Income tax planning factors in the inevitable tax consequences of your other plans. Retirement planning is needed to be sure your money doesn't run out before you take your last breath. And estate planning explores ideas to transfer some of your wealth to your heirs or favorite charities. Anyone with a windfall can expect to become a target for family handouts, investment schemes and charitable donation requests. Without a plan in place, you won't know what you can safely afford to invest or donate.
Money brings other unexpected problems with it.
But beyond mere money management, the challenge is keeping your head on straight. It takes away future motivation, too. Yet work can be vital to your long-term mental health, she says. Appeared in the Milwaukee Journal Sentinel on Jan. 16, 2000. All rights reserved.