How We Help Those Experiencing “Sudden Money”
- "Sudden money" events, such as inheritances or large financial gains, can significantly change one's financial situation and require careful planning to manage effectively.
- The Planning Center helps clients understand the financial implications of their windfall, including impacts on budgets, investments, taxes, and estate planning.
- Sudden wealth often comes with emotional complexity, and The Planning Center provides a safe environment for clients to process these feelings while aligning their newfound wealth with their values and priorities.
“Sudden money” is a term that refers to a substantial, often unexpected, financial gain. Inheritance, insurance payouts, legal settlements, and the sale of a property or business are all relatively common examples of sudden money events.
No matter what the source of your financial windfall, one thing is clear– things have changed. What seemed impossible mere months ago may now be within reach. The temptation to increase one’s spending is alluring and the opportunities to do so are seemingly endless. Not to mention, a sudden increase in assets is often accompanied by a commensurate increase in financial complexity. It’s easy to understand why so many who encounter unanticipated wealth struggle to hold onto it!
This is where we come in. Working with your trusted guide at The Planning Center, you will formulate a stewardship plan for your new wealth. Our goal is to help you align your money with your most important values and priorities.
Understanding the Financial Implications
Recipients of financial windfalls are often surprised by the additional layers of complexity their newfound wealth brings. Sudden money may have an impact on your budget, investment strategy, retirement projections, insurance needs, tax situation, and estate plan, among others. Helping you understand and plan for these downstream effects is essential to the work we will do together.
Exploring Possibilities
What has your financial windfall made possible that may previously have seemed unobtainable? Perhaps it’s time to start planning that round-the-world trip or home renovation project you’ve always dreamed of. Or maybe you’d like to retire early so you can dedicate more time to the people, activities, and causes that are most meaningful to you. Whatever your plan entails, we will help you explore the possibilities and understand the tradeoffs inherent to each one.
Navigating Emotional Complexity
One might think that sudden money events lead only to good feelings and positive outcomes, but this is far from the truth. In reality, financial windfalls are frequently accompanied by guilt and internal conflict, as they often come at the expense of losing a loved one or parting ways with a beloved property or business. Even for those whose encounters with sudden money seem unambiguously positive, such as lottery winners, some eventually find themselves longing to go back to the way things were before. We give our sudden money clients the opportunity to voice and process these complicated feelings in a safe, judgment-free environment.
Guiding Your Financial Journey at Every Stage of Life
As a fee-only financial planning firm, we accept fiduciary responsibility and are committed to an integrated, evidence-based approach. Each of our team members works with a small group of clients to ensure you receive attentive service that is customized to suit your individual situation.
No matter what stage of life you’re in or which financial challenges you face, our credentialed team is here to help you stay on track and make the most of the resources available to you.
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We’d like to meet you!
Schedule a free 15 minute conversation and we’ll spend a few minutes getting to know each other so we can learn if what you are seeking and what we provide are a good fit for each other. If it seems like a fit, we’ll talk about next steps. If we’re not, we’ll help you find the right group for your needs.
