Six Tips on How to Avoid Squandering a Financial Windfall

lynnette khalfani-cox
lynnette khalfani-cox

What would you do if you received a sudden financial windfall, like winning the lottery, getting a big inheritance or coming into an unexpected pile of cash?

Unfortunately, many windfall recipients squander their money, going on reckless spending sprees or mismanaging their finances.

Jennifer E*. of California is determined not to let that happen to her.

She just won $100,000 from Capital One in the bank's Big Payoff Sweepstakes.

I partnered with Capital One to provide financial literacy education to participants in the Sweepstakes, as well as to offer some one-on-one coaching to the winner of the Big Payoff. So I had an opportunity to coach Jennifer and give her some tips on what to do with her winnings, based on her unique circumstances.