5 Tips on How to Handle Sudden Wealth

Whether you just signed a multi-million dollar contract or inherited property from a wealthy relative, here are some tips to help you keep—and grow—your wealth responsibly

4. Be very careful of friends and family. Unfortunately, your new wealth may attract new friends and estranged family members popping out of nowhere. Athletes and lottery winners experience this frequently. In fact, it’s quite common for advisors of professional athletes to put the athlete on a salary and advise the athlete to direct requests for money to the advisor. This can be a good idea and it puts some distance between you and unscrupulous friends and relatives. Also, depending on the amount of your new wealth, you may find yourself exposed to frivolous lawsuits and threats.
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  • Lexe

    Another important step is to set aside a sum as “mad money”, at the very beginning, that you can spend however you wish. This will relieve some of the pent up desire to spend.