When people receive an unexpected financial windfall, one of the first questions they ask is, “What’s the smartest thing to do with it?” In a recent MoneyLion article, “I Asked 4 Financial Advisors What They’d Do With a $50K Windfall,” journalist Gabrielle Olya explores that question by asking several financial advisors how they would personally handle an unexpected $50,000.
The responses highlight an important truth in financial planning: there is rarely a universal “right” answer. The best use of a windfall depends on your current financial situation, existing priorities, long-term goals, and the obligations you’re working toward.
In the article, our Chief Investment Officer and CEO, Steven Rogé, shares a refreshingly personal perspective. Rather than focusing solely on investing, he explains that his family’s highest priority at the moment is preparing for their son’s college education. After years of disciplined saving, an unexpected $50,000 would help bridge a potential funding gap and reduce the financial burden of higher education.
Steven’s comments reinforce an important financial planning principle: before deciding how to invest unexpected money, it’s important to identify your most pressing financial obligation. Addressing a known future expense can strengthen your overall financial position, provide greater flexibility later, and reduce the need to draw from other investments or savings.
His perspective also illustrates that once major obligations are addressed, additional resources can create opportunities to enjoy life’s experiences with greater confidence and fewer financial trade-offs.
Thank you to Gabrielle Olya for including Steven’s perspective in this thoughtful discussion on making smart financial decisions after receiving a windfall.
Click here to view the full article.
For tailored, fee-only guidance on managing your wealth or questions about investment strategies, please contact our team of CERTIFIED FINANCIAL PLANNERTM (CFP®) professionals for a complimentary discovery call at 631.218.0077, or click here. We would be happy to show you how our financial planning process can help you stay on track and achieve your financial goals. You can also send us a message directly.
R.W. Rogé & Company, Inc. is an independent, fee-only financial planning and investment management firm serving clients locally and virtually across the country, with Long Island, New York, and Beverly, Massachusetts office locations. R.W. Rogé & Company, Inc. was founded on a “client first” culture and proudly commits to acting in your best interest as a fiduciary. We have helped clients Plan, Achieve, and Live® the life they want since 1986. To learn more about how we do this, as well as our process, explore our detailed overview of services and approach.
