New Found Wealth

Now that you have sold your business, inherited your family’s legacy, or even won the lottery, how do you make sure you use your new-found wealth to accomplish meaningful goals for your family? We have often found this is the number one question our clients have. There are a couple of things we recommend from the beginning to help along the way.

  • Money Moratorium- In the first days after you have come into money, your emotions will be running high, and financial decisions tend to be the most irrational. Make the decision to make no financial decisions for 2-3 months. This allows you the time to adjust to your new circumstances and can give you the time to build a financial plan. It could also give you a reason to tell friends and family "no!"

  • Status Quo- Don’t make any big life choices during this time. As much as it might seem like a good idea, now is not a time to quit your job or move. Take the time to figure out your long-term goals before you make short-term decisions that could undercut them.

  • Splurge a Little- With the help of your planner, decide on an amount that you can freely spend any way you like to allow you some flexibility. Just like a diet, being too strict with your money can lead to poor decisions in the long run.

More than anything, the most important piece is to find a planner who can be your partner in assembling the right team to both protect your wealth and help make sure it can accomplish your long-term goals. Our goal is to help you accomplish yours, whatever that may look like in your life. Just give us a call and let us help.