Windfalls and Uncertainty
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 11 May 2020
⏱️ 7 minutes
🧾️ Download transcript
Summary
After receiving several questions about what to do with windfall money during times of economic uncertainty (like these), Jesse tackles the topic in today's episode. As always, but especially true nowadays, cash is king!
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Transcript
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| 0:00.0 | Hello, Wienabers. My name is Jesse Meekam, and this is podcast number |
| 0:08.5 | 428 for Wienab, where we teach you four rules to help you stop living paycheck |
| 0:12.0 | get out of debt and save |
| 0:14.4 | more money. Today, while it seems a little bit strange, I want to talk to you about windfalls. |
| 0:22.0 | Windfalls, when things are about as uncertain as you have perhaps ever |
| 0:26.0 | experienced in your lifetime and those that you talk to also even though they're |
| 0:30.7 | quite a bit older and have had a longer lifetime, |
| 0:33.0 | agree that in their lifetime, it is the strangest, weirdest, |
| 0:38.0 | most uncertain of things that they have ever experienced. |
| 0:41.0 | What to do when you get a windfall in this situation? |
| 0:45.9 | That's actually a question that we've been getting quite a bit. Not everyone and my |
| 0:50.3 | heart does go out to people that have been negatively affected. |
| 0:55.0 | And of course we all know people very directly. |
| 0:59.0 | And my heart goes out to them. |
| 1:01.0 | This podcast will be useful because the lesson here is evergreen. But I am speaking |
| 1:07.8 | specifically to people that find themselves in maybe a unique situation, although we |
| 1:11.6 | are getting this question a lot, so I can't really say it's unique. |
| 1:15.6 | It's sounding fairly common. |
| 1:18.8 | At any rate, when you get a windfall and you are sitting staring a lot of uncertainty in the face |
| 1:25.2 | It's the same situation as if your income is wildly variable and you just don't know exactly when it's going to come in how much it'll be. |
| 1:35.0 | So when you're looking at uncertainty, you have one rule that you really need to follow. |
| 1:40.4 | Of course we have our four budgeting rules, but the main rule that you follow is |
... |
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