A lot of emotions can develop from a financial windfall; you could feel joy, uncertainty, guilt, and a sense of not knowing what to do. Here at White Raven Financial, we can advise on different sudden wealth situations. We have helped individuals and families who have received a large sum of money by identifying and prioritizing the best path to forge the journey they wish to embark on.
We take pleasure in working with new clients and invite you to contact one of our sudden wealth financial advisors today.
How to handle sudden wealth?
While most people will not receive a major financial windfall during their lives, it is not uncommon. Sudden wealth can come in a variety of ways:
- Getting a large inheritance
- Selling a company
- Earning a big payout from employer stock compensation
- Winning the lottery
- Signing a huge contract as a professional athlete or artist
- Receiving a settlement due to divorce or injury
- Gift / Other
Sure, the idea of unexpected wealth sounds exciting, but the real issue is that a sudden appearance of a large amount of money can have a significant impact on your life. Along with the potential for financial freedom, many types of stresses and challenges may also be lurking that you may not be prepared for within your skill set.
Not sure where to start and worried about impulsive decisions? Are you interested in ways to possibly protect your newly found wealth and develop tactics to make it last? The services of a financial professional could help with different avenues and strategies to fit your goals.
Our team at White Raven Financial provides a thoughtful approach to this transition, along with experience, deep resources, and long-term planning tools. We fill help you craft a plan that is custom fit for your circumstances. During our initial conversations, we can determine your personal and financial goals, both short-term and long-term.
Whether you are looking to buy a new house or additional home, pay off debt, gift your family members, donate to your favorite charity, engage in philanthropic projects, or take that vacation that you always dreamed about, White Raven Financial can be there by your side. We can develop a strategic and targeted solution that could help you achieve those goals. Some of our services include:
- Wealth & Investment Management
- Goal Based Financial Planning
- Cash-Flow Analysis
- Charitable Giving / Philanthropy
- Risk Management
- Resources for Estate & Tax Planning
What can you do with sudden wealth?
If you, a family member, or someone else you know is somehow fortunate enough to receive a financial windfall, here a few ideas we recommend that may help you best realize its potential positive impact:
Hit the Pause Button
Hit the pause button and take a deep breath. It is not uncommon to make some unnecessary or rash decisions. Sudden wealth can bring on a mixed bag of emotions and slowing down to work through these things may help you think more clearly about the potential impact of your windfall.
Consider Your Future
Consider your future. Developing a clear vision of what you want to do for yourself, your family, and others in the world may make decision-making easier. By also creating a timeframe, it could help you to stick to a game plan and may help you avoid any pitfalls or obstacles that you might be facing.
Assemble a Team of Trusted Financial Advisors
Assemble a team of trusted advisors on your side that have experience with sudden wealth scenarios. By building a team of professionals, a plan can be developed to execute your vision for the future. Along with White Raven Financial, you should consider a CPA, estate planning attorney, and possibly a property/casualty insurance agent who all bring different expertise to the table.
Schedule a Consultation with White Raven Financial Today
Here at White Raven Financial, we pride ourselves in being fiduciaries with both Diane Jochimsen and Brett Lathrup holding the CERTIFIED FINANCIAL PLANNER™ designation.
We are accustomed to managing large sums of money and can help you develop a suitable plan based on your long and/or short-term goals – both personal and financial. Schedule a consultation with a sudden wealth financial advisor today.
Sources:
*https://www.huffpost.com/entry/sudden-wealth-syndrome_b_1652701
*https://www.nerdwallet.com/article/investing/certified-financial-planner