In this episode, we’re discussing how to manage a windfall, whether it's a sudden influx of money from investments, bonuses, or unexpected events. We share our personal experiences with windfalls and the importance of splurging and treating yourself to experiences. We emphasize the need to resist the urge to act quickly and instead create a wish list and categorize priorities. We also discuss the importance of waiting and considering tax implications, as well as managing expectations and right-sizing giving. This episode also explores the cognitive benefits and financial muscle developed through lump sums and highlights the power of compounding interest and its role in accelerating financial plans. We also discuss how to handle large salary bumps or side hustle success and the need for preparation and planning, whether you should seek professional help for financial advice, along with customizing financial decisions based on individual circumstancesLinks: Haley and Justin's story (@PriceofAvocadoToast)Our favorite estate planning resource Takeaways:Splurging and treating oneself to experiences can be a valuable part of managing a windfall.Resist the urge to act quickly and take time to create a wish list and categorize priorities.  Consider the tax implications of a windfall and plan accordingly.Communicate and manage expectations with others who may have expectations of your windfall.Right-size your giving and allow yourself to experience the windfall before making promises.Careful planning is necessary when handling windfall money to ensure it is used effectively and does not cause unintended consequences Lump sums can provide cognitive benefits and develop financial muscle, allowing for long-term thinking and intentional decision-making.Understanding the power of compounding interest can help accelerate financial plans and shorten the time needed to achieve financial goals.Making progress on financial goals is fulfilling and can provide a sense of freedom and security. When experiencing a large salary bump or side hustle success, it is important to have a plan for the extra income and consider seeking professional advice.Customizing financial decisions based on individual circumstances and having a clear purpose for income are key to making informed choices. Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life. Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by ForbesIf you would like to learn more about investing, check out our newest class, Making Money Grow