Most people say they would love to receive a lump sum of cash.
Most people who have wish they had never received it.
Here’s the thing: Most people think a lack of money is the cause of their problems. In reality, the money is not the problem. Not having a plan for their money is the problem.
If you have ever received an inheritance or a bonus or won the lottery, what happened to that money? Did you have anything to show for it when all was said and done? Do you wish you would have used it differently?
If you cannot list everything you did with that money, you may want to consider creating a plan for your money.
For example, I follow the Income Allocation method. EVERY dollar that comes into my account is allocated to bills, education, play, investing, savings, and giving. From there, I know it will be used according to my priorities and not squandered.
You do not have to follow this method, but you do need to have a plan for what you will do when unexpected cash comes your way. That way you are less likely to have regrets in the future.
One additional note: be sure that whatever you use the money for will not set you up for future hardships. For example, if you use a $5,000 bonus as a down payment on a car, make sure you will be able to afford the future loan payments on your regular income.
Money Moms know the importance of a plan, both for themselves and their families. If you want to live a financially empowered life, and you do not want to spend a lot of time getting there, email me so we can discuss if working together will help you reach your goals faster. I have options from free/DIY to 1:1. And, sometimes that free first call is all you need. We will discuss where you are, where you want to be, and at least the first step or two to strategically start you down the path to financial success.