Let’s use the lottery as a way to discuss some core investment and financial planning concepts.
In the days leading up to the drawing, there were plenty of articles recounting the terrible odds of hitting the jackpot, but as the lottery operator likes to remind us, “The overall odds of winning a prize are 1 in 24.87.”
Instead, let’s use Powerball as a way to discuss some core investment and financial planning concepts. Importantly, the new-found money may cause you to rethink previous decisions and alter your goals. Here are some of the specific steps that can help:A windfall may mean that it’s time to interview estate attorneys, accountants, and financial advisors. If you are already working with any of these professionals, it may be worth considering whether you are with the right person/firm for your current situation.
Tax considerations are important in any transaction. For example, the sale of a primary residence may allow you to exclude up to $250,000 of a capital gain from your income, , but with the explosion of real estate prices in the past few years, many will find that they exceed that gain.The decision is one-part math and one-part emotional. Usually, a big chunk of cash invested over time will accumulate faster than smaller amounts invested at regular intervals.
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