Sudden Money

April 06, 2023

What to do if you receive a large inheritance, lawsuit settlement, or lottery
winnings? If you receive a large inheritance, lawsuit settlement, or lottery winnings, it's
important to take steps to manage the money wisely. Here are some steps to

1. Seek professional advice: Consider working with a financial advisor or an
attorney to help you manage your newfound wealth. They can help you
create a plan that aligns with your goals and helps you avoid any potential

2. Pay off any debt: If you have outstanding debt, consider using some of the
money to pay it off. This can help reduce your financial stress and improve
your overall financial health.

          3. Create an emergency fund: It's important to have an emergency fund that can
cover unexpected expenses, such as medical bills or car repairs. Consider
setting aside three to six months; worth of living expenses in a separate

4. Invest wisely: Consider investing the money in a diversified portfolio of
stocks, bonds, and other assets. This may help grow your wealth over time.

5. Avoid overspending: While it may be tempting to splurge on a new car or
vacation, it's important to avoid overspending. Create a budget that aligns
with your financial goals and stick to it.

6. Give back: Consider donating some of the money to a charitable cause that
you're passionate about. This can help you make a positive impact in the
world and feel good about your newfound wealth.

Remember, sudden wealth can be overwhelming, so it's important to take your
time and make thoughtful decisions about how to manage the money.

The opinions voiced in this material are for general information only and are not intended to provide specific
advice or recommendations for any individual.

                 There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.