Whether you finally landed that big client or you finally won the lottery, an influx of surprise cash is always a good thing. And it also requires some planning. Here are my thoughts on the best ways to allocate that extra money, in order. Money That Come Unexpected:Put the majority of the windfall towards your biggest financial goal
A windfall is a great way to fast forward yourself towards a big financial goal. Whether you’re working on paying off debt, saving up for a down payment, or budgeting for a round-the-world trip, use your extra cash as a shortcut.
If you don’t have any financial goals right now, set some of the windfall aside—in a savings account, [...]
When you’re in the early stages of your personal finance journey. The majority of your financial goals tend to revolve around specific numbers. Tie Your Financial Goals to Results
Once you start achieving those goals, you’re probably going to set a few new ones—and. You’re probably going to structure them the same way. “I need a three-month emergency fund” becomes “I want a six-figure net worth,” and so on.
There are two reasons why focusing on what you do with the money is more important than focusing on how much money you have.
First, because it’s always a smart idea to have a plan for your money. Sometimes there’s a specific plan: [...]