Ever think about what you’d do if you won the lottery? Maybe you’ve daydreamed about buying a bigger house, a faster car, or paying off debt for yourself and your family.
Chances are you won’t actually win the lottery, but it’s still a good idea to build financial habits that can manage a large windfall of cash instead of blowing through it like so many past lotto winners have done. You might receive an unexpected inheritance or a large financial settlement, so it’s crucial to understand how to handle your money and make it work for you, regardless of where it comes from.
It can’t be emphasized enough how much the financial decisions you make today can positively or negatively impact your overall financial future. Even if you never receive a lump sum of money, following the Winning at Wealth steps is still highly beneficial. Adopting a proper money lens, creating an emergency fund, understanding your investment goals, and consistently making sound financial decisions can tremendously pay off in the long run.
In this episode, John reveals why windfalls of money don’t always last as long as we think and how to set yourself up for financial success.
In this episode, you’ll also hear:
- Understanding the reality of bankruptcy
- How much one million dollars is really worth
- Fast money vs. financial success
Must-listen moments:
[00:01:38] I think you're going to be a little surprised to learn how easy going broke can really be.
[00:05:33] You can certainly still have a lot of fun with a million dollars. The problem arises when you're focusing on the fun that the million dollars can offer you, yet you still expect it to create an income that lasts over your life.
[00:06:17] Usually people that find financial success get there on purpose by practicing sound money habits over long periods of time.
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Disclosure: The preceding program is sponsored by Fourth Avenue Financial, which is solely responsible for its content. Securities offered through J.W. Cole Financial Member FINRA SIPC, Investment advice offered through J.W. Cole Advisors. Fourth Avenue Financial, J.W. Cole Financial, and J.W. Cole Advisors are unaffiliated entities. The opinions expressed by John K. Burdette II should not be construed as specific investment, legal, or tax advice. All economic and performance information is historical and not indicative of future results. Investing may involve the risk of loss of principal. Any Tax advice on this show is not intended to be used by any person for the purpose of avoiding US federal or state tax penalties that may be imposed on such a person, and each listener should seek advice from their tax advisor or legal counsel on topics that arise from the show. John K. Burdette II is not providing legal or tax advice. Nothing should be construed as solicitation of an offer to buy securities.
