As previously mentioned, the last thing you want to do is blow all your money on disposable stuff that won’t have any lasting positive effect on your life. Most financial advisors suggest that you don’t touch the money for at least six months after you get it. This way you won’t make rash decisions that you’ll come to regret. Just pretend the money’s not there, mull it over and make a plan.
The next thing to do is to have a long hard think about your wants and needs. If you have no idea what you want to spend the money on, it will be way more tempting to blow it all recklessly. Ask yourself: Do you want to own your own home one day? Do you want to pay off your uni debts upfront? Do you want to save this for your retirement? Or do you really need to just go out and travel the world for a while? Think about it and decide.
If you’re already happy with your lifestyle and living within your means, you might as well invest the money
, which will probably involve speaking to a licenced financial advisor.
Whether you invest the money in a huge purchase (like a house) or hold on to it for years and years, do your best to make it count. Enjoy your privilege.
This information is intended to be general in nature and should not be relied upon for personal financial use. When in doubt always seek professional guidance.