Sudden Wealth? Here’s Your Playbook

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  • Опубликовано: 22 окт 2024

Комментарии • 49

  • @miguelgonzalez6213
    @miguelgonzalez6213 7 месяцев назад +2

    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.

  • @LisaCulton
    @LisaCulton Год назад +18

    I'm wondering why I suddenly got suggestions for 2 videos with "sudden wealth" in the title....This makes me excited!

  • @SausageandWine
    @SausageandWine 2 года назад +18

    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 covered.
    For example, a couple who in 1996 won 2.6 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 today.
    Thanks for this videos, interesting arguments.

  • @PamelaAlston-x5j
    @PamelaAlston-x5j 2 года назад +29

    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
    they 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.

    • @PranaWealth
      @PranaWealth  2 года назад +10

      Pamela, that's awful. I hate that you had to go through that, especially when it was your siblings that acted so terribly. Money really can tear people apart sometimes. I'm glad you've found some peace around everything, forgiven them, and moved on. It's hard to forgive those kinds of things, but sometimes the best revenge is living a happy life. 🙏

  • @timothypotts3913
    @timothypotts3913 Год назад +16

    I recently won the Powerball jackpot so I am sorting all this out currently and learning!

  • @Anchorpointewealth
    @Anchorpointewealth 2 года назад +10

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

    • @PranaWealth
      @PranaWealth  2 года назад +3

      Ha! I was wondering if anyone would catch that! So true, @Anchor Pointe Wealth Management -- I'm sure you've run into before too. Thanks for the comment! 🙏

  • @MagentaOtterTravels
    @MagentaOtterTravels 2 года назад +11

    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

    • @PranaWealth
      @PranaWealth  2 года назад +1

      Thank you, Dara! I actually changed the thumbnail -- I had too many dollar emojis on the original one! 🤣

  • @BY-ib9ew
    @BY-ib9ew 2 года назад +6

    Whether or not I could get a GT3 would be in at least the top 5 questions I ask if I get a windfall 👍😉

    • @PranaWealth
      @PranaWealth  2 года назад

      @B Y -- sounds like you'd probably make some wise decisions, then! 🙌

  • @hanwagu9967
    @hanwagu9967 2 года назад +4

    "No is a complete sentence." Love it...yes, 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.

    • @bcase5328
      @bcase5328 Год назад

      One person, who gained money, wisely set up a fund for those who wanted loans/gifts, and put a finance professional in charge of screening. The person, who wanted the money, was required to sign a legal loan contract to receive the funds, (after they met the screening qualifications).

  • @mj011n1r
    @mj011n1r Год назад +1

    The Porsche GT3 comment cracked me up because that's exactly where my mind was going.

    • @mj011n1r
      @mj011n1r Год назад

      stick shift. know what I'm saying?

  • @theoolfactivo9758
    @theoolfactivo9758 Год назад +1

    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.

  • @Rachaelfrancesart
    @Rachaelfrancesart 2 года назад +3

    Thank you soooooo much for doing this! So helpful

    • @PranaWealth
      @PranaWealth  2 года назад

      You're so welcome, Rachael! What aspect did you find most helpful or surprising?

  • @divinelyguided1144
    @divinelyguided1144 2 года назад +2

    Awesome video thank you 🙏🏾

  • @Mbaliez18
    @Mbaliez18 Год назад +1

    Great advice, thank you.

  • @myattsr4405
    @myattsr4405 Год назад +1

    Great advise...👍

  • @mamiefrazier868
    @mamiefrazier868 2 года назад +6

    Is Biggie a philosopher

    • @PranaWealth
      @PranaWealth  2 года назад +2

      You know it! That's actually one of my favorite money quotes -- it can be so true if you let it.

  • @MagentaOtterTravels
    @MagentaOtterTravels 2 года назад +4

    Sad that you have to "keep up your guard"... but unfortunate truth that others will have selfish motivations for befriending you.

    • @PranaWealth
      @PranaWealth  2 года назад +1

      @Magenta Otter Travels -- sadly, it happens! I remember watching another documentary about lottery winners (but unfortunately can't remember the name!) where a physics professor won the lottery. He looked like the old-school professor with a tweed jacket and everything. Then he went out and bought an orange Lamborghini and married a 20-something lady. 🤣 Money in large quantities can cause crazy side-effects!

    • @MagentaOtterTravels
      @MagentaOtterTravels 2 года назад +1

      @@PranaWealth I have seen similar documentaries. Further proof that money does not buy happiness! Sometimes quite the opposite… Having more money than sense is a very dangerous thing!

    • @PranaWealth
      @PranaWealth  2 года назад +1

      Ha! It almost seems to me like people have closely-held subconscious beliefs about how much money they should have. When that windfall hits, it's almost like they self-sabotage. What was fascinating was that the professor admitted he knew he shouldn't have done any of the things he did -- he just couldn't help himself!

  • @LexSpinXIII
    @LexSpinXIII 2 года назад

    GREAT VIDEO!!!

  • @howellwong11
    @howellwong11 2 года назад +6

    Not applicable to me. My wealth was gradual, not sudden.

    • @PranaWealth
      @PranaWealth  2 года назад +2

      @owleyes11 -- I know you had a great plan to build your wealth!

  • @BEY.961
    @BEY.961 7 месяцев назад

    On point

  • @kahileigh
    @kahileigh 2 года назад +2

    How did you know about my GT3 dreams?

    • @unwokeneuropean3590
      @unwokeneuropean3590 Год назад +1

      i would go small with 718... T version

    • @kahileigh
      @kahileigh Год назад

      @@unwokeneuropean3590 I feel it. I just wanna pretend I'm an IMSA Racer

  • @Andrew-zs5tc
    @Andrew-zs5tc 2 года назад +1

    As always, wise advice.
    How 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?

    • @daveschmarder-1950
      @daveschmarder-1950 2 года назад +1

      Keep it in a separate account. Spend together if you like. Inherited retirement based money always needs to be kept in separate accounts (IRA, Roth) until taxes are paid.

    • @PranaWealth
      @PranaWealth  2 года назад +2

      @Andrew -- I agree with Dave on this. I would (and did) keep it in a separate account. You never know when things can go south on you. (Speaking from experience here.) For most states, the law would recognize inherited assets in a separate (individual) account as non-marital assets. Just sayin'.

    • @hanwagu9967
      @hanwagu9967 2 года назад

      individual choice. our finances have always been mixed. When she wasn't working or making less, my big paycheck still went equally into individual savings and retirement. Likewise, inheritance went across our individual and joint accounts. There are things like inherited IRAs which have to be individual, but when I liquidate after 10 years, it will go into balancing out our savings. I have no problem ensuring both our individual savings, investments, and retirement accounts are equalized.

  • @riverhigh4092
    @riverhigh4092 2 года назад +1

    It is always lonely at tje Top .... 🤣
    What would MADONNA do....🤷‍♀️

  • @SayLessAli
    @SayLessAli Год назад

    MO MONEY 😭