Managing Sudden Wealth (Steps To Take When You Get A Windfall)
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- เผยแพร่เมื่อ 15 ก.ย. 2024
- A lot of people fantasize about what they would do with sudden wealth. But the reality is that it can be really difficult to manage money, time, and relationships when you have a windfall.
In this video I share the steps for managing sudden wealth that will help you avoid some common mistakes!
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Martin Bamford is an award-winning Chartered Financial Planner, Fellow of the Personal Finance Society and Director of Client Education at Informed Choice. He’s author of three bestselling personal finance books and co-author of Harriman’s New Book of Investing Rules.
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How would you handle sudden wealth?
I am taking it slowly & very very carefully. I keep reminding myself: "A fool & his money are soon parted".
I am taking it slow , I am actually learning and reading up investments getting a better understanding , I am a life and health insurance agent studying to become an investment advisor rep
Let's say you get $600 million. Get a financial advisor from a big company like pathstone etc. Don't spend the principal. Get government bonds, index stocks from AAA rated companies and dividend stocks. That's 4% monthly. Wait for that money to come in, and spend that.
@@samj7681 That's exagerated, if you get 600M you come from a billionaire family or is a genius entrepreneur
When everyone else is talking about the houses, trips and cars they would buy I think about how I would get the ticket safely to the lottery office an hour away. Then came the other questions. Do you sign the ticket or not? Can you claim it anonymously? How do you get home from the lottery office without being followed?
I think if these are the type of things I think about rather than how fast I can blow through it I'd handle it well.
Renting property before making a big purchase is great advice.
I rebuke sudden wealth syndrome! 😂😂I will manage my wealth well!
Great video. I had 6 figures when my parents died. I bought a house an nearly new car. Went on holidays and bought guitars. Put the rest in my pension and started an isa. I then saved and invested what a mortgage would have every month. Now I'm doing well and could retire. But I plan to work until retirement, hopefully part-time in a few years. Then live on the 4% rule and leave it all yo my daughter and grand daughter!!
I would immediately become a recluse. Wouldn’t need to lose it first. I am not a spender now in my life but I would be more than happy to live with less work that I have to do and more of the work that I want to do.
If it ever happens, I’ll re read this video. Great tips. Thanks!
Thank you. Fingers crossed it happens for you!
Receiving sudden wealth will enable me to upgrade my life style. First I will not make any major purchases, I will just get use to the idea of having it and throughly do my homework about keeping it...Remaining anonymous is a must for me.
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Did you forget to pay your electricity bill?
Very insightful, great video!
Really balanced advice here friend
Great video! My cover story would be that I was able to access family money at my current age. lol
After I win the lottery, I will be an investor and business owner.
thank you!
Great video. Thank you! What would you invest in, please, if you received 1 million? NFA of course but would be interested. Property? Index funds? Individual stocks? Bond? Pay off mortgages? Crypto? TIA
The smart idea is to just blow it all on things you don't really like to impress people you don't like
Well, I guess the only reason to "need" a Cover Story is to fend off the jealous "Cold Shoulder" or Curious behavior of those New Neighbors who've Actually earned their money & riches the Hard Way and want to know how you made yours. Telling them you just plain got Lucky isn't gonna earn any respect, AND, these self-made Millionaire's aren't stupid either, so you'll need a good cover that can't be traced.
I think I'd tell them that I'd become the Care-taker of a friend after a lifetime of being friends and he'd just disowned what was left of his family, so he willed his wealth to me. This story actually DID happen to a friend of mine a few years back and he'd inherited Millions worth of restored antique Aircraft.
Can you make a video on wealthy people cover stories please.
My plan is to tell people I inherited it.
Or bailing out your boyfriend for millions of dollars out of jail
Did you see the tv show “fix my life!”, the girl who won the lottery and did that… her mom
Actually won the lottery and gave her the ticket. The girl had always felt hated and the least loved of all her siblings. All of the men and father figures for generations were or had been imprisoned for selling drugs. It’s was very interesting episode.
I was talking about Marie Holmes. @@AriseandShineSleepers
Great content brother. Thank you very much! Needed to hear this after what happened to me. Many Thanks !