What to do with a Windfall? How to spend extra windfall money in creative and clever ways.
Most people dream of winning the lottery. Usually, we imagine ways to spend extra money that range from the sublime to the ridiculous. Finally, you could be about to make that happen by selling off a piece of land. As a result, we are potentially going to put hundreds of thousands of pounds into your bank account. For this reason, we wanted to take a look at the many options you have to make your extra windfall money work for you. Balancing the fun stuff with the sensible choices you have at your disposal. In this article, we explore some great ways to spend your windfall money.
At The Windley Group, we believe you can generate a sustainable income,
honour your values, and create enduring memories
Before Spending Your Windfall here are 4 Things to Consider
• Above all, manage your money with care. You don’t want to look back with regret like so many lottery winners do.
• Use your head not just your heart. In other words, weigh up logical and emotional influences.
• Don’t be in a hurry. While it might be true that you are itching to get out there and spend. In fact, it would be wiser to work out your priorities and what works best for you.
• Spend level-headedly. Obviously, it’s going to be fun to spend extra money on the frivolous stuff as well as the sensible things but take a moment to make considered choices. Because with a little planning and some balance all things are possible.
Sensible choices
In a Readers Digest article by Jasmin Birtles – Managing your money to make the most of a windfall, she suggests some sound options.
- Buy freedom—pay off your debts
- Get rid of your mortgage
- Set up a savings safety net
- Get your money working for you by investing for the long term
- Give some away –
“If you have children or grandchildren, you could help them get onto the property ladder or pay their university fees with some of your windfall. Remember that they won’t have to pay inheritance tax on money you have given them if you survive for at least seven years after handing the money over. Not only that, but if you give it to them while you’re alive you’ll be around for them to say thank you!”
These are all great ideas but how about these interesting ways to spend extra windfall money
Buy Property
– if you are already a home owner consider buying a rental property. That way you will have capital growth and a monthly income.
Take early retirement
– so you can enjoy more leisure years.
Learn a new skill
– the money you receive from selling your land can allow you to do things you’ve always wanted. Learn to fly a plane, enrol in a private course, up-skill by getting qualified in something you realize you are good at and take some time off to enjoy the process.
Start a business
– a good way to spend extra windfall money is to start a business. Something you’ve always wanted to do or perhaps a side hustle that expands your hobby or interests.
Take your business to the next level
– pay for a business consultant, a web designer, an accountant, a coach, new technology, and new equipment, or improve your marketing. (check out Fiver.com)
Indulge in Passion Projects
– everything from charity work, having time to mentor, faith projects, getting involved with local causes, and giving yourself time to get involved are all excellent ways of spending windfall money. Be creative, have fun, and do something meaningful.
Fulfil A Life Long Dream
Purchase experiences and not stuff
– whether that is touring with your favourite sports team or band, travelling on the Orient Express or on an ocean cruise. We are sure you will be able to fund many experiences with the money you can release from your land sale.
Buy Time
– with your land sale windfall you could consider going part-time. Alternatively, take on a cleaner or gardener to free you up to do the things you love to do but don’t have sufficient time for right now.
Valuing your time more than the pursuit of money is linked to greater happiness,
according to research published by the Society for Personality and Social psychology.
Spending money on others is an excellent way to spend extra windfall money
– the co-author of Happy Money: The Science of Happier Spending confirms that spending money on others really does buy happiness. He explains how in his amusing Ted Talk. In fact, with your windfall money, you will be able to create happiness for yourself each and every day with his theory by just spending a little of that windfall money.
Become an International volunteer
– you could combine giving with travelling. Volunteering for a project abroad is a great way to combine being altruistic with travelling. For instance – get involved in wildlife conservation or community projects. Furthermore, this would make the perfect gift for someone looking for adventure and the experience of a lifetime.
Save It!
Research from Which? Suggests that Science says
Saving Makes You Happier & Savers are Happier
Neuroscience confirms that those who have savings or save for the future exhibit the following feelings more than those with no savings: Savers are hopeful, optimistic, calm and have more confidence
Finally, let us take another look at the sensible investment options
Invest Your Windfall Money
– there are many ways to spend extra money but it is worth balancing the short-term requirements with the need to create an income for the long term. In particular, check out SIPPs (Self-Invested Personal Pensions), and Stocks and Shares ISAs for tax-efficient savings. Accordingly always thoroughly investigate the many options out there and try and spread your investments over the different asset classes rather than investing in one company.
“Stock-market based investments tend to do better than cash over the long-term,
providing an opportunity for greater returns on any money invested over time.”
It just takes one offer from The Windley Group to make you feel like you've won the lottery
In summary, The Windley Group would like to hear from you if you possess land or property that you believe may be viable for development and are interested in selling. The Windley Group will respond to all inquiries, no matter their size or location. Please contact us at 01392 982537, we’d be happy to speak with you.
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