Home » 6 tips to manage a windfall, even if it’s not Powerball, Mega Millions

6 tips to manage a windfall, even if it’s not Powerball, Mega Millions

by UNN Feed

This column was first published July 29, 2022, and has been updated.

What would you do if you had a stroke of financial good fortune during economic uncertainty?

A pair of massive jackpots this week — Powerball at $865 million and Mega Millions topping $1.1 billion — sent people rushing to pay $2 a ticket for a chance at a lifetime of financial security.

While it’s highly unlikely you will ever win big in a lottery, the games offer the hope of getting rid of credit card debt, finally affording a home, or helping loved ones who might be struggling financially.

It’s no wonder people are hoping for microwave wealth. Many folks are still dealing with inflation and high prices for housing, groceries and cars.

Lotteries don’t favor the masses.

Big winners are extremely rare, and sometimes these mega jackpots can ruin lives. Games of chance sell dreams of instant riches that, unfortunately, appeal to people who can least afford to play.

In reality, more people are likely to get a windfall from an inheritance, insurance payout or from winning a lawsuit. One of the largest payouts people get is their yearly tax refund.

If managed well, this bonus money can do some good. If not, your sudden wealth could leave you just as quickly broke.

Several callers to my toll-free line (1-855-ASK-POST or 1-855-275-7678) have asked how to handle a windfall.

“I have waited four years to get a legal settlement involving being fired from my job,” Maryland resident Rebecca Ebaugh said when she called the toll-free line. “And now that it’s coming into reality, I don’t even know whether I should try to invest it with the economy being so perilous right now. … What would you do with close to $100,000?”

Here’s what I would and have done after receiving a windfall.

Put the brakes on an impulse to spend right away. Even if you’re deep in debt, wait.

Don’t rush any decision until you’ve looked at your entire financial situation. Maybe you need to build up your emergency fund…

Read the full article here

Have information to send to Urban New Now? Contact our reporters. Advertising inquiries? Contact us. Opinions? Email us.

You may also like

About Us

Urban News Now is your number one website for the latest news affecting the Black community. Follow us now to get the news and updates that matters to you.

Feature Articles

Subscribe to our newsletter to get the latest news and updates. Let's stay updated!

Copyright © 2023 Urban News Now – All Right Reserved

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More