Windfall, pt. 2

[frugalone]

A funny thing happened to me over the weekend while I was lying in bed. Very early in the morning, I began to feel kind of anxious about my upcoming windfall.

Of course I am happy about it. But I'm apprehensive. I've never been "good with money." I'm usually living on the edge. There was a short time when I had about $20K in the bank, plus my 401(k). But that didn't last long b/c of my long-term unemployment.

I don't know if it is typical to feel anxious about this sort of thing. I'm not sure if the anxiety is due to being afraid I will blow the money, or feeling unworthy about being the recipient (in a sense, I do), or what.

Edit: I didn't think there was going to be an emotional reaction to receiving this money.

[catherine]

I think ANY change in financial status is bound to make you feel anxious, whether good or bad. Joe & Vicki talk about our "relationship" with money. So maybe in your case, it's like becoming engaged to someone outside your social class. Now you have to worry about how your life will be different, will you measure up, will you like the lifestyle, will you fit in?

I don't mean that you will be spending yourself into a different social strata, just using a metaphor for how sometimes even good things can raise all kinds of questions and rock the boat.

[Rogar]

I don't know if it is typical to feel anxious about this sort of thing. I'm not sure if the anxiety is due to being afraid I will blow the money, or feeling unworthy about being the recipient (in a sense, I do), or what.

Edit: I didn't think there was going to be an emotional reaction to receiving this money.

I think anxiety is perfectly normal. At least when I had a windfall a few years ago it introduced a new worry in my life. It is one of the reasons I think it is a good idea to put most of the money into a safe place for a few months until getting used to the idea of it. The anxiety went away for me. In my case I felt some responsibility my deceased benefactor to handle it in a way that might be appropriate to their desires. Maybe not everyone gets that same feeling, but I did and it required some thinking.

[razz]

Anxiety is perfectly normal. Once I sold my farm for more than I had expected, I felt anxious that I made the right choices. I spoke to a trusted CFP about my options and then took my time making decisions. I still have some to consider and it is over a year that it has been sitting in savings. I am pleased with the choices that I have made with the large bulk of the funds though. Hope that helps to ease your mind.

[frugalone]

It's reassuring to know I"m not alone. It's a big change for me; it's been a long time since I've been able to say, "I have enough money to cover an emergency."

[Rachel]

Congratulations, frugal. I love it when thoughtful people with good values come into some money---you sound like the sort of person who will make wise decisions with this windfall.