How to make financial decisions after experiencing loss
“Grief can be overwhelming; you’re tired, you’re not sleeping well, you’re not eating well. None of us make good decisions in that state,” said Sara McCullough, a certified financial planner at WD Development in Kitchener, Ont.Once you’ve given yourself the time to process the immediate shock associated with grief, McCullough recommends finding out how long you’ll be able to manage your basic expenses. She calls this a “hard deadline.
If you’ve received an inheritance, it can be especially difficult managing it if you don’t have experience handling large sums of money. In that case, McCullough encourages people to thoroughly think through their options or to speak to advice-only financial planners. Beware of anyone who may try to sell you products or services when you’re in a vulnerable state, she added.
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