What would you do if tomorrow you received $100,000 with no strings attached? You may inherit a significant amount from a home refinance. American homeowners are discovering easy access to life changing cash sums. Would you jump on a plane to Europe, hide the cash under the bed or throw a lavish party? How you handle this new and unexpected wealth could set you up for life, depending on the decisions you make.
Many people will find themselves in this position sometime in their lives. It can be unfortunate that some, who don’t think it through, before they know it the money’s gone and they don’t know how they spent it. Others take their time and make the best decisions for themselves. The ideal way is to draw up a financial plan before you start dipping into the money.
There are lots of different options on what people choose to do with the extra cash.
So, before you go bananas and buy yourself a Tesla, sit back and take a deep breath. This 100k could make a big difference in your life if you make the right decisions. Take your time making spending decisions and consider talking with a financial professional about all your options. Create a financial plan that best suits you.