Ochse noted that it was important to tackle your outstanding debts as soon as possible, not only to relieve the burden but because then you can direct your\u00a0money on building more wealth. She also noted that once the debts are paid in full, it was important to keep them that way and resist the temptation to take up debt unnecessarily.<\/p>\n Don’t quit your day job<\/strong><\/p>\n According to Ochse, many\u00a0people are tempted to quit their jobs when they receive large amounts of money. She noted that while you now have a financial security blanket to fall back on, quitting comes with other limitations including the loss a regular income as well as any potential benefits you would have accrued as an employee of the company.<\/p>\n Having an emergency plan to cover your living expenses due to unforeseen circumstances is important, said Ochse.<\/p>\n “If you didn\u2019t have one prior to receiving a windfall, now is the good time to start. Ideally, you should have enough money to cover six months living expenses. The savings must only be accessed in the event of serious need such as a medical emergency.”<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2014\/06\/in-debt.png\")
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\nYou still need to prioritise emergencies<\/strong><\/h3>\n
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