So You Are Suddenly Wealthy. Now What?

Emotions and money don’t mix well. Casinos, lotteries, game shows, bingo, betting pools…lots of people play with money. The last thing you think about when emotions are high is managing money. In a minute, that which was once hard earned or good luck becomes a toy. As the saying goes “easy come, easy go”. Yet, is it possible to avoid the perils of sudden wealth without becoming a miserly recluse?

Step One: SEEK ADVICE

One law firm posted something on this topic that is a bit more substantial than some of the conventional advice found online:

So You Are Suddenly Wealthy. Now What? | Starr Law Firm, PLC | Phoenix Arizona.

Step Two: REFLECT

I recommend watching movies or read stories about sudden wealth situations. Drama or comedy. Engage your mind and reflect.

  • Jamie Johnson, a J&J heir, has a couple of documentaries “The One Percent” and “Born Rich” worth a look.
  • Steve Martin’s “The Jerk”
  • Richard Pryor in “Brewster’s Millions”
  • Trading Places
  • Oliver Stone’s Wall Street

For me, Jim Stovall’s “The Ultimate Gift” is one such story that blends many of the elements with teachable moments. Despite being panned by the critics, you’ll be in a different mindset anyway. If you have younger children who may be affected by your sudden blessing, then you’ll want to learn with them:

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Tweet from Joseph Weisenthal (@TheStalwart)

Joseph Weisenthal (@TheStalwart) tweeted at 1:49 PM on Thu, Nov 22, 2012:
Wow. Get this RT @whb1002: The Debt of Nations; Mr Micawber’s Vindication: Causes and Consequences of Excessive Debt. http://t.co/lHJDez3J
(https://twitter.com/TheStalwart/status/271701963979255808)

Get the official Twitter app at https://twitter.com/download

IRS “friendly” reminder about your IRA

Reuters Money (@ReutersMoney) tweeted at 11:01 AM on Tue, Oct 23, 2012: A reminder from the IRS that you should not ignore http://t.co/0UEaXIyz (https://twitter.com/ReutersMoney/status/260773038805639168) Get the official Twitter app at https://twitter.com/download

Farewell, Financial Adviser – Wealth Manager – WSJ

Joshua Brown is still The Reformed Broker but his WSJ gig coming to a close (for now): http://blogs.wsj.com/financial-adviser/2012/10/15/farewell-financial-adviser/

Why Your Family Should Talk About Money More Often – NYTimes.com

The subject of money has an oddly mythical grip on families: establishing a simple framework early can help alleviate a great deal of disappointment in the future.

http://bucks.blogs.nytimes.com/2012/08/06/why-your-family-should-talk-about-money-more-often/?smid=tw-your_money&seid=auto

5 Best Financial Bloggers: Tweet from Downtown Josh Brown (@ReformedBroker)

Downtown Josh Brown (@ReformedBroker) tweeted at 10:08 AM on Tue, Oct 09, 2012: Who are the Five Best Financial Bloggers? http://t.co/LVesBbw9 (https://twitter.com/ReformedBroker/status/255686129288871936) I agree with Josh but have my personal faves listed on my blog. Happy Reading!

Sir John Templeton 16 Rules For Investment Success | The Big Picture

Highly recommend these investing “tips” from a legendary investor. Even, better when @ritholtz fills in with commentary and insights. http://www.ritholtz.com/blog/2012/09/16-rules-for-investment-success/?utm_source=dlvr.it&utm_medium=twitter

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