EQ Guide: 10 Tips for Investing a Windfall
Coming into money isn’t something that happens often. Before you commit yourself to spending, investing, giving gifts or even giving up your job, here are some tips on how to make your windfall work for you in the long run.
Planning an investment strategy isn’t always easy or intuitive – particularly if you haven’t done it before. This guide explains some of the key steps to making the most of your windfall:
- Make a plan
- Pay off debts and possibly your mortgage
- Bulk up your emergency fund
- Think about your children
- Don’t leave it all in the bank
- Use your tax-efficient ISA allowance
- Invest in a pension
- Invest in property
- Buy an investment you can forget about
- Give to charity
Please note: this guide provides general information about financial planning and is not a personal recommendation. The value of investments and the income derived from them can go down as well as up, so you could get back less than you originally invested.