Listen Now: New Money: 7 Mistakes To Avoid After Coming Into Cash
Come into a little money? Here’s how to hold on to it.
Massive lottery jackpots, inheritance, stock options, these days there are a lot of ways to come into some money. In some cases the amount could be life-changing, but not always for the better. A few extra dollars in the bank can make someone feel richer than they are, leading to frivolous spending or basic financial mistakes.
So if you want to capitalize on your new found nest egg, Forbes has a few things you should avoid. First, avoid making quick decisions. There is no need to rush into decisions about spending or investing your money. That big purchase, or trip around the world, can wait until you get a better understanding of your new position.
Next, avoid running into tax problems. A lottery jackpot or selling real estate may come with tax bills. Talk to your accountant and figure out what you owe or will need to pay taxes on.
For more money problems to avoid, check out the original article now. You know what they say… easy come, easy go.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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