The Curse of "Found Money"

“Found Money” refers to an unexpected windfall. It could be a work bonus, a large income tax refund, or an inheritance from a long lost relative. I’ve noticed that people tend to treat unexpected windfalls differently than hard-earned money. To get ahead, don’t fall into that trap. If you use that money to apply to your mortgage, for example, you won’t get the immediate satisfaction of an awesome vacation, but you will receive the ultimate satisfaction of a mortgage that has been repaid much quicker than planned, saving you far more money than the windfall amount. This is the biggest reason people can’t “get ahead” – because when they have the opportunity to get ahead, they make a decision that provides immediate gratification. Delayed gratification is one of the biggest factors in getting ahead, but it’s tough for a lot of us!