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Its the kind of lump sum that makes you feel invincible.
Below, he shared three of them and the rationale behind why you should be evading them.
In contrast, here are some money moves you should be making.
For example taking out finance for a new vehicle or making an expensive down payment on a house.
First things first, mobility and financial flexibility form the order of things, he added.
David Milo, financial advisor and owner ofIndependent Lending, agreed.
Many believe, Now that I have $50,000, I can afford to take a chance.'
Rather work on a balanced portfolio designed for the goals andpersonal risk appetite,Garcia added.
Milo agreed that focusing on risky assets is the wrong move.
Instead, stick to target amounts, aspirations and asset operations.
The $50,000 is a good start but by no means is the end goal, he explained.
He explained that this series of steps can aid in transforming an impressive milestone intoeven better prospectsfor your future.
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