What To Do With A Financial Windfall

Рет қаралды 13,071

4 жыл бұрын

Hey there, lovely Wealth Chefs! 🌟 Ever wondered what to do with a windfall of money?
Go Here to read the full article: www.thewealthchef.com/blog/what-to-do-with-a-windfall
In this video, we dive deep into this topic and unlock the secrets of making your windfall work wonders for your financial future. From unexpected bonuses and tax refunds to substantial inheritances and life-changing payouts, it's time to know how to manage and grow that money!
But wait, what's a "windfall" anyway? 🍃 It's not just about lotteries or lucky stock purchases. For most of us, a windfall can be a tricky blessing, leading to worse financial positions within just a couple of years if not handled wisely.
Wealth Chefs, we're here to change the game! Discover the essential strategy to ensure your windfall truly transforms your life. This is the kind of knowledge that sets you on a path to financial wisdom.
Curious to know more? Keep watching the video for all the wealth-building insights and strategies that can change the way you look at your money!
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Пікірлер: 44

@TabithaWanjiku06 3 ай бұрын

Neutralize it - it's not lower value just because it came 'easy' Dump account - catch all account where the money will spend time. Determine what type of windfall it is. Eg tax rebate or retirement money vs lottery Money management system 1. Big lump to freedom i.e. , to assets that earn money (minimum 10%) pay your freedom first Retirement funds, 2. Pay down and clear consumer debt - not mortgage but loans, credit cards etc. 3. Built up emergency fund & safety net 4. Celebrate it. Have fun with it. Spend on things you enjoy and want to do 5. Allocate to growth i.e., self improvement through education So valuable. Thank you

@TheWealthChef 3 ай бұрын

So glad you found this valuable.

@PeterGates-rj7bg 3 ай бұрын

Many years ago we received an inheritance: We were both working and living from pay to pay. Add six children into the ‘pie’ ! We paid off our home mortgage, set up a Self Managed Superannuation Fund and bought a new vehicle. (We had the old one for almost 18 years! ) Having little experience with investing and not buying anything until we’d saved up for it, except our home, I also paid to go to a course on investing in the Share Market inclusive of a computer program in DOS which helped narrow the field when trading stocks. These days I attend free classes online like yours ,and the ASX website. A number of years ago I asked for The Wealth Chef book for my birthday gift that year. I’ve listened to a number of your podcasts/informative teaching talks and enrolled and completed the course mentioned in your book Ann. Knowledge is key as far as I’m concerned, then followed by careful action being self aware and the psychology of many people investing in markets. Self Development, Self Awareness and Honesty with self and my wife are also foundational. THANK YOU ONCE AGAIN ANN 👏🤩🌟💖

@TheWealthChef 3 ай бұрын

Wow Peter, that is truly amazing! ⭐Well done.

@TheWealthChef 3 ай бұрын

Self Development, Self Awareness and Honesty with self!! You've hit the nail on the head. Thank you for this share

@lraoux 4 жыл бұрын

I think everyone has their own disparate situation, but watching videos like these is particularly useful because it helps lay out the key components of the game of money. I feel like the first and most difficult component with regards to money management is knowing what you're doing with your life. Are you looking for a new career? Do you have children/are they on the way? Are you interested in trading or real estate or starting a business (have you even considered these options?)? Figuring yourself out is really the key to neutralizing money, which is then the key to the rest. Coming out of college, I didn't know which career path to take for the longest time. I knew I wanted to be rich, but I had no idea what I wanted to do. I was still looking for a career but I didn't know which career or how hard I was even really willing to work. I was totally confused- I am in a different state now. 1) I know where I want to live in the next few years (i.e. I have an idea of what my living costs will be), 2) I have a clear goal I am pursuing, and I know the specific costs about what it'll take to get there so that it works out, and what I'll be making thereafter. 3) I now KNOW that investing is crucial, although I'm still unsure how I'll go about it which leads to 4) understanding these concepts is what will ultimately allow me to make better choices. I remember receiving a windfall once of $10k once and I asked a rich millionaire acquaintance what I should do with it. He came up with several ideas but in the end, he told me, it really all depends on how risky I'm willing to be with it. At the time, I didn't have a clear vision in my mind, which really muddied my idea of how risky I actually WAS willing to be with it. I wasn't about to bet it all on a 50/50 sports game, although that might've won me a lot of money, nor did I want to keep it all in savings. I ended up spending it all on traveling/luxuries as I tried to figure out my future and before I knew it, it was gone. Lay out a path first and marry yourself to it.

@EnterSports1 3 жыл бұрын

Assets=Golden Goose Your return on those assets are golden eggs! Like my Dad always told me. “Simple Steve! ABC123!!! Thank you for affirming.

@michaelanthonygutierrez 2 жыл бұрын

Neutralize money flow … sound advice …treat money with respect…thank you!

@TheWealthChef 2 жыл бұрын

Glad you found value from this video :)

@michaelanthonygutierrez 2 жыл бұрын

@@TheWealthChef yes thank you so much 🙂

@coronnation8854 3 жыл бұрын

Is that a Safrican accent I hear? Loved the video. I appreciate the advice!

@duskcannysnap616 3 ай бұрын

Great video Ann good insight keep them coming please.

@TheWealthChef 3 ай бұрын

Thank you so much @duskcannysnap616, I appreciate you.❤

@MyFinancialRescue 4 жыл бұрын

I was paid out my provident fund, I paid off my credit card and my car. I left my bond because I "think", (I was advised), to leave my bond as I am earning money and would be liable for tax so need to "balance" that. The rest I put into another retirement annuity. I did not think to spoil myself as paying off my credit card was indeed a "bravo" moment .

@tajbibishamim8085 2 жыл бұрын

Kept it away from public eye.

@bodybybrody2295 3 жыл бұрын

Wow I’m obsessed 🤩 definitely going to explore your channel! I am getting ready to close on an investment property that I am selling. These tips help tremendously!

@smifee 3 жыл бұрын

I am going to add this to a group I’m in I think a lot of them may need this advice soon

@edmundworrell1864 4 жыл бұрын

Ann your channel is amazing, I love it, superb money strategy Edmund

@Magicalmike1 4 жыл бұрын

Thanks Ann great video as always,I should put this on replay until it is hard wired in to my brain. I did come into a little bonus did spend some on my self new duvet and cover. But the wealth pots are essential especially for your freedom figure. I did work out my net worth the other day a good exercise. I think I need to define my pots exactly so I can divvy any surplus up. Have my emergency fund but am saving for a boiler among other household items.

@theplussizedprofessor Жыл бұрын

Excellent video! Thanks 😊

@Chris-sx4qw 3 жыл бұрын

awesome vid beautiful thanks for adding value

@Zaid.Motala 2 жыл бұрын

This is awesome it really makes me think.

@michaelanthonygutierrez 2 жыл бұрын

Thank you 🙏🏻

@divinelyguided1144 2 жыл бұрын

Great information thank you 🙏🏾

@TheWealthChef 2 жыл бұрын

Glad you found value

@ritabehl 3 ай бұрын

🙏Thanks Sis for sharing this great video,will practice whenever needed.😊❤🙋🏻‍♀️

@TheWealthChef 3 ай бұрын

Hell yes - so glad it was on point!

@geoffreyiorjaar5797 3 жыл бұрын

Great video.

@PsychicPisces 10 ай бұрын

Thank you ❤ very useful

@TheWealthChef 10 ай бұрын

Glad you enjoyed it

@chenaim23 Жыл бұрын

Big lump sum designed for you to live off … oh yea! Great video

@wompol7117 11 ай бұрын

90% assets (what kind?) clear consumer debt (i have none) build up emergency fund ($1 mill) celebrate some ( create joy) personal growth (invest in yourself)