Sudden windfall

[Pupart]

The Wash Post magazine asks their readers questions sometimes concerning their lives.
Yesterdays reply to the question "Did you experience a sudden windfall that changed your life" was the first of this series <that I know of anyway>
The man who replied is a lawyer. He said he was happy with his life and marriage. He was worried that his friends would view him differently. He wondered whether he had the skills to do something good with the money. and he strruggled with the feeling that, in his 50's, he was suddenly so rich he didn't need to work again.
Initially, his reaction was that he didn't want to change. He didn't even want to THINK about changing!

He states he is not interested in luxury living.
He still drives a 2000 Honda and gets up every workday and goes to his law firm.

He wants to use his money to help people_ and feels a moral obligation to do so.
He has become more religious in that past ten years and says he will focus his philanthropy on Christian charities overseas. He is especially interested in groups that help poor, ill, and abandoned children, and traveled to Romania this year to see ones groups work close up.

I am really inspired to read about this man. I think it's the first time an article about a lawyer inspired me! Ha ha!

What would you do if you had a sudden windfall? I'm not expecting one, but who knows. Life can change quickly. I don't know what I would do. Maybe the first thing would be to get some good financial advice from someone I trust.

Happy New Year everyone!
Bonnie

[LuxLiving]

Re: Sudden windfall

We benefited w/ a small cash influx at my FIL's death. Inheriting money is not all it's cracked up to be! We'd much rather have Pops back!

That being said - we took our time w/it - stashed it away in a MMA and let it ride for awhile. We have some plans for a family foundation w/part of it that will be our future method of giving charitably.

Other parts have been used to fulfill some of our financial goals and some of it was spent on long overdue household repairs.

Other parts are still sitting in the MMA waiting until the estate settles - we keep it there to make sure we can handle all the estate expenses - when it settles we'll send more of it off to investments outside of our retirement accounts and keep a small stash of it in liquid cash in the MMA.

I've been very loath to let much of this slip away from us unnecessarily as I know just how hard my in-laws worked and scrimped to save it!

[rob62521]

Re: Sudden windfall

In the past five years we have lost both my mil and my own mom. Neither estate was large, but we used the money to pay bills (paid off the mortgage and car), purchased some time I subbed for my retirement, bought a couple of things, remodeled a little, and invested the rest. We also have used the money for charitable organizations. I don't think we would have changed the way we did things -- we still go to work and I clip coupons and watch for sales. It's just a nice feeling know we do have some savings.

[Ima saver]

Re: Sudden windfall

I don't think I would live any differently if I were to get a windfall. Not much chance of that, I have no living blood relatives.

[PRICEPLUS]

Re: Sudden windfall

Interestingly enough a great many people who win large sums end up bankrupt. I hope I never have a large windfall. I have no great urge to be rich. I just want enough to be comfortable. My life is sortr of okay as it is!

[Amanda W]

Re: Sudden windfall

I'd like to think I would not change my spending habits, but I guess you just never know. I do know that I wouldn't be one of those people who win/inheritin millions and are broke a short time later.

[rob62521]

Re: Sudden windfall

You often read about people who win big bucks in a lottery and a couple years later they are as poor if not more poor than what they were before they won.

[kealina]

Re: Sudden windfall

i think it depends on the amount of the windfall too and your circumstances... unless it was a large really large amount it wouldn't make any difference in our day to day living because the cost of living is so high here... if anything it would simply be added to our savings for a home... we wouldn't really touch the money until we were ready...
even if it was a vastly large amount we wouldn't do anything too extravagant with it... a home of our own.... a newer used car... more money into retirement, savings, investments... put aside money for our future children... do some traveling... use our freedom to pursue career goals... help our family and friends and other deserving individuals who are struggling and could use a helping hand... give to others that we believe deserve the help... hmm... i guess that's it if we got a windfall rightnow...

[savvy06]

Re: Sudden windfall

I've never had a windfall happened to me or even my husband, and I don't think it ever will, perhaps the lotto, but since we hardly buy any the chance is very slim. My parents don't have much so nothing from there, and I don't think my inlaws will leave us anything. They're more concerned with their other children who are always financially behind, and they helps them out quiet a lot. So, our windfall will depend solely on us, how we take care of our finances.

However, If that slim chance does happen, I don't think it will change us much. We could purchase an expensive car or bigger home now, but it's not as important to us. Only thing we might do is purchase a vacation home which would be a good investment, and have my husband quit his job and teach part time in college. We would also help out few people ever seas that we know are really in bad cituations.

[LivingAlmostLarge]

Re: Sudden windfall

not change a thing unless it's a lot meaning $500k or more.

[safari]

Re: Sudden windfall

Depends on the amount. If it's $1 mil or less, I'll just invest that money in stocks. If it's between $1 mil and $10 mil, I'll buy a house and invest the rest of the money in stocks. If it's greater than $10 mil, I may consider retiring. By the way, those amounts are after paying taxes.

[MonkeyMama]

Re: Sudden windfall

I have a client who I believe inherited some UPS stock (I think?) and is worth MILLIONS. He is in his 90s and does not care about the money in the least. Obviously his heirs are salivating. I don't think we have had someone come up with quite such a sudden windfall, it is pretty amazing. Amazing how he still drives his same car and lives with his same meager means, but I think his age has a lot to do with it. My boss has kind of taken him under his wing to make sure he is not taken advantage of - the vultures come out when you have a windfall like that.

[bjl584]

Re: Sudden windfall

It's hard to say until it happens. I guess that it would depend how my situation was at the time that I got the money.