Summary. This page offers advice, tips, and suggestions to those who have come into quick riches, wealth, and money through winnings, a successful business, or inheritance. These are some points to consider and reflect upon as you plan for your future. Below are four points of advice. These points provide links to information resources on this site and elsewhere.
- Advisory Board. Establish an advisory board of people you respect and trust, who understand your hopes, dreams, strengths, challenges, and goals. It’s said that two heads are better than one. Your advisory board can allow your life decisions to be based on the collective and cumulative wisdom of five or ten people. This will give you the effective wisdom of someone who is a hundred years old or more.
- Cooperation. Try to avoid controlling, opinionated, or divisive individuals.
- Diversity. Consider having people from various walks of life and professions reflected in your advisory board such as people with financial experience, legal experience, activism experience, entrepreneurs, investors, as well as people with good old common sense.
- Transparency. If you are willing, let your financial decisions be transparent and open to this group. It will help you stay accountable.
- Financial Wellness. Finances are only part of a larger holistic picture of life. Yet, how people manage their money can help or hinder every area of life. So, learning some financial skills and wisdom can help. The Financial Resource Group is a place to start. Consider having a conservative financial advisor who you trust – preferably one who is under the authority and oversight of a financial institution they are accountable to. Consider a personal self-assessment of your self control. If you feel that you might not be responsible with instant access to a large sum of money, perhaps having the money in revolving investments would help, or making arrangements with a financial institution so that you must speak with a financial advisor every time you want to withdraw larger sums of money.
- Charity. Many people think of giving to charity when they come into money. While money and things can’t buy happiness, giving to a worthy cause can certainly make a person feel good. However, it’s easy to get emotional and give away large sums of money without sufficient consideration of how your giving can have the greatest impact. Organizations like United Way are able to present a social action portfolio of reputable organizations. Charity is like investing. It’s an investment in society. As with investing, it’s best not to put a lot of money in one place over a short period of time. Instead, better results are typically achieved by investing small amounts over a period of time. Additional reading on charity can be found here:
- Life Assessment. Reflecting on the various areas of life defined on the Map Page consider where you are, where you’ve been, and where you’d like to be in respect to these areas of life. How can you grow and become stronger in these areas. Communicate this information to your Advisory Board. Consider how you might help others as well as yourself grow in these areas.
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