Managing Money Windfalls & Troughs
What happens when you suddenly have more money than you're used to? Or when the money coming in unexpectedly slows down?
Whether it's a fantastic month in business, selling a property, receiving an inheritance, or navigating an unexpected financial dip, managing the ups and downs of money isn't always straightforward.
Sometimes having more money creates just as much uncertainty as not having enough.
In this episode of Money with Alpha, I share some real-life conversations and personal experiences that highlight how our emotions, financial habits and life circumstances influence what we do with money.
We explore why it's important to understand your bigger life picture before making financial decisions, how to bring your business and personal finances together, and how to start making more intentional choices with the money you have.
In this episode, we explore:
Why a great month in business doesn't necessarily mean you have more money to spend.
The emotional side of receiving a financial windfall, particularly through inheritance.
Why understanding your life, values and responsibilities comes before deciding what to do with money.
How to take a helicopter view of your financial situation.
The importance of bringing your day-to-day finances, assets, debts and investments into one place.
How to identify opportunities to improve your everyday money management.
Different ways to consider using surplus money, including superannuation, mortgage offset accounts, savings and investments.
How financial projections can help you explore your options before making decisions.
The key takeaway?
You don't have to make every financial decision immediately, and you don't need to have all the answers.
Start by understanding where you are, what matters to you and what you want your money to make possible.
Then take one step.
Resources mentioned:
Prosperess: Bring your business and personal finances together, understand your overall financial position and explore potential future scenarios.
My Future Money Calculator: Explore what different financial choices could mean for your future.
https://www.moneymadesimple.com.au/money-calculator
Free Discovery Chat: Have a money question and not sure where to start or who to speak to? Book a free 20-minute discovery chat through Money Made Simple.
https://www.moneymadesimple.com.au/discovery-chat
General information only. This episode does not constitute personal financial, investment or tax advice.
