It would be great to answer the door and find that giant cardboard check or to look and see that ALL of your numbers hit in the lottery drawing (and those numbers are all on the same row). Even if it’s just a notice that Great Uncle Phil passed away and left you a nice little check, you will still want to make a plan for your new windfall.
1. Any thing over $50,000 means its time to talk to a professional. You need to understand any legal repercussions that you may have from receiving the money (taxes or other liabilities).
2. Take your time and feel your way through the process. Unless the gift or reward came with an expiration date you have plenty of time to sort through your needs, wants and desires before you begin making a move on the money.
3. Think ahead farther than tomorrow. It might be great to purchase that multi-million dollar estate, but do you also have the funds to keep it up once you have purchased it? You have to plan beyond the purchases.
4. Give to others. Set up a plan to help out others in your community (or in your family). You can do it through a number of avenues and this is another time that having professional assistance will come in handy.
It makes no difference if your windfall is a large sum or just a large sum to you. Slow down, think about what you are doing, and make sure it pans out in the long run.