But regardless of whether that unexpected growth in wealth is the result of:
- An inheritance
- Selling a property or business
- A divorce or separation
- Winning the lotto
- An insurance payout, especially from life and TPD insurance
- Receiving a severance package
- Winning a lawsuit
Suddenly having to decide what to do with a large amount of wealth can be more stressful than you may expect.
In fact, if not handled correctly with expert guidance and support, a sudden increase in wealth could potentially leave you in a situation worse than when before you received your boost in wealth.
In our experience, we’ve found that those who have recently gained a sudden increase in wealth are often struggling with:
- A lack of financial knowledge about which investment choice is the right one for them
- Knowing what to do when those close to them may start to ask for extravagant gifts or financial support
- Understanding the legal, financial and tax implications of their new growth in wealth
- Dealing with the new-found pressure that comes with managing a large amount of money
- Knowing whether a purchase is an impulse decision or one that makes sense for them in the long-run
- Ensuring that their new wealth sustains them for a lifetime as they work towards their financial goals
It can be easy when you’ve received a sudden growth in wealth to be tempted to spend it all at once. After all, you’ve worked hard, why shouldn’t you be able to take advantage of your situation to indulge?
But doing this may actually limit the choices you have available to you in the future. Instead, by waiting on making any big decisions and seeking professional advice on what to do with your windfall, your sudden wealth can be used to help you secure a brighter financial future.
But where exactly are you supposed to start?
It’s when you’re worried about or are struggling with an aspect of your financial world that having expert financial advice to guide you becomes essential.
That’s where we come in. At My Wealth Solutions, we specialise in helping sudden wealth recipients take a step back from the emotion that comes with unexpectedly having to manage a large amount of wealth and find the right path forward.
We understand that the circumstances in which you received your new wealth may not be what you wanted. So we aim to work with you to ensure that your new wealth is being used to help you build a brighter future.
We take the worry you may be feeling out of your situation, so you can focus instead on how your sudden wealth can help you achieve the financial future you’ve always dreamed of in a way that is right for you.
Experiencing a sudden growth in wealth doesn’t have to be a time of worry.
We’re here for you.