You are more experienced now, your bank account is larger, and it is easier to think further ahead.
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Imagine one of the following scenarios. Suppose you have suddenly come into a significant sum of money. For the interest of this example, we will imagine that it is one million dollars. This might have come to you by way of a lottery win, an estate inherited after the death of a family member, or some other event that may have been either expected or unexpected. You now find yourself in an entirely unique financial situation from anything you have experienced before, whereas previously you were living paycheck to paycheck, you could now actually consider early retirement.
The problem, however, is that many individuals and families who suddenly come into money are entirely unequipped to effectively handle that money. They might tell themselves they will spend a little to celebrate, but that spending is nearly impossible to stop once it begins. In this article, we are going to briefly discuss some strategies for handling large lump sums of money so that you can benefit from your new wealth for the rest of your life.
The first and most important strategy is to consult a professional financial advisor. There is no substitute for the personalized, highly-trained counsel of someone who is experienced in managing large sums of money. Even if you feel confident that you can depend on your own judgement—do not. You will be extraordinarily grateful to have someone on your side to help ensure you made the right decisions.
Here are some other important tips for handling a large lump sum of money:
If you have questions or concerns about how to properly invest a large sum of money, contact our office today for professional advice tailored to your unique situation.
Copyright © 2016 AdvisorNet Communications Inc. All rights reserved. This article is provided for informational purposes only and is based on the perspectives and opinions of the owners and writers only. The information provided is not intended to provide specific financial advice. It is strongly recommended that the reader seek qualified professional advice before making any financial decisions based on anything discussed in this article. This article is not to be copied or republished in any format for any reason without the written permission of the AdvisorNet Communications. The publisher does not guarantee the accuracy of the information and is not liable in any way for any error or omission.