What to do with a windfall

Let’s say win a jackpot, or your relative bequeaths you a tidy sum, or you receive a handsome work bonus - what do you do with the money? When most people get a financial windfall, they often throw all caution to the wind and spent the money on shopping sprees, long-desired vacations, buy dream cars, or give it out as “loans” to friends and relatives. By the time they come back to their senses, they usually have diddly-squat in their accounts.

It is estimated that 70 per cent of people who receive a vast amount of money unexpectedly will squander it in only a few years. But with proper planning, a windfall can be a positive game changer in your financial goals. Here are some tips to help you manage unexpected money: