If you have recently received a legal settlement, there are a few key pieces of financial advice that you should consider. Some suggestions include the following:
- Set aside some money to cover your immediate needs, such as medical bills or other expenses related to your injury or loss.
- Consult with a financial advisor or planner to help you create a long-term financial plan that considers your settlement and other assets.
- Consider investing a portion of your settlement in low-risk, diversified assets, such as stocks, bonds, or mutual funds, to help protect your money and grow your wealth over time.
- Suppose you need help with how to invest your settlement. In that case, consider putting the money into a safe, interest-bearing account until you have had a chance to research your options and make an informed decision.
- Make sure to consult a professional who can help you understand the potential risks and rewards of different investment strategies.
- Review your beneficiary information for existing or new investment vehicles.
- Consider learning more about establishing a will or trust.
Ultimately, the best financial advice for anyone receiving a legal settlement will depend on their circumstances and financial goals. It is important to carefully consider your options and seek the guidance of a qualified professional before making any decisions about how to manage your money.