8 smart ways to spend a hefty windfall

Lynnette Khalfani-Cox, author of "Zero Debt: The Ultimate Guide to Financial Freedom," says the best solution is to tackle the problem in a series of steps.

"Get professional financial help. Find a qualified adviser to help you set a budget and do long-term financial planning," Khalfani-Cox says.

"And give yourself time. Resist the urge to do something -- anything -- immediately. Don't feel like you have to do anything at all with the money right away," she says.

If you decide to invest, plan beforehand. "Be strategic about making any big moves," Khalfani-Cox says. "Don't just give in and start buying stocks, bonds or mutual funds without a plan."

Create a plan to deal with money requests, she says. It takes away the guilt when you want or need to say "no."

"The idea is to create a buffer between you and all the friends and family who will ask for money," she says. "Consider using an intermediary -- either an individual or an institution -- to handle the requests."