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Big Money, No Whammies!

by Derek Sisterhen on May 25, 2010

What do you do when you receive a lump sum of cash? Do you put it in your checking account until you make a decision only to find it slowly whittles away?

Or, do you throw it all at outstanding debt?

Or, do you fix things around the house and with your car that you’ve been putting off?

What do you do with tax refunds, bonuses, raises, and other lump sums of cash?

  • http://coachradio.tv/ Justin Lukasavige

    Thanks for the email. I’m with a group of people who are pursuing self-employment and we’re hanging out in the mountains of Colorado.

    I’ll get back to you when I return – Wednesday, 5/26.

    You can see what we’re up to and check out a cool video I put together the other day at http://faatrial.com.

    Thank you,

    Justin

  • http://twitter.com/bluecollarcoach James Dibben

    1. Give
    2. Save
    3. Live on the rest

  • http://pastdueradio.com/107-past-due-big-money-no-whammies 107 Past Due – Big Money, No Whammies! — Past Due: Radio

    […] about how to distribute money from a raise through her monthly budget.  I also listened to what you had to say about how you manage your chunks of change.  I explain my decision-making process for applying […]

  • http://www.currentfinances.com Don Current

    I would use it similar to James. I would give at least a tithe of it. The rest I would use to fund my coaching business that I am starting. Depending on the size of the lump sum, the balance would go into savings.

    It's amazing the fundamental changes that happen in a person once they learn to live on a budget. I can now look to the future instead of what I want now. I'm not saying there aren't things I would love to go SPEND the money on, but I understand the value of INVESTING instead of SPENDING now. My desire to invest is now stronger than my desire to spend.

  • http://www.EngagedMarriage.com Dustin | EngagedMarriage

    We used to put them all on debt. Now that that's taken care of, we put any lump sums in savings for intermediate goals (cars, remodeling, etc.). There haven't been many in the last two years though!

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