”Know Better. Do Better. Series” Planning for a Financial Windfall, With Lauryn Williams and Chloé Moore

This is the “Know Better, Do Better” series born from the countless conversations two CERTIFIED FINANCIAL PLANNER™ professionals, Lauryn Williams and Chloé Moore, have about the trendy narratives and clickbaity articles that make it hard for them to help their clients. They want to help you gain financial confidence and clarity to control your destiny.

In this episode of the series, Lauryn and Chloé are talking about how to handle your finances when you receive a windfall. Now you might instantly think of winning the lotto as a windfall, but there are many instances of windfalls that you can receive including tax refunds, stimulus checks, and inheritances.

While not every windfall you receive is going to be large and life-changing, it’s still important to have a plan for what you’re going to do with it.

In this episode, Lauryn and Chloé talk about:

• What to consider when you receive small windfalls
• Why a large tax refund is NOT the goal
• The importance of considering payout options and tax obligations
• Considerations to make if you receive a large, but not life-changing windfall
• Important considerations for signing bonuses
• Why you need to be clear on your financial needs
• Why it’s helpful to have money goals established even if you’re not planning on receiving a windfall
• What to think about for retirement planning
• Importance of watching out for scams including “sketchy businesses”
• What professionals you may want to work with
• Additional pro tips and things to watch for if you receive a windfall

If you want to further connect with Lauryn Williams at Worth Winning, follow us on social media:

• Instagram: @worthwinning
• Twitter: @worth_winning
• Facebook: @worthwinningfp
• LinkedIn: @lauryn-williams

If you want to further connect with Chloé Moore:

• Instagram: @financialstaples
• Twitter: @finstaples
• Facebook: @finstaples
• LinkedIn: @chloemoore

Shared quote: “Wisdom with an inheritance is good, but wisdom without an inheritance is better than an inheritance without wisdom” – Anne Bradstreet

RESOURCES MENTIONED:

• How to Prioritize Saving, Investing, and Paying Off Debt
• The smartest things do with your money when you get a raise, according to a financial planner
• Balancing the “Black Tax” with Your Desire to Build Wealth

Coming up next: In the next episode of the Know Better. Do Better series, we’re going to talk about everything you need to know about Property and Casualty Insurance.