Whether you’re faced with an inheritance, redundancy package or a winning lottery ticket, it’s wise to consider your financial situation and future goals.
For most of us, a financial windfall isn’t something that comes around often. And while the extra cash is welcome, money matters may be the last thing on your mind if you’re also dealing with the emotions of losing a loved one or being made redundant.
Regardless it’s important to be prepared, so that if you do come into a large lump sum of money unexpectedly, you know what to do with it.
The first thing to do is work out if there are any tax implications. It’s a good idea to get help to work through these and make the most of your money.
While it’s tempting to rush down to the travel agent and book that dream holiday, you might like to consider other ways of spending your new-found wealth.
Remember, what you do with your money can affect how any earnings or capital gain you make are taxed. So it’s important to plan properly to avoid any unwelcome surprises down the track. And don’t forget to make sure your will and other estate planning matters are up to date, so that your money goes to the people you want it to if anything happens to you.
Of course in the event of a financial windfall you can start a conversation with us to help you make tax-effective decisions about how to use the money to your advantage.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
Shanley Financial Planning Pty Ltd trading as Steve May Financial Services (ABN 19 612 825 180) is a Corporate Authorised Representative of (1265706) of Sensibly Pty Ltd (AFSL 533923)
Nick Shanley, Steve May and Luke Styles are Authorised Representatives of Sensibly Pty Ltd (AFSL 533923)