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. Futuro Financial Services Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Steve May, Luke Styles and May Wealth Pty Ltd T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Futuro Financial Services Pty Ltd ABN 30 085 870 015, Australian Financial Services Licensee, Licence number 238478. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guide and business/adviser profiles.
May Wealth Pty Ltd ABN 71 612 234 518 trading as Steve May Financial Services is a Corporate Authorised representative of Futuro Financial Services Pty Ltd ABN 30 085 870 015, Australian Financial Services Licensee, Licence number 238478.
Steve May and Luke Styles are Authorised Representative’s of Futuro Financial Services Pty Ltd ABN 30 085 870 015, Australian Financial Services Licensee, Licence number 238478