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Want To Be A Millionaire? 3 Things You Need To Know If You Inherit A Windfall

3 Things You Need To Know If You Inherit A Windfall

Want To Be A Millionaire? Of course, who doesn’t, right?

Recently a young 30 something brought an interesting situation to my attention. She learned she will be inheriting a significant amount of money, in the several million dollar range. Her first reaction was “Whee!! I can travel the world!” Fortunately, someone much wiser recommended having a conversation with me before she goes off the rails and takes all the money with her.

I was happy to see her asking questions before she received the inheritance. Here are the top 3 tips I gave her about what to do once she becomes a millionaire. I thought I would share them here in case you or someone you know is as fortunate.

1) Establish a Trust to hold your assets. Give serious thought to how you spend money. Try to maintain the discipline of retaining your current lifestyle. Consider your current budget. If possible, work with a trustworthy investment professional that will construct a portfolio where you earn dividends that cover your lifestyle expenses. This way, you won’t be depleting principal. The person that created the estate you inherited probably followed a similar conservative philosophy.

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April 6, 2018 Leave a commentattain goals, family and money, financial planning, Financial Tips for Millennials, Sudden MoneyBy wealthcoach

New Year’s Resolutions – How Are You Doing?

How To Succeed With New Year’s Resolutions

New Year, New You – heard that before? Here’s 4 Steps To Help You Attain Your Goals

For some, the new year is a time of looking back on what you didn’t accomplish and hope this new year provides a fresh start and a new chance to make lifestyle improvements. If you are like most people, your commitment to your resolutions for 2018 started to wane by January 12, and by today, January 17, they are nothing but a memory. Here are a few important strategies to get back on track and make 2018 your best year ever.

3 Most popular New Year’s Resolution categories:

Fitness/Health Goals

Is this the year you said to yourself “I’m going to get in shape”? If you did, you are not alone. Getting in shape, losing weight, taking better care of yourself, quitting a bad habit like drinking or smoking are the most popular resolutions. This is why gyms run specials in January and do-it-yourself courses advertise like crazy. People join, have great intentions, and by February they are just a name on the membership’s roster. Or you buy or subscribe to the fitness program and 6 months later, it’s still in the box. If this sounds like you, read on.

Financial Goals

I’m going to stick to my budget, pay off debts, stop using credit cards, save more, invest more, increase my 401K contribution. Sound familiar? How’s it going so far? Getting your finances in shape is the second most popular resolution. January 1^st starts off with great intentions, but the days and weeks go on and nothing’s changed. Going online to change your contribution keeps slipping your mind. Reaching for the plastic is so much easier than cash. You keep meaning to transfer money to your savings account, but something stands in the way. Sound familiar? Read on.

Education/Inspiration Goals

Have you resolved to watch less TV, read more, take a course, finish your degree, improve your skills, learn a new language, or start a hobby? This is the 3^rd most popular category for resolving to improve your quality of life. So, looking over the last 16 days, have you done anything different? If not, read on.

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January 17, 2018 Leave a commentattain goals, CERTIFIED FINANCIAL PLANNER, financial planning, Lifestyle, Money Tips, new years resolutionsBy wealthcoach

7 Steps You Can Take To Help Out After A Disaster

Want to know how to help after Hurricane Harvey and Hurricane Irma? Here are 7 steps you can take to help out after a disaster. Last week we marked the 16th anniversary of the September 11th terrorist attack on our nation. At the same time, our neighbors in Florida, Houston and other parts of the…

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September 19, 2017 Leave a commentCERTIFIED FINANCIAL PLANNER, Hurricane Help, Money Tips, September 11, VolunteerBy wealthcoach

After the Equifax Data Breach – What You Need To Know To Protect Yourself

Are you concerned about the Equifax security breach? Based on the questions I’ve received, many folks are worried their personal information was compromised. Here are some action steps you can take to protect yourself. I hope you find them useful.

Here’s how to find out if you might be part of the breach

1) Equifax is offering a website equifaxsecurity2017.com where you can check to see if your data was compromised. Currently, the site does not give you a definite “yes”, but seems to let you know if your data was not breached.

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September 16, 2017 Leave a commentCERTIFIED FINANCIAL PLANNER, Equifax breach, financial planning, Financial Tips for Millennials, Money TipsBy wealthcoach

3 Things You Need To Know Before You Buy or Sell a Home Today

Buying or selling a home is an emotional process. It becomes harder if you feel forced to sell because of a lifestyle change. What should you do? Here is some advice to help you sort out your options.

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August 1, 2016 Leave a commentCERTIFIED FINANCIAL PLANNER, financial planning, Financial Tips for Millennials, First time home buyer, How to buy a home, Lifestyle, Money Tips, Residential Real EstateBy wealthcoach