Advertisement
retirement

8 smart ways to spend a hefty windfall

Retirement » 8 Smart Ways To Spend A Hefty Windfall

Save it!
Next
7 of 10
Back
Don't spend it!

Larry Winget, author of "The Idiot Factor: The 10 Ways We Sabotage Our Life, Money, and Business," says "Don't buy anything."

"It's an opportunity, a real opportunity to fix everything you haven't been doing right," he says.

First, pay off your high-interest rate credit card. Then, stash your windfall away. Consumers should create a savings equal to at least three months' worth of household expenses. Put the rest away for retirement. "That would be the top three things that I would say to do," Winget says.

"But whatever you do, don't buy something that's going to immediately depreciate when you write the check: cars, clothes, food, vacation," he says.


advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.19%  0.08 4.27%
15 year fixed 3.27% --0.00 3.27%
5/1 ARM 3.36%  0.01 3.35%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.38% --0.00 4.38%
50K FICO-based HELOC 4.11% --0.00 4.11%
100K FICO-based HELOC 3.96% --0.00 3.96%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.63%  0.10 2.73%
48 month used car loan 2.91%  0.06 2.97%
60 month new car loan 3.16%  0.06 3.22%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.90% --0.00 0.90%
2 Year CD 1.10%  0.01 1.09%
5 Year CD 1.81%  0.07 1.74%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.66%  0.01 15.67%
Cash Back Cards 16.36% --0.00 16.36%
Low Interest Cards 10.86%  0.01 10.87%
 
Next
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jennie Phipps

Retirees are making it work

A survey by T. Rowe Price suggests that 65-year-olds are retired and living on less, but liking it.  ... Read more

advertisement
Partner Center
advertisement

Connect with us