Seminars are available for Estate and Tax planning. Partnering with Michael Matthew, CPA, CA
A Windfall can come from various sources, each with common emotional reactions. It might be an inheritance, a retirement package, an insurance payout, a divorce, the sale of your business, a sports or entertainment job or a lottery win. What to do when life deals you a good hand?
1. The Financial Plan– A sound Financial Plan is the foundation of Financial Success. Let’s do the same time-tested strategies that individuals and families who have already made their millions by working with their advisors and now want to keep their assets. Apply the Missing Link.
2. The Emotional reaction– 60% of all people who get a windfall have spent it all within 2 years. Your favorite two words need to be “No, Thank you! Simply say NO. Tell no one of your windfall. This is hard because we are all emotional creatures. Some of the emotions we need to deal with can be joy, grief, fear, guilt, boredom, depression, frustration, low self-esteem and over charitability. Separating your emotions from any decisions is one of the key elements to long-term financial peace of mind
3. Taxes– today taxes can be very complicated. Always allow for taxes before any other allocation of you investments. “The hardest thing in the world to understand is the income tax”… Albert Einstein (attributed)
4. Educate yourself– read some books, obtain advice and network with other Windfall recipients. Use the Missing Link.
5. Giving and Spending– Spending is the joy of the windfall. It is ok to spend money on things for your personal use and on others. When you allocate money to others it is not spending it is giving. Managing your allocation should meet with your intentional Financial Plan. Over spending or reckless giving will evaporate any financial peace of mind.
6. Estate Planning– You can either give more to the government or more to your loved ones. You are in control. Estate and Succession planning is often overlooked for many reasons. The process can be frustrating but coping with it now is a gift of kindness to your loved ones in the future.
7. Review– the review is as important as your original Financial Plan. Life changes and to complete at least an annual review is a good strategy.
Whatever your emotions are if you can follow these “how to” steps you will be assured success.
So what is The Missing Link? It is in the details of what I do. It will make sense to you and if you are open to hear more. Call me for a private personal analysis.
LET US HELP YOU TODAY!
Mike McLaren CPCA, The Pension Expert. Income for LIFE. 905-571-4222 “A good reputation is more valuable than money”…..Publilius Syrus
McLaren Wealth Management 