Comments on: What to Do With A Windfall

By: mike

mike — Sun, 10 Jan 2010 21:28:48 +0000

Thanks for the great advice!

Now.. all I have to do is get that windfall.

By: kenyantykoon

kenyantykoon — Sat, 09 Jan 2010 14:30:06 +0000

a windfall, the boon we all long for… i would like to win the lottery or get an inheritance but the odds are stacked up against me. but this is good advice to live by when planning finances

By: Andrea

Andrea — Fri, 08 Jan 2010 20:01:30 +0000

thank you,this is just what I need. If I am in the position I’m sure my head would be spinning with all the things I “could” buy but instead I will come here and read this level headed list which is exactly in line with my priorities.

By: ichimunki

ichimunki — Fri, 08 Jan 2010 19:45:00 +0000

Just a note that you can’t contribute to a ROTH IRA if you make over a certain income. Sadly, my household cannot contribute due to our high income. I imagine that if you have a rather large windfall, you may be over the income allowed for a ROTH that year but you could possibly contribute the next year if your income doesn’t go over pre-defined limit.

By: David Weliver

David Weliver — Fri, 08 Jan 2010 16:35:57 +0000

Thanks, Dan; Good point. A cool-down period is a great idea. Probably the smartest lottery winners don’t even claim their prize for several weeks or months. Course, that lets the publicity die down, too, but it’s good advice for any windfall.

By: Live for Improvement

Live for Improvement — Fri, 08 Jan 2010 15:52:02 +0000

This article is spot on!

In addition, the excitement of a windfall can temporarily cloud your judgement. It’s best to have a cool down period before any money is spent. For large windfalls wait a month or two for the shock to where off and use this time to ensure that you are using it wisely.