Often filled with gratitude, surprise, and sometimes the weight of responsibility. For physicians early in their careers—who are often still managing student debt, working long hours, and living on a modest salary—it can also feel like a turning point.
If you’ve suddenly come into a large sum of money, this post will walk you through what to do—and what to avoid—so you can make thoughtful, values-driven decisions with lasting impact.
The worst mistake you can make with a windfall is acting too fast. Lifestyle upgrades, flashy purchases, or well-meaning gifts can drain your newfound wealth before you even realize it. This is the time to take a step back and reflect on your personal values. What matters most to you? What kind of life are you trying to build? Let those answers guide how you use your windfall—so the money supports your goals, rather than distracts from them.
A windfall is a great chance to make sure your financial foundation is solid. Getting these essentials in place gives you peace of mind and sets the stage for smarter long-term financial decisions.
What’s something you hate doing, but do because you feel like you have to? Mowing the lawn? Cleaning the house? A windfall gives you the ability to eliminate low-value tasks and focus more on what matters to you.
Hiring help for everyday tasks can free up your most valuable resource: time. And using money to improve your quality of life and reduce stress is often more valuable than any return an index fund could give you.
A financial windfall is more than just a boost to your bank account—it’s a chance to reflect on the kind of impact you want to have. Research shows that generosity isn’t just good for others—it’s also strongly linked to greater happiness and life satisfaction.
One smart strategy is to use a donor-advised fund (DAF). If you have funds earmarked for charitable giving, a DAF allows you to get the tax deduction upfront, while still giving you the flexibility to donate over time. You can invest the funds within the DAF, potentially growing your impact before distributing gifts to the causes you care about—on your timeline.
The most important thing you can do with a windfall is to approach it with intentionality. A large inheritance or financial gift is a rare opportunity to strengthen your foundation, create long-term security, and shape a life that truly reflects your values. When you slow down, plan thoughtfully, and use the money in alignment with what matters most, your windfall can become far more than just a financial boost—it can be a turning point that positively impacts your life for years to come
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Wrenne Financial Planning is a registered investment adviser. The content of this blog post is intended for informational purposes only and is not intended to be investment advice. The views expressed in blog post are subject to change based on market and other conditions. Some information has been obtained/provided from third party sources and is believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information, and it should not be relied on as such