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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