In my 35 years in business, I have seen people come into wealth from many different sources. Many people inherit wealth, some have lottery winnings and others settlements. But what is wealth? To some, it is an extra $5000, to others, there are many more zeros after that. It does not matter as sudden wealth can be hard to survive for many people.
Receiving a lot of money can be confusing and stressful. Some people may treat you differently or you may feel different about your “new” life. Take a breath and remind yourself you are the same person as before. Money cannot change you – only you can change you.
I always advise people to sit on the new wealth for a while. Deposit your funds in a savings account while you gather your thoughts.
What is your wish list? While you are taking a step back, write down those wish list items. Determine if those items are worth spending some of your new found wealth on or not.
Later this week, I will have more pointers for handling your sudden wealth.