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Suddenly Wealthy

What happens if you suddenly find yourself on the receiving end of a large sum of money? Whether the money comes from an inheritance or winning the lottery, sudden wealth can stress relationships. If not handled properly, it can also put the recipient in a more difficult situation than before. Although you may understand the short-term emotional side of a windfall, what about the long-term preservation of wealth? Steps that should be taken to help cope with the shift of money include:

  • Assemble relevant documents and information
  • Take a time-out (Take time to slow down, evaluate your goals, and make plans).
  • Get organized
  • Go through your assets and debts, pay any taxes and high-interest debts. 
  • Review insurance coverage and think about how you're going to live.
  • Figure out your bottom line
  • What is your net worth?
  • What is your income?
  • What are your fixed expenses?
  • What is your tax obligation?
  • How much remains?
  • Know your priorities (Ask yourself what you want to do, how you want to live, and what future expenses you'd like to have paid for)
  • Assemble a financial team (Once you've had time to cope with the emotional side of acquiring wealth, enlist the help of an adviser, and possibly a wealth psychologist)

  • We will help you in setting short-, medium-, and long-term goals in order to preserve your financial well-being into the future. It is important to slow down and manage the various aspects of acquiring a large sum of money.

    "Wealth consists not in having great possessions, but in having few wants." - Epictus


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