One of the things about being on holiday, is being able to catch up on some reading.  A good thriller novel is brilliant and I have just finished reading, ‘Something in the Water’ by Catherine Steadman.  It had me hooked from the first page.

I won’t spoil the plot for you, but basically a couple on their honeymoon find a bag full of money and diamonds and the decisions they make from that time on changes the course of their lives forever.

This got me thinking.

What would you do if you suddenly found $2 million windfall in your bank account – with no strings attached?

This question was also posed in a Facebook group I belong to.  There were lots of comments, things like paying off the mortgage, taking family and perhaps some friends on a world trip, putting money aside for the kid’s education and working with a charity to help others.  These are all worthwhile things to do with the money.

I didn’t see anyone say, I wouldn’t tell anyone or I would just spend it on myself (which I guess shows the caring nature of those in the group).  But could you?  Would you be tempted to just do just that?

If a couple of million dollars suddenly dropped in your bank account tomorrow, would you think about other options in life that may not include those nearest to you now?

Would you be tempted to leave the job you no longer enjoy?  Walk away from a relationship that you are struggling with and disappear to a new sunnier location? Or maybe you would become like Scrooge McDuck and fill your basement with money so you can ‘swim’ in it!

While the windfall may not be $2 million that drops into your bank account, this is the scenario that lotto winners and those who receive an unexpected inheritance, find themselves in.

If you are on your own then it really is up to you to do whatever you want with the money.  Be sensible with some, splash out and do some of the things on your bucket list.  Enjoy the money without feeling guilty about it.

But what if you are in a relationship?

Is it still my money or is it our money?  And then, who is going to decide what to do with it?  What if one of you wants to be sensible and pay off the mortgage and the other wants to take a year off to travel the world.  How do you resolve this dilemma without feeling as if you are being selfish or guilty?

If you are in a relationship where you have concerns about the solidity of it, you might be very tempted to keep it separate.  In other words, be guarded and hang on to it.

But if you are in a loving happy, solid relationship, the answer to what do we do with the money will be entirely dependent on your financial situation.  What we suggest you do, for a little while at least, is nothing.

Wait for the emotions of the windfall to settle down.  Then let your rational brain kick in so you make some good decisions.  Talk about all the options, the sensible ones, the crazy ideas, what is on your bucket list, write them all down and then rank them.

Yes, it is OK to treat yourself. 

That isn’t being frivolous.  Nor should you feel guilty that the money has come your way, particularly if it is an inheritance.  I am sure the person who left you the money didn’t give it to you to have it sit in the bank.

If you are struggling with how to manage your money or how to talk to you partner about money then drop us an email or click on this link to find a day and time that suits you to have a chat with us – it’s completely free!