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- To manage sudden wealth, consider the following dos and don'ts12:
- Get to know your sudden wealth.
- Avoid making hasty decisions.
- Don't make a lot of large purchases up front.
- Assemble a wealth management team.
- Develop a wish list for your money.
- Create a long-term plan.
- Be aware of "sudden wealth syndrome".
- Avoid falling prey to schemes and fair-weather friends.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.How to Manage Sudden Wealth: 8 Dos and Don’ts
- 1. Do get to know your sudden wealth. ...
- 2. Don’t make hasty decisions. ...
- 3. Don’t make a lot of large purchases up front. ...
- 4. Do assemble a wealth management team. ...
howlandcapital.com/insights/sudden-wealth-8-mus…5 Tips for Managing Sudden Wealth
- 1. Take time to process your sudden wealth. ...
- 2. Assemble a team of professionals. ...
- 3. Consider the tax, liability and investment risks. ...
- 4. Manage your emotions and decision-making. ...
www.marinerwealthadvisors.com/insights/5-tips-fo… - bing.com/videosSee more
Sudden Wealth: 8 Must-Know Dos & Don'ts - Howland Capital
- Do get to know your sudden wealth. When you first acquire your sudden …
- Don’t make hasty decisions. When you suddenly come into a large sum of …
- Don’t make a lot of large purchases up front. This is not to say that you …
- Do assemble a wealth management team. When you are ready, start …
- Do develop a wish list for your money. Make a wish list that includes both …
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- Build an Investment Plan. An investment plan can provide you with the …
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