What would you do as the next million-dollar lottery winner? We’re sure you’ve thought about it. You might even have a bucket list ready to go. But when you get a windfall of money, some financial decisions are better than others. This week, Derrick and Travis welcome Island Savings Director of Wealth Management, Robin Marshall, to the show for a conversation about the best ways to use a large influx of cash.

1:30 Money Problem: Travis’ clients came into an unexpected family inheritance, but the lucky came with a lot of questions to make the most out of the money.

3:40 Expert Examination: Derrick, Travis and Robin Marshall help you make the most out of a windfall:

• How might you come into a windfall?
• Factors that could influence your inheritance.
• Tax implications and strategies for money you receive as a windfall.
• Common mistakes people make with large sums of money.
• Proceeds from a sale of property.
• Can a legal settlement be a windfall?
• How to use lottery winnings.
• Making the most of your work bonus or raise.
• How life insurance plays a part in your financial health.
• Paying off debt, investing, giving, spending – the best ways to spend your windfall.

22:20–Weekly Financial Fix: Travis has a way for you make spending decisions easier.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at wealthbeing@firstwestcu.ca, and we will consider it for a future episode.