How To Keep Your Sudden Wealth
Let’s celebrate! Sudden wealth buys many friends.
Splurge on that new Ferarri. Hey, a new luxury condo penthouse is on the cards, fully redesigned and Feng Shuied too. Take a few friends in a private jet to the Caymans once a month. It’s partying every night. Until one day, it all comes to a sudden end.
Is there a way out of that whirlwind?
There is, but first we must look at why this happens. Instead of letting money control you, you need to be ready to control your money.
Let’s take a second look at what tends to happen.
As egos rise with that big lottery win, so does the ‘must spend’ habbit. Afterall, before the win, you lived well enough. But now, there’s really far more than you need. So, you spend uncontrollably and enjoy life without end, until it really ends when money runs out. Why?
It’s to do with the way one feels before and after. Often enough we all hear about how unprepared most people are to handle sudden wealth. As a result, the winner will become the loser very shortly.
The Problems Why, become the answer:
1) Without the experience of living with lots of money, the understanding of what is needed and not needed is blurred. This is a time of exploration. However, this is when the very acts of exploration of the new found wealth has limits. Those limits are often met as another experience of going too far.
2) Going completely wild, unrestrained, being totally free to choose. The constraints of mum and dad, the job, the credit cards, the rent, the endless bills and society are suddenly gone. What happens next is the sudden liberation of that old restrictive world into a world with apparently no limits, no worries. Therefore, going wild is the fun part of life, not yet explored.
3) Where does it end? It does not. At least not in this person’s mind. Living the life that was not disciplined in such wealth, money is used without knowledge or care. Ignorance is bliss.
Is there a way to prevent this? 
Of course. It really requires the recoqnition that that winner needs to learn to handle money all over again, on a different level. Besides that, there are a series of things the winner can do to remain the winner.
1) Education. As already mentioned, education is the very first thing that is needed. But self development is more important than even learning to handle the money. As already aluded to, it’s the lack of self esteem that causes the extremely foolish behaviour of loss, using money to buy friends’ loyalty.
2) A course or series of courses in learning what is available to invest your money in, to spread the risk, etc. instead of learning the hard way – through loss and negative experience.
3) Investing in your lifestyle. The ratios often used in any lifestyle management is really moot and never cut in stone. The best strategy is to step back, and ease yourself into your new world. Certainly, get a home that you would be very comfortable in, perhaps with your family too. Personal transport, clothing and all those niceties should also be eased into place. Experiment and experience life and events one at a time. Find your likes and dislikes. Waste far less.
4) In the meantime, never put all your eggs in one basket. Place your money in several banks as a strategy. Take advantage of international banks and their banking system around the world for your travel needs and as you advance your knowledge and experience, investments as well.
5) Mentorship. Yes, even now, a good mentor is one of the best things you can do for your new lifestyle. What to invest in really takes education about each and every project. It takes experience.
6) Tax Planning. Don’t lose most of your income to taxes there are many ways to reduce taxes and also to defer taxes. Get a series of experts to help you and again, educate yourself well here.
7) Educate, live, learn and experience. Be the expert in your lifestyle and wealth building. Cut out the bad, include the good.
In fact, learn to handle your money like you own your own personal bank. And good luck.
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