Sudden Wealth? 3 Tips to Effectively Handle Financial Windfalls
Many people dream of striking it rich with a financial windfall such as winning the lottery. More common financial windfalls come in the form of an inheritance, legal judgement, sale of a business, etc. If you’ve suddenly come into money, you may start to wonder how best to handle this new found wealth.
Sudden wealth can have an enormous effect on your well-being, and there’s even a stress-related disorder called “Sudden Wealth Syndrome.” If you find your sudden wealth overwhelming, you should consult a professional wealth management advisor like AOG Wealth Management. Here are some tips to get you started:
- Keep the Information Private – While it can be tempting to share positive news with the people you’re close with, one of the best things you can do is to keep this news to yourself. You never know who’ll be looking to take advantage of your financial windfall, so try to keep the information as private as you can until you’ve developed a proper plan.
- Consult a Group of Experts – You can better manage your sudden wealth when you hire a team of professionals to help you avoid making emotional decisions with the money. As experts in wealth management , we can help you understand what this new money means to you and your family. We will also guide you in making smart decisions regarding your future.
- Develop a Life Plan – This helps you plan everything from yearly expenses for the family to savings and everything in between. You calculate numbers for living expenses and then see how much you need to save and what you can expect to spend. A comprehensive life plan can help you stay on track with your finances over time.
Aside from these tips, you might want to avoid making big purchases right away and keeping receipts of your spending. For more educational assistance, you can turn to AOG Wealth Management, the top wealth and investment management firm in Northern Virginia. Our experts will help you handle and manage your wealth so it meets your financial goals.
Get in touch with us today by calling (866)-993-0203 or by completing our form. We’ll be ready to assist you.