By Paul Morrone CFP®, CPA/PFS, MSA
A financial windfall doesn’t always come in the form of a $1 billion lotto jackpot. As nice as this would be, it just isn’t reality for the majority of us (except for the lucky individual in South Carolina that just won the $1.6 billion Mega Millions last week). The rest of us mere mortals tend to accumulate wealth the old-fashioned way, through hard work, savings and investment. That’s not to say that you may not have a windfall coming your way now or in the future, it will likely just be significantly less than $1.6 billion and may come in the form of an inheritance, business sale, legal settlement or gift. Regardless of the amount, running to the bank to cash the check and buy a waterfront home probably isn’t the best approach for you or your family.