Sudden Wealth Syndrome
Sudden Wealth Syndrome is a problem that many of us long to have!
It can affect lotto winners, those who inherit a substantial amount of cash or even those who sell a valued asset and find the money is burning a hole in their pocket.
Sudden Wealth Syndrome is an affliction that was first coined by psychologist Stephen Goldbart to describe the stress, guilt, social isolation and confusion that often accompanies a giant windfall.
Many would think that coming into a lot of money would make you feel fantastic, however for some people, they can find it very overwhelming.
This unease may cause them to start spending their windfall at a rapid rate or they may start to grow suspicious of friends and family and feel like everyone around them is wanting to get their hands on their newfound wealth.
At Harvard Wealth we advise our Sudden Wealth Clients to firstly make sure that their funds are deposited into an appropriate bank account.
Then we advise them to take things slowly, so that they have the opportunity to consider all of the options available to them, without any rush or pressure.
In these situations, it is important to take time to process your life change and to make sure you are in the right headspace before making any decisions that will serve you well in the long run.
If you would like any guidance on managing your finances – big or small, please feel free to get in touch with us.