PlanStrongerTV?的动态

148 位关注者

10 个月

PlanStrongerTV?: Handling a Financial Windfall David Dean Holland, CPA, CFP?, and?Susan Bradley, CFP?, CeFT? (Certified Financial Transitionist), Founder of the Sudden Money? Institute, discuss the practical steps to take to make better decisions if you experience a large financial windfall - like winning a lottery, receiving an inheritance, or getting a settlement. The resulting emotional, as well as financial, issues can be unsettling and overwhelming. Susan suggests tips for preserving your peace of mind and getting good financial advice. Watch here: https://lnkd.in/eMP57QB8 #CFP #Planstronger #Lottery

Transcript

So with that in mind, then what's? What's the first best step for that windfall recipient? Well, if I had a magic wand, I would say calm down. OK, that's what people would like to say. Calm down. Let your brain come back to normal functioning. Get out of that ancient brain amygdala kind of thing. That's really hard to do, David, to say someone go get a good night's sleep and deal with it tomorrow. Sleep deprivation is a norm for windfall recipients for extended periods of time. Some people would say, ohh, go on vacation, just, you know, hop on a cruise and take your favorite people with you. Well, they're there, but the brain is still spinning. Right, right, right. So movement does help, like taking walks, riding a bicycle, something like that. Some kind of bodily movement actually helps calm the the nervous system, which then has some effect on the brain. But the things you want to think about practically is where does the money come from? How does? One actually receive it. Do I need to go to a lottery Commission or to a bank or to a law firm? There are scams on that. Remember. Sure people say ohh pay me this much money and I'll send you your winning. That's that's a scam. But how to where to go and how to receive it? In whose name? Is it in the name of a trust or is it to people or you want to give the money away? What you don't just sign your ticket off your your winnings or your trust? Or whatever is coming to you off to someone else. You have to think about the the legal mechanics of that. So instead of just saying ohh great, put it in my bank account and there are steps. There are steps. Sounds to me like what we're you're speaking to is it's time to get the right team on your side. Right. Who are some of the key people that should be a resource to somebody who is dealing with this kind of change in their life? Well, I can tell you a common mistake in that vein. What people want is they want to. Circled the wagons and they want to have a team, right? But if you don't already have a Certified Financial Planner or better yet, Certified Financial Planner is also trained in in financial change like we do. But most people don't have that so you don't have that trusted person there. So they tend to go to whoever in their sphere knows money could be their neighbor. It could be the you know, some coworkers cousin who married someone and. So they try and pull someone in and that's tough because there are technical and personal things to deal with and you're not trained in. So we'd like to see a brain trust and a financial plan or a certified financial planner is really the best of those professions because they cover this whole range that not just tax, not just legal, and they're trained to get to know someone, they're trained to understand how you feel and think and make your best decisions so. Finding someone like that is not that hard. These days there are many CFPS. Try and find someone who has experience in the area that you're in. Someone who listens to you. You feel like they really heard you in the first meeting. They weren't thinking their own dollars. Like, oh man, this is big. If I invest this, I'm going to make that. If you get that vibe, just move on. You want someone who cares. Yeah, and don't make the mistake of confusing familiarity with skill. Because that's where people really get tripped up at Holland Financial. We know a strong retirement plan is unique to you. Let's find the right plan together. Holland Financial plan stronger.

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