Windfall or Inheritance
The statistics, of lottery winners losing it all, are alarming. The National Endowment for Financial Education estimates that 70% of people who suddenly receive a large sum of money will lose it all within a few years.
it’s one thing to win the lottery and lose it all, it’s another thing to inherit and lose the family fortune or any amount of money that your family saved to be able to pass down to the next generation.
Your best bet (pun intended) is to discuss with an investment professional how you can effectively set up a budget and a portfolio that meets your risk tolerance. This will help forecast how long the money will last especially with lump sum payments such as a wedding, college tuition, a vacation home, a “bucket list” trip.
Establishing your team of professionals including an investment professional, an insurance professional, an accountant and a lawyer, they will help you to ensure that you are on track to preserve your new found wealth.