Sweeney J. Patterson
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Next up: The Stages of Transition. We at SMI have been guiding individuals and families through times of personal and global upheaval for 22 years: through the make-or-break moments of their lives and preparing them for the next ones. We have support, resources, and a directory of advisors we trained through our education hub.
- Count The Money
- Assemble Your Team of Professionals
- Develop A Comprehensive Financial and Life Plan
- Be Wary of Friends and Family
- Resist Making Large Purchases
Take the time to count the money for yourself. Sit down with your significant other and read every piece of paper associated with the windfall carefully. There will be lots of legal wording and fine print. Read through it all. Highlight areas that you don't understand. Use the Internet to research terms and entire phrases. Smart internet marketers ...
Large amounts of money should be treated as a business. You can start your search for competent professionals in a number of places, but avoid anyone with a personal connection you don't completely trust. Get to know something about their practice (i.e., wealth and complexity of current clients) and ask for references to similar clients or cases th...
Many organizations talk about their ability to do this. They show nice pictures of couples walking in the sand or smiling in a hammock. It certainly sets the right tone for the conversation. Despite this, their plans may be cookie-cutter and the solutions they offer may be no more customized than they are for anyone else. In the end, some standardi...
Unfortunately, your new wealth may attract new friends, and estranged family members may pop out of nowhere. Athletes and lottery winners experience this frequently. In fact, it is quite common for financial advisors of athletesto put the athlete on a salary and advise the athlete to direct requests for money to the advisor. This can be a good idea...
This really means don't get sucked into the exaggerated scale of the situation. Take care of taxes on the gain, pay down debts, take a small vacation but don't make too many changes at once. Consult with your professional team. If the amount you have received is substantial relative to your prior situation (e.g., invested at 3% per year the annual ...
- Build your sudden wealth financial team. While you may be in unchartered waters, you’ll want to create a financial team composed of people who live and breathe in these waters.
- Calculate your “end of the day” number. Not all sudden wealth is created equally. A check for $20 million may actually be worth less than a check for $10 million.
- Create a sudden wealth wish list. The first two steps are a little dry and possibly depressing (who likes paying taxes?) , but once you get them done you can have some fun.
- Determine what is possible after receiving sudden wealth. Before you buy that house or car and before you quit your job, you need to determine how far your windfall will allow you to go.
Mar 1, 2024 · What Is Sudden Wealth Syndrome? Sudden wealth syndrome (SWS) is a term used to describe the emotional, psychological, and behavioral challenges that individuals and families may experience after suddenly acquiring a substantial amount of wealth.
- Sudden wealth syndrome is a psychological condition that some people experience when they come into a large amount of money quickly, such as throug...
- Symptoms of sudden wealth syndrome may include anxiety, depression, guilt, loss of identity, feelings of isolation, difficulty making decisions, an...
- Managing sudden wealth syndrome typically involves working with a financial advisor, therapist, and other professionals to develop a plan for manag...
- Anyone who comes into a large amount of money quickly may be at risk for sudden wealth syndrome, but it is more common among those who have not had...
- Preventing sudden wealth syndrome involves taking steps to prepare for the possibility of coming into a large amount of money, such as creating a f...
Apr 4, 2024 · During that time, find a financial advisor, secure your financial base, and make a plan to put your windfall to good use. Explore the challenges of receiving a sudden financial windfall and learn expert advice for making the most of your newfound wealth.
May 3, 2022 · A staggering 78% of retired football players were in serious financial distress just two years after leaving the game, according to Sports Illustrated. The statistics were only slightly better for...
Sudden wealth syndrome refers to the psychological and emotional issues that sometimes befall those who acquire a large amount of money. Despite new wealth seeming like a wholly positive experience to outsiders, it can take a toll if you let it overtake you.
