So, we have gotten over the shock of our sudden wealth, and have bought those items we just could not live without. Now back to reality. Here are a few pointers on how to hang on to your sudden wealth:
Build a great team for yourself.
Chances are good that you are not a financial expert and now is when you really need people who are. First you need to find someone like me, a Certified Financial Planner Professional, who works for a fee. Why fee based? We put you and your needs first, and offer unbiased services. Next, you need to find a CPA because your tax picture is going to change. Lastly, you will need to hire an Estate Planning Attorney so that your final wishes will be granted with the least amount of stress for those left.
Address your debts.
Before you spend any more than you have, look at your current debt and pay off what you can. If you still reap a tax benefit from your home mortgage, you may not want to pay that off. Look at how you have spent money in the past to make sure you do not accumulate un-necessary debt in the future.
Remember your values.
Before spending think about your value system. How do you want to spend your time and money going forward? Your values will keep you the person you anre and want to be remembered as.