How to Manage a Windfall Without Wasting It

I want to share something personal: I recently received a six-figure inheritance from my mom.

Receiving a large sum of money like this is always something to be grateful for—but it also comes with a huge responsibility. Whoever gave you that money worked incredibly hard to build it. It’s not something to rush, gamble away, or treat lightly.

Inheritances Come With Responsibility

It’s tempting when a windfall lands in your lap to immediately start thinking about everything you can buy or the debt you can wipe out. But this is exactly the moment to pause and make a plan.

Because the truth is, the money isn’t just a “bonus.” It’s a chance to make choices that can shape your financial future—for better or worse.

My First Step: Stabilize the Foundation

When I bought my home late last year, I had to take a higher-cost mortgage because my self-employed income didn’t fit the traditional bank formulas. I actually just missed qualifying under a net worth program, where lenders look at your assets instead of just income.

This inheritance changes that. Before anything else, I’m using it strategically to refinance and strengthen my financial foundation. That’s step one.

My Plan for the Funds

Once the refinance is finalized, I’ll be dividing the inheritance into several buckets:

Real estate development investment → for long-term growth.

$25k Travel fund → because life isn’t just about numbers, it’s also about experiences.

Business refresh → investing in my future growth.

Bitcoin & ETFs/stocks → diversified long-term wealth building.

Mortgage prepayment → because reducing debt = freedom and peace of mind.

Where Do You Start If You Receive a Lump Sum?

If you suddenly receive a large inheritance, bonus, or payout, the first question is always: Where do I even start?

Do you pay off debt? Invest it? Save it? Splurge on something you’ve been waiting for?

The answer isn’t the same for everyone, but here are a few things to consider:

✔️ Should you pay off debt?
✔️ Do you already have goals & timelines you’re trying to meet? (Home, retirement, education, business)
✔️ Do you have an emergency fund—or is this your chance to build one?
✔️ How much should you invest, and where? (And are your RRSP, TFSA, or RESP maxed out yet?)
✔️ What would create balance, joy & stability in your life now and later?

Why Professional Help Matters

I do want to make an important point. A Financial Advisor at a big bank and an independent Financial Planner are two very different things.

A financial advisor will often steer you toward bank products that earn them commissions.

A financial planner (that’s me 😉) looks at your entire picture—debt, investments, cash flow, goals, and future plans.

The result? A customized strategy that helps you make the smartest moves with your money.

The Bigger Lesson

Managing a windfall isn’t about one flashy move. It’s about aligning your money with your goals, creating balance between lifestyle and long-term growth, and making decisions that will stand the test of time.

I’ve built financial plans that showed clients they could:

Gift money to their kids now, when it matters most.

Travel or enjoy life more fully today.

Slash years off their working lives and retire earlier than they imagined.

Without a plan? You’re just winging it.

Final Thought

If a lump sum lands in your life, pause. Breathe. Feel the feelings. Then map out a plan that honors the gift and sets you up for long-term success.

That’s how you turn a windfall into freedom.

👉 Read this as a nudge: don’t wing it. Build a plan. And if you want help, you know where to find me.