WealthBeing
WealthBeing
Aug 6, 2020
Ep. 28–How to spend a windfall, with Robin Marshall
Play • 25 min

What would you do as the next million-dollar lottery winner? We’re sure you’ve thought about it. You might even have a bucket list ready to go. But when you get a windfall of money, some financial decisions are better than others. This week, Derrick and Travis welcome Island Savings Director of Wealth Management, Robin Marshall, to the show for a conversation about the best ways to use a large influx of cash. 

1:30 Money Problem: Travis’ clients came into an unexpected family inheritance, but the lucky came with a lot of questions to make the most out of the money. 

3:40 Expert Examination: Derrick, Travis and Robin Marshall help you make the most out of a windfall: 

  • How might you come into a windfall? 
  • Factors that could influence your inheritance. 
  • Tax implications and strategies for money you receive as a windfall. 
  • Common mistakes people make with large sums of money. 
  • Proceeds from a sale of property. 
  • Can a legal settlement be a windfall? 
  • How to use lottery winnings. 
  • Making the most of your work bonus or raise. 
  • How life insurance plays a part in your financial health. 
  • Paying off debt, investing, giving, spending – the best ways to spend your windfall. 

22:20–Weekly Financial Fix: Travis has a way for you make spending decisions easier. 

 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at wealthbeing@firstwestcu.ca, and we will consider it for a future episode. 

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