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Don'T Blow A Windfall

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This Sparked Me!

If you inherit money, win the lottery, or receive a big bonus, use most of it to pay off credit cards or other debt, save for your children's education, create an emergency fund in case you are laid off, or save for retirement instead of opting for luxury items... (more info)

MORE INFORMATION:
At my last job, I received a great annual bonus. Nearly everyone blew theirs on big-screen TVs, new cars, jewelry, etc. My husband & I bought 1 thing we needed & divided the rest between investments & paying extra on the mortgage. (We would have paid off credit card debt first, but didn't have any.)
- Submitted by STORMY724 7/31/2010 in Saving Money | 3 Comments
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Member Comments

RUBIAFIRE 7/31/2010 11:55:00 AM

    Good advice.
MAY21IWILLDOIT 7/5/2011 11:50:00 PM

    If only. . . . .what sad words. How I wish I had learned the things I have recently learned from Dave Ramsey - when I was 30!
I would not be struggling so hard now with no light at end of this tunnel. Granted, I live in the United States and enjoy a very good standard of living compared to most of the world. Yet, I could have been a much better steward of my money.
SAL1512 7/31/2010 12:31:00 PM

    I used my inheritance to pay off our house. When the economy tanked and I lost my job, we are just able to get by because we do not have the mortgage payment to make!

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