To receive these benefits from a windfall, however, you have to manage it correctly from the get-go. My checklist provides the most important steps.At first, do nothing. It’s not unusual to feel a range of intense of emotions upon receiving a windfall, from jubilance to guilt to deep uncertainty. These emotions can make it difficult to make good choices, so put off any big decisions about the money until you’re on a more even keel. During this period, resist the urge to splurge on a big-ticket item or, even worse, to quit your job.

Set your goals. If you hadn’t already given thought to your long-term financial goals, now is the time to do it. You should clearly define when you want to retire, how much income you want in retirement, how much you want to set aside for children’s educations and how much you want to spend on any large purchases, such as a new home. Each of these goals will form the basis of your plan for managing your windfall.Receive professional tax advice. Your windfall will carry tax consequences of one kind or another, and could be substantial.

CPA who can help you with tax planning. Get professional investment advice. A qualified financial advisor should create and implement an investment plan that’s appropriate for your financial goals, time horizon and risk tolerance. By taking this kind of methodical, disciplined approach to investing your windfall, you’ll vastly increase your chances for success.Before you invest, take care of the basics. Set a solid financial foundation before you drop all you money into new investments. If you have high-interest consumer debt, for instance, pay it off.

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