1. Spend a Little – Go ahead and spend about 10% of the money. You can get a remembrance of your loved one, or take a trip to honor them.
2. Pay Off Debt – The bulk of the money should go toward paying off high interest debt (like credit cards) then into a bank account until you have saved about 6 months of expenses
3. Invest the rest – With any extra that may be left, max out your retirement savings before you pay off your mortgage. This can become a good nest egg especially if you can get a company match.
Inspired by financial expert Jean Chatzky’s steps for managing a windfall in Women’s Day magazine September 2017 issue.
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