How To Deal With Sudden Wealth?

Are you suddenly wealthy in Ohio? 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 Help You Develop a Wealth Management Strategy

If you found yourself suddenly wealthy in Ohio, then we can 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

Take Control Of Your Finances

Cut Back on Using Your Credit Cards

Feel like you have no control over your spending? Adjust how you use your credit cards. Cut back on what you use your cards for and make sure you pay off the full amount every month. If you are suddenly wealthy in Ohio, then you should definitely consider paying off any past credit card debt! 

Try a Short Spending Cleanse

A short spending cleanse can help break old habits and form new, healthier habits. Set a time where you don't spend any unnecessary money and stick to it. This will help you get out of mindless spending habits and set you on a better financial course.

Find More Resources About Financial Wellbeing

What's the best way to get more control over a situation? Learn everything you can about it! If you feel like your finances are out of your control, find resources you trust to help get you back on track.

Create and Implement a Financial Strategy

Creating and implementing a financial strategy will help you from reverting to your old financial habits. Write your steps down and keep it where you can see it to keep yourself accountable. Keeping to a financial strategy might be tough at first, but well worth it in the end.