Have you recently received an unexpected windfall? Have you considered what to do with it? Whether your windfall camefrom an inheritance, a lucky scratch-off ticket, or an unexpected bonus, it provides you with a great opportunity to improveyour overall financial situation. Here are some things to consider to help you maximize the opportunity at hand.

Determine your tax implications

• Consult with a tax professional to determine your tax liability and ensure you have enough set aside to cover any taxes you may owe.
• Avoid future penalties and fines by paying these taxes on time.

Pay off debt

• Do you have any lingering high-interest debt from student loans or credit cards? Consider paying those off first and then re-evaluating any remaining debt.
• Once you have fully paid off any debt, consider what you plan to do with your newly freed up cash flow.

Save some

• If you do not have an emergency fund, now is the best time to start one. Set aside enough to cover at least three to six months of living expenses.
• Once you have funded an emergency fund, consider contributing to your retirement accounts or adding to your savings accounts.

Earmark a little for fun

• Set aside a small portion of your windfall for enjoyment.
• Take your family on a small vacation or treat them to a nice family dinner at your favorite restaurant.

Take your time

• Think about how you want to spend or invest your windfall. Do you need a new vehicle? Do you have any home improvement needs? Focus on your top priorities before buying luxury items.
• Consult with your family and ensure you are clear about your priorities for the money.
• Talk to your Stifel Financial Advisor about where to park your windfall as you determine how to use it.

Create a plan

• Create a list of your long-term goals and begin forming healthy financial habits now.
• Evaluate your risk tolerance and align your asset allocation with it.
• Work with your Stifel Financial Advisor to create (or update) your financial plan to ensure you are on track toward achieving your financial goals and objectives.