Boom! Managing Sudden Wealth - Overview
This is a short-form version of the 15-credit course, Boom! Managing Sudden Wealth. You get the essentials on managing a windfall: its scope, its challenges, and its benefits. Learn about a strategy for saving, investing, insurance, and gifting. Get details on legal and tax matters that affect financial planning. You won’t be shortchanged by this overview version of the course. It provides plenty of valuable information to build your expertise in a subject that is relevant now — and will be of huge importance in years to come.
This is a short-form version of the 15-credit course, Boom! Managing Sudden Wealth. You get the essentials on managing a windfall: its scope, its challenges, and its benefits.
Learn about a strategy for saving, investing, insurance, and gifting. Get details on legal and tax matters that affect financial planning.
You won’t be shortchanged by this overview version of the course. It provides plenty of valuable information to build your expertise in a subject that is relevant now — and will be of huge importance in years to come.
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There are many psychological factors that drive the newly wealthy. One theory<br />
states that “money earned without making effort has little value.” This type of<br />
thinking may be the reason some people spend through the sum they receive<br />
and fail to properly manage their windfall.<br />
<br />
For heirs, the emotions that come with sudden wealth can be a mix of guilt, loss,<br />
anger, regret, relief and hurt, perhaps stewed with long-simmering family rivalries<br />
and resentments.<br />
<br />
Adjustment problems experienced by people with newfound wealth may be<br />
described as “<strong>Sudden</strong> <strong>Wealth</strong> Syndrome.” They:<br />
o feel a sense of isolation from former friends;<br />
o feel guilty about their good fortune;<br />
• Guilt is particularly experienced when the money is received in an<br />
insurance settlement paid after the death of a loved one.<br />
o fear losing the money they have gained.<br />
<br />
Becoming suddenly rich causes people with new money to behave<br />
inconsistently, overreact, or focus on narrow concerns. Why? Their lives are<br />
changed, and for the most part, people do not like change, especially when they<br />
feel they lose control, and just do not know what to expect or what is going to<br />
happen.<br />
<br />
You are the financial expert who creates that sense of control, and restores a<br />
sense of equilibrium.<br />
<br />
You can create a plan, instill discipline on spendthrifts, and develop a financial<br />
future for those who enjoy such fortune as a result of real estate equity,<br />
inheritance, or other means. Your plan brings together all the separate elements<br />
of wealth management into a whole.<br />
CLICK HERE TO ORDER<br />
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