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Sudden Wealth? Here’s Your Playbook

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My son and I agree that $250k is that level of "life changing" money that counts as sudden wealth and requires a plan and professional guidance
Comment from : @miguelgonzalez6213

On point
Comment from : @B3Y961

MO MONEY 😭
Comment from : @KingJahhSANCTUARY

Great advise👍
Comment from : @myattsr4405

I'm wondering why I suddenly got suggestions for 2 videos with "sudden wealth" in the titleThis makes me excited!
Comment from : @LisaCulton

I would add that if its a large enough windfall to protect yourself from self, maybe set up a spend thrift trust This way you only have access to it incrementally
Comment from : @theoolfactivo9758

Great advice, thank you
Comment from : @Mbaliez18

I recently won the Powerball jackpot so I am sorting all this out currently and learning!
Comment from : @timothypotts3913

My understanding of lottery wins is the following plan:brDon't tell anyonebrDon't quit work immediately, wait a few monthsbrKeep your money safe by putting it away into a brokerage account as banks aren't insured usually enough to cover the large amounts that lotteries do providebrSpend a set amount for yourself to get it out of your system brPay off all debts immediately to prevent any from following you brSpeak to your a team account (for record keeping and tax payment/planning), FIDUCIARY financial advisor (to help invest money when you want to) and lawyer (to put assets into a family trust surrounded by a bridging trust to buffer "from storms" brbrAfter that I guess enjoy your financial abundance as you see fit
Comment from : @garystinten9339

How did you know about my GT3 dreams?
Comment from : @Megamane_GT3

GREAT VIDEO!!!
Comment from : @LexSpinXIII

"No is a complete sentence" Love ityes, learn to say no Hiring good help is also a problem, because there will be scumbag financial advisors circling the wagons, especially if you win a public lottery or other windfall which is public You will be flooded with all the help you could ever want, but don't fall for it
Comment from : @hanwagu9967

It is always lonely at tje Top 🤣brWhat would MADONNA do🤷‍♀️
Comment from : @riverhigh4092

In France, the winners of the lottery do not end up broken because since 1993, the FDJ (Lottery company) has set up a service which accompanies the big winners by educating them about money through a dozen workshops each year The relationship to money and the relationship to others, banks, investments, taxes, etc, all sorts of subjects are coveredbrFor example, a couple who in 1996 won 26 million euros are still living off the fruits of their wealth, they have been able to improve their house with improvements that have doubled the value of the latter, invest and take their time and in the end their wealth has appreciated and they still living very well todaybrbrThanks for this videos, interesting arguments
Comment from : @SausageandWine

Awesome video thank you 🙏🏾
Comment from : @divinelyguided1144

Is Biggie a philosopher
Comment from : @ChannelAboutNothin

My narcissistic sisters and brother decided to keep my part of the inheritance and acted as if nothing happened 14 months after my father's death They decided that I'm already rich; therefore, only the three of them deserve to get the money It's not about the money, it's the hurt that I felt because brthey took what MY father left for ME Actions are louder than words and their actions told me that I'm not worthy in their eyes Their "secret" (found out that they mentioned, "don't tell Pam") lasted 14 months as I was financially supporting my brother by the way I could never, ever do that to them and I hope the money they took was worth losing me as a sister I no longer support my brother financially, I've forgiven them, but I also told them what I found out and walked out on all of them The weight on my shoulders have been lifted and I have never been so peaceful and happy in my life It was difficult for me to watch this video but I did watch it until the end I suggest that if you have a sibling that is an executor of a will AND a beneficiary, ensure that a lawyer is also a co-will executor just to keep everyone honest
Comment from : @PamelaAlston-x5j

Whether or not I could get a GT3 would be in at least the top 5 questions I ask if I get a windfall 👍😉
Comment from : @BY-ib9ew

Sad that you have to "keep up your guard" but unfortunate truth that others will have selfish motivations for befriending you
Comment from : @MagentaOtterTravels

What a great title and thumbnail! I saw it and thought "what a good problem to have"! But I know you will inform us with thoroughness and nuance, like you always do! Thanks, Patrick! Cheers! - Dara
Comment from : @MagentaOtterTravels

Love that "philosopher's" quote 😆Also, great topic choice - we don't talk enough about how intimidating a windfall can be!
Comment from : @Anchorpointewealth

Thank you soooooo much for doing this! So helpful
Comment from : @Rachaelfrancesart

As always, wise advice brbrHow do you recommend a married individual handle an inheritance to one of the two spouses, such as from the death of a parent? (Assuming a happy couple with no threat of divorce) Should it be placed in joint or individual accounts?
Comment from : @Andrew-zs5tc