How We Help Those Experiencing “Sudden Money”
“Sudden money” is a term that refers to a substantial, often unexpected, financial gain. Inheritance, insurance payouts, legal settlements, and the sale of a property or business are all relatively common examples of sudden money events.
No matter what the source of your financial windfall, one thing is clear– things have changed. What seemed impossible mere months ago may now be within reach. The temptation to increase one’s spending is alluring and the opportunities to do so are seemingly endless. Not to mention, a sudden increase in assets is often accompanied by a commensurate increase in financial complexity. It’s easy to understand why so many who encounter unanticipated wealth struggle to hold onto it!
This is where we come in. Working with your trusted guide at The Planning Center, you will formulate a stewardship plan for your new wealth. Our goal is to help you align your money with your most important values and priorities.
Understanding the Financial Implications
Recipients of financial windfalls are often surprised by the additional layers of complexity their newfound wealth brings. Sudden money may have an impact on your budget, investment strategy, retirement projections, insurance needs, tax situation, and estate plan, among others. Helping you understand and plan for these downstream effects is essential to the work we will do together.
What has your financial windfall made possible that may previously have seemed unobtainable? Perhaps it’s time to start planning that round-the-world trip or home renovation project you’ve always dreamed of. Or maybe you’d like to retire early so you can dedicate more time to the people, activities, and causes that are most meaningful to you. Whatever your plan entails, we will help you explore the possibilities and understand the tradeoffs inherent to each one.
Navigating Emotional Complexity
One might think that sudden money events lead only to good feelings and positive outcomes, but this is far from the truth. In reality, financial windfalls are frequently accompanied by guilt and internal conflict, as they often come at the expense of losing a loved one or parting ways with a beloved property or business. Even for those whose encounters with sudden money seem unambiguously positive, such as lottery winners, some eventually find themselves longing to go back to the way things were before. We give our sudden money clients the opportunity to voice and process these complicated feelings in a safe, judgment-free environment.
Read more about a few hypothetical situations where we’ve helped medical professionals with their compensation to reach their goals.
Case Study 1
As a fee-only firm, we only get paid by our clients and receive no commissions or referral payments. Our clients know every penny they are paying to us for our services.
Case Study 2
Our team of dedicated tax professionals work with our clients and planners to make the tax planning process part of the comprehensive financial planning process
Case Study 3
12 Certified Financial Planner Practitioners, 3 Certified Public Accountants, and more, all here to serve our clients. Only 25% of financial advisors are CFPs and we hold ourselves to the highest standards.
Whether you are beginning your career, already enjoying retirement, or somewhere in between we offer the guidance and expertise you need to make the most of the journey ahead.
As a fee-only financial planning firm, we accept fiduciary responsibility and are committed to a comprehensive, evidence-based approach. Each of our team members works with a small group of clients to ensure you receive attentive service that is customized to suit your individual situation.
No matter what stage of life you’re in or which financial challenges you face, our experts are here to help you stay on track and make the most of the resources available to you.
We’d like to meet you!
Schedule a free 15 minute conversation and we’ll spend a few minutes getting to know each other so we can learn if what you are seeking and what we provide are a good fit for each other. If it seems like a fit, we’ll talk about next steps. If we’re not, we’ll help you find the right group for your needs.