How to Manage a Windfall

But the topic today is interesting because the greatest wealth transfer in history has started to happen.

In other words, from the baby boomers to the Gen Xers and beyond, more wealth is going to be transferred over the next, what is it, 10, 20 years than ever before in history.

Not just our nation, but in world history.

Trillions of dollars.

A lot of people are inheriting money.

And a lot of people who are older, like my parents' age in their 80s, are setting that up or hopefully have it set up.

But we need to talk about if you inherit a windfall, what to do.

Well, and of

course, yeah, that's one way, I guess, that windfalls are accomplished.

You know, there was an article in the U.S. News and World Report.

The headline read, Nine Ways to Spend a Windfall Wisely.

You know, wisely, I think, is the key word in that article, because, you know, you discover that people who who come into a windfall, you know, a bunch of money, whether it's a lottery or inheritance or whatever it might be.

So if they've never had that kind of money to manage before.

Yeah.

It can be, well, one, the article points out, it can be an emotional trauma.

Can you believe that? I just got a bunch of money, and now it's causing me anxiety and

causing me trauma.

I believe that, actually.

Yeah.

Because it's unexpected, and maybe you feel you don't deserve it because it follows a passing.

Yeah.

Yeah.

If that's if that's how.

Well, so I'll give you an example.

I have a client who this is many years ago called me and he was very emotional.

But the topic today is interesting because the greatest wealth transfer in history has started to happen.

In other words, from the baby boomers to the Gen Xers and beyond, more wealth is going to be transferred over the next, what is it, 10, 20 years than ever before in history.

Not just our nation, but in world history.

Trillions of dollars.

A lot of people are inheriting money.

And a lot of people who are older, like my parents' age in their 80s, are setting that up or hopefully have it set up.

But we need to talk about if you inherit a windfall, what to do.

Well, and of

course, yeah, that's one way, I guess, that windfalls are accomplished.

You know, there was an article in the U.S. News and World Report.

The headline read, Nine Ways to Spend a Windfall Wisely.

You know, wisely, I think, is the key word in that article, because, you know, you discover that people who who come into a windfall, you know, a bunch of money, whether it's a lottery or inheritance or whatever it might be.

So if they've never had that kind of money to manage before.

Yeah.

It can be, well, one, the article points out, it can be an emotional trauma.

Can you believe that? I just got a bunch of money, and now it's causing me anxiety and

causing me trauma.

I believe that, actually.

Yeah.

Because it's unexpected, and maybe you feel you don't deserve it because it follows a passing.

Yeah.

Yeah.

If that's if that's how.

Well, so I'll give you an example.

I have a client who this is many years ago called me and he was very emotional.