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Sizable Income Increase

Who doesn’t dream of receiving a cash windfall?

Whether yours comes as a large commission check, a salary bonus, an inheritance, or even a hefty tax refund, you have a chunk of new money – and lots of choices for spending it. The real question is: Will you use it wisely or squander it on a passing whim?

You can look at this windfall in several ways. Is it an opportunity to reward yourself with something special you’ve always wanted? Yes. Is it a chance to do something that can have a long-term effect on your finances? You bet. Can you do both at once? Absolutely!

Before you spend all of your new cash, set aside at least a percentage of it for saving or investing. Here are some smart ideas for a windfall that will continue to pay rewards in the future:

Before you spend it, find out if you’ll owe taxes on the money you receive. Set aside the money you’ll need to pay the taxes, and base your spending plans on the after-tax amount. If you receive a really large amount of money, consult a professional for advice.

Products for this Life Stage:*

Purchase that protection that you’ve always wanted.

There’s no better time than now to explore universal life insurance. It’s one of the best securities you can offer your family.

Explore shorter-term investments. offers exciting mutual fund opportunities that can put your money to work right away

More Thoughts on Managing Unexpected Cash:

Get rid of that debt!

A sudden infusion of cash is a great opportunity to reduce, or eliminate, debt. It’s not exciting, but saving is so much easier after you’ve done it. See why it’s so important.

Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation.

*Products suggested for this Life Stage are not a specific recommendation or solicitation to purchase. Mutual funds are offered through an affiliate of Western & Southern Life.


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Last Updated: 12/14/2017