Unexpected cash windfall? Take a deep breath, expert advises

Cash windfall, illustration Photo credit Getty Images

(WBBM NEWSRADIO) -- A sudden financial windfall is a dream come true. But that dream can be short-lived without sound planning.

Craig Bolanos, founding partner and CEO of the Wealth Management Group in Inversness, told the WBBM Noon Business Hour that the first thing to do is to take a deep breath.

"When the new money comes in, the emotional dynamics of money from windfall is so different from money that we earn," Bolanos said.

He also said it's important to be patient, especially if you will get a financial payout from the estate of a relative who has died.

"It could be 6-12 months before someone sees the aggregate of the estate distributed because 50% of America doesn't have a valid and in-force estate plan," Bolanos said.

If you win the lottery? Bolanos recommends keeping it to yourself and taking care of your own needs before telling friends or extended family.

"If you don't take care of home base first, you're not going to be any good to anybody else," he said.

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Featured Image Photo Credit: Getty Images