It's time for another recomendation of this great book.
Sudden Money by Susan Bradley.
From the Amazon website...
"Turn Sudden Money into Lasting Wealth
Maximize your wealth and minimize your stress and confusion with this unique, indispensable guide to handling a sudden financial windfall. Written by nationally recognized financial planner Susan Bradley, Sudden Money provides a complete program for successfully managing newfound wealth. Discover ways to:
Stay calm and not make decisions based on your emotions
Seek experienced, professional advice
Avoid pressure from others
Create and execute the best financial plan for you
Whatever the sum involved, the impact of one’s emotional state on the way money is handled—or mishandled—cannot be underestimated. In addition to the legal intricacies of receiving sudden money, the element of surprise that catches people unprepared also often leaves them there. Here, at last, is a type of "owner’s manual" to sudden money that demystifies the process for recipients and their financial planners. Based on her work with countless clients, many of whose stories appear in this book, Bradley has developed a step-by-step program for moving safely through the three phases of building a solid financial foundation:
Preparation and Planning
Investing
Monitoring, Giving, and Sharing
Giving individual attention to each possible windfall event, Bradley addresses their distinct tax consequences, insurance and estate planning considerations, as well as the crucial emotional component. She also shares advice on how to put together the proper team of advisors, including an attorney and a therapist. When correctly handled, an unexpected windfall can provide expected benefits that will continue far beyond the lifetime of the initial recipient—–and turn sudden money into lasting wealth.
Most important, Sudden Money provides you with easy-to-implement, proven ways to ensure that your financial gains are more than fleeting good fortune. "
She even gives some hints on how to handle loan requests from friends, family and strangers.
tinyurl.com/azeum
