For Faye, deciding where to begin was easy. To help consumers who win or inherit large sums of money make smart money decisions, American Family Publishers asked Timothy Watters, certified financial planner for Washington Square Securities, Inc., to provide a few time-tested strategies. Although no universal answer exists, there are three rules of thumb that may help secure financial dreams. Liquidity should be the top goal.
Money is merely a tool.
Don't hoard it or waste it. You should form a wagon train of advisors. These people should have no conflicts of interest. They may include a Certified Public Accountant, Attorney, Certified Financial Planner and some trusted retired family members. Even Faye, who never dreamed she'd be able to provide for her husband's long-term care, decided to do exactly what Watters suggests.