You recently have come into possession of some windfall money, and you determine whether you look to upgrade to the latest toy, e.g., Steam Deck, new iPhone 14, etc. But is it the right way to spend this windfall? Is there any other way to make the best use of this surplus cash?

Well, there are some things you can do with the money that will help your finances in the long run.

Clear off any pending debts

Do you have any credit card debt? Have you taken any personal loans? If yes, then use this money to repay any such obligations. It will save you a lot of money in terms of interest.

Build a retirement fund

Many people don’t pay serious attention to building a corpus for retirement. But when they retire, they find out they don’t have sufficient funds to meet their expenses. So it would help if you started building your retirement corpus when you started working. Use your bonus to add to the retirement corpus.

Buy additional insurance

Do you know insurance is essential for you and your family? You should have both medical as well as life insurance. Use the excess cash to buy both these insurances.

Dollar Cost Average (DCA) in crypto

The famous Nathan Rothschild is often attributed with the quote, “the time to buy is when there’s blood in the streets.” When everyone is fearful, and at this moment, we are in a perennial bear market, this is the time to accumulate those satoshis and ethers. One approach would be to DCA your way into the crypto of your choice. Therefore, you would take the windfall and invest a portion of it monthly into specific cryptocurrencies. This allows you to spread your buy orders over a period instead of buying it all at a particular price.

What are other ways way you can use a windfall to help secure your financial future?

Thank you for reading, and I hope you have a good rest of the day!

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