Monday, January 21, 2008

Are You Ready for a Windfall of Money?

Lynnette KhalfaniI recently watched an episode of Oprah where Lynnette Khalfani, financial expert and author of The Money Coach's Guide to Your First Million, came on to offer her advice to people who come into a large unexpected windfall of cash. Here are some tips she offered:

1. Pay off credit cards

2. Get financial help

3. Set up a system for people's requests for money. One of the main reasons why people become broke is because when they do come into a large sum of cash, they have a hard time saying no to family and friends who come to them asking for money.

4. Create a plan before you invest your money. You've probably heard the saying, "Don't put all your eggs in one basket." It's important to diversify and invest your money in different areas - like the stock market, CD's, money market accounts, real estate, or even a business.

5. Give yourself time to think things through.


View clips of the Oprah show - plus read stories about what people did with their windfalls of money.
Buy the book: The Money Coach's Guide to Your First Million

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