The More You Know...
...the better you'll be prepared for windfalls.
Does wisdom come with age? That depends. Baby boomers often don't know what to do with windfalls of $50,000 or more, according to a recent survey of 33-to-51-year-olds. The reason? Boomers tend to lack an understanding of finances.
One common mistake boomers make is to act on a windfall too quickly and ignore their tax responsibilities in these situations. "Windfalls usually come with lots of emotion--divorce, layoff, retirement or the loss of a loved one," says Jane Ann Whitchurch of OppenheimerFunds Inc., the mutual fund company that conducted the survey. "Many people [try] to make themselves feel better by spending money on luxury items."
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