Jeremy Westfall was cutting the grass last month at his home. than spending the money to do it right,” said Sean Kane, president of the consulting firm Safety Research & Strategies Inc. “If there.
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Instead of blowing a windfall on a new car, I’d always recommend spending it on your home and splurging for a nice vacation. experiences and the home, these are expenditures that last and have influence on our lives for the long term, as opposed to a car that can get the job done as an economical purchase rather than a flashy, big-spending.
If you own your own home it’s the biggest investment that you have, so using that money to increase that investment makes a lot more sense then spending it on something frivolous. 4) Spend some of your money. Remember, we said these are the Top 4 things to do with a windfall besides spend it all. But hey, it doesn’t hurt to spend a little.
5 Things Not to do if You Receive a Windfall by Barry Choi November 18, 2015 / No Comments Falling into a large sum of money can be tempting for anyone, but what you decide to do with that money can go a long way or be completely wasted if you’re not careful.
However, if paying off the debt does little more than "free up the credit card" for other stuff, then it’s a very poor way to use a windfall. That’s why, in most cases, I advocate using that money to ensure a better financial position unless you’re truly committed to reducing your spending.
While it may be hard to part with your cash, some things are worth spending money on, such as a nice interview suit or new experiences. Check out more smart purchases to make in your 20s .
An interesting comment on a recent post caught my attention. In response to my suggestions for things to do with a tax refund, Ross wrote, "Paying off any high interest debt will save you money in the long run, but it can be pretty tempting to buy something frivolous with the money, especially if you weren’t expecting it.