The myth of “Lady Fortune” and her spinning wheel seems appropriate when life throws you an unwanted curveball or an unexpected gift. Here are three ways to deal with your fortune — either way.
Bad fortune, like a large, unexpected bill:
1. Determine the potential damage. For example, is this something that can be paid over time, or immediately?
2. Map out a plan (call it a “plan of attack” if it helps!). Using the example of a large bill, sometimes it can be psychologically powerful to pay all at once. But that can leave you exposed to other fiscal problems. A better approach is to diligently pay all you can, as quickly as you can, but preserve some kind of base.
3. Re-evaluate for next time. Is this something that could have been avoided? What can you do to produce a different outcome?
Good fortune, like a windfall:
1. Determine it’s best use. Sometimes the “best use” is obvious. However, a word of caution. Sometimes a better plan is to wait and weigh your options carefully.
2. Map out a plan. Once you’ve made a decision on a windfall’s best use, map it out a plan. This assures you maximize it. Consider sharing it. (Some say this brings good fortune back to you!)
3. Re-evaluate for next time. Yes, expect more good things. Optimism never hurt anyone’s finances!
So, you can see – good and bad fortunes are opposite sides of the same coin (or, in Lady Fortune’s myth, the same spinning wheel). No matter where your fortunes are today, take heed! It’s calm thinking and planning that will result in better finances. And preparing a solid budget doesn’t hurt, either.
