As you plan for your financial future, it's always a good idea to diversify your portfolio. Whether you have chosen to invest most of your money in the stock market through a broker or you simply put it your maximum contribution into your IRA every year, there are other ways to save for your financial stability. If you are in the process of planning for your retirement and you want to have a variety of investments, it's best to work with a financial planner who can show you the different investment products available and how to secure them.
Maybe you unexpectedly inherited money from a relative, got really lucky in the lottery, sold off a valuable stock, or received a big court settlement. In any case, you have a sudden influx of cash and want to make the most out of it instead of wasting it. Here are four really smart things to do with a windfall:
Set Aside Emergency Savings
If you don't already have a good chunk of savings set aside for an emergency, receiving a windfall is a great opportunity to do so.
Whether it's finding your dream job, signing a contract to play sports professionally or winning the lottery, if you've suddenly found yourself having a lot more money than before, you have reasons to celebrate. But you may also have reasons to worry. Will you be able to make wise decisions with the money? Who can you turn to for advise? What should you be doing to ensure a better future?