Smart ways to manage a windfall

Published August 26, 2012 4:00am ET



Figuring out how to manage a windfall sounds like the kind of problem we’d all like to have. Sadly, though, an unexpected payout — whether from an inheritance, a lawsuit settlement or a lucky lottery ticket — can create a world of problems. Most financial planners advise waiting six months to a year before doing anything with your windfall and stashing the money in a safe place, such as a money market fund or online bank savings account.

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