Every once in a while, the stars align in your favor, and you earn something amazing like a cash windfall. This might come from something like winning the lottery, winning the jackpot at a casino, cashing in on the new tax laws, or winning a personal injury settlement.
No matter how you earned the money, if you find yourself with an unexpected amount of cash, the first thing you want to do is spend it. However, you don’t want to get carried away. That money can be gone before you know it if you’re not smart with the way you spend it. Here are a few ideas for spending your cash windfall that will help you make the most of it.
Build your dream home
Real estate is a fantastic investment to make when you’re given a huge lump of cash. Real estate is one of the few large purchases that you can make that continually gains value. You have an opportunity to make money on your purchase if you’re in a good market.
You’ve probably had a dream in mind for your ideal home for a long time. Whether you received inspiration from watching popular HGTV home improvement shows or you simply have a Pinterest board filled with ideas to fill your perfect home, you finally have the money to make it a reality.
You might also choose to renovate your existing home rather than building a brand new one. This option is perfect if you need your money to stretch a little further or you don’t want to move from your current neighborhood.
Either way, pull out all the stops. If you want a large, in-ground pool and hot tub, let this be your opportunity to make that a reality. The sky’s the limit here. Research luxury homes to get some excellent ideas for your inspiration.
Go to Hawaii
You’ve always dreamed of visiting Hawaii on vacation, but the $1500 airplane tickets — give or take — have probably deterred you in the past. The resorts and activities there are always expensive, as well.
But you’re no longer inhibited by the confines of a tight wallet. You now have the ability to take your dream vacation to Hawaii, and it’ll be everything you’ve ever dreamed of. You can get a luxury suite in a resort on a private beach so that you have time and room to relax or partake in the many recreational activities offered there.
At the very least, you should learn to surf. Hawaii has some of the best waves in the world, and you can set up custom surfing lessons to meet your unique needs. There’s also incredible snorkeling or scuba diving, parasailing, paddle boarding, jet skiing, swimming with dolphins, and so much more.
Buy a large real estate investment
Once you’ve had your fun, it’s time to make your money work for you. As a savvy owner of a cash windfall, you’ll invest it in a venture that will double, triple, or even quadruple your earnings. Making a large real estate investment is an excellent way to do that.
Skip residential real estate, which is easy to get into, but yields lower returns. Instead, choose commercial or hospitality real estate opportunities. For example, there are plenty of hotels for sale in Newcastle NSW. You can purchase one, hire someone to manage it for you, and collect the profits once it’s fully operational.
With this successful venture, you’ll no longer be the recipient of a single cash windfall — every month it will feel like you just won the lottery!