide

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