Description

In this episode of Becoming Work Optional, Matt and Rachael discuss what to do when receiving a large bonus or windfall. They emphasize the importance of tax planning and working with a team of professionals, including a CPA and estate attorney. They also highlight the need to consider personal values and goals when deciding how to allocate the funds, and to take time to celebrate and reflect on the purpose going forward.

Key Points Discussed:

1. When receiving a large bonus or windfall, it is important to plan ahead for taxes and allocate a portion of the money for taxes.
2. It is advisable to wait and take time to digest the windfall before making any hasty decisions or investments.
3. Before taking action, it is essential to consider your values and goals to determine how you want to use the money to make an impact.
4. Building a team of professionals, including financial advisors, CPAs, attorneys, and therapists, can help navigate the complexities of managing a large windfall.
5. Setting aside enough money for taxes and establishing work optional status can provide financial security and peace of mind.
6. Working with a proactive CPA can help identify tax strategies, such as donor-advised funds or tax loss harvesting, to mitigate tax liabilities.
7. Estate planning considerations may arise for significant wealth events, and it may be necessary to establish trusts or other measures to protect and pass on assets efficiently.
8. It is important to evaluate the return on hassle when considering complex investments solely for tax purposes, as simplicity and alignment with personal values should also be considered.
9. Celebrating the windfall and taking time to enjoy it is essential, as it can be a life-changing event. Reflecting on the purpose and finding meaning beyond financial success is crucial for long-term happiness.

Join Rachael and Matt as they provide practical advice for navigating the complex world of personal finance, helping listeners make informed decisions to secure their financial future.

Rachael

X/Twitter - @camp_wealth

rachaelcampwealth.com

Matt

X/Twitter - @matthew_garasic

unrivaledwm.com

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.