How I Spent My Windfall Of Cash
By Pavithra Mohan
An 80% salary increase, an unexpected inheritance, an injury settlement: Three people tell us how they managed a financial windfall
How I spent my windfall of cash
For many people, a financial windfall isn’t necessarily a life-altering moment. Often, it’s quieter than hitting the jackpot or winning the lottery (which, in many cases, can actually make beneficiaries more prone to bankruptcy).
It might come in the form of compensation for a workplace injury or a sudden inheritance; sometimes, it might just be a sharp increase in earnings.
Many financial planners warn that recipients of a windfall are in a precarious position, often prone to mismanaging their finances or feeling crippled by their sudden wealth.
This is why everyone thinks they are middle class (even if they aren’t)
By Pavithra Mohan
It might not feel that way, but you might actually be upper middle class.
For as much as politicians address the “middle class,” you’d think it would be more clearly defined.
There is little consensus on what middle class really means, but everyone certainly wants to be middle class: Nearly 70% of Americans consider themselves middle class, but only about 52% would qualify based on income.
The Pew Research Center found that middle-income families–in a three-person household–earned between $45,200 and $135,600 in 2016.
Emailed to Recaps:
Sam Oliver: There are changes coming this week, and soon, there will be the exchanges.
Each of us will take in currencies from an old life and into a new one. You and I are exchanging far more than money folks. We are exchanging life opportunities.
It is important that your banker in front of you sees this inside you. You may be surprised what they are looking for in you.
I remember a couple of years ago meeting with a Wealth Manager who had looked me up on the internet for information on me. I asked him why he did it. He told me that he was going to start a relationship with me and wanted to know if I could carry out my goals I told him over the phone was at that time.
We spent around 20 minutes getting to know each other before he told me who was going to be on my financial team. He didn't rush, nor did I. I actually enjoyed this conversation more than I thought I would.